1. Create a financial plan.
The most important way to keep your finances in check is to create a personal financial plan and try to stick to it. Start by creating a basic budget. Calculate how much you need to spend each month on mandatory expenses: rent or mortgage, utility and wireless bills, medical bills, food, student loans, and anything else. Compare the total with your monthly income. Can you afford to spend a bit more? If so, factor into your monthly costs the less mandatory costs: entertainment, travel, gym memberships, etc. Finally, subtract your total expenditures from your monthly income. The difference is how much extra money you have leftover for the month.
2. Go digital.
While the world may never be completely paperless, we now live in a digital era that has changed the way we manage our money. If you haven’t already gone digital with your finances, I suggest you check out these top-rated personal finance apps. One of them is Manilla, which is the free and secure service that lets you manage all of your bills and accounts in one place online or via the 4+ star customer-rated mobile apps. The great thing about Manilla is that whether you prefer to do your banking online or on your phone, you can have everything in your life, all in one place. Manilla sends you bill pay reminders and also provides automatic account document storage forever, for free, which means your bills and statements are always at your fingertips. In addition to these great tools, the team at Refundo is eagerly working on creating a mobile banking experience that’s powerful, intuitive, and user-friendly. Refundo will begin fulfilling invitation requests (request an invite here) in the coming months.
Two great tools to help keep your finances in check
3. Use bill pay reminders.
No matter what kind of bill pay reminder you choose, you need one. For example, with Manilla’s text and email bill pay reminders, you’ll always know when your bills are due so you’ll always pay them on time, another great way to keep your finances in check. That means you’ll never waste your money on late fees or penalty charges.
The key element to keeping your finances in check is to simply stay aware. Be in the know about where you stand financially and pay attention to where your money is going. By creating a concrete financial plan, using the right digital tools, and receiving automatic bill pay reminders, you’ll feel better about your financial management strategy and, ultimately, you’ll have peace of mind.