10/02/2013: 8 Ways To Simplify Your Finances

Financial stress is far too common. Thirty percent of adults in the U.S. have less than $1,000 in all bank accounts at any given time. Ninety-five percent of Baby Boomers do not have enough for retirement. Thirty-two million people face possible bankruptcy each year, more than the number of people who graduate from college each year. These statistics are shocking, and there is a better, simpler way. Take a step back to analyze your financial habits and consider these 8 ways to simplify your money management.

  1. Create an emergency fund. Don’t let a disaster catch you off guard. Define what constitutes an emergency and create a dedicated savings account with 3-6 months of expenses as fast as you can to make sure you are ready for anything that comes your way.
  2. Focus on one financial goal at a time. Make a list of what you want to accomplish financially and then prioritize your list. If you try to accomplish too many things at once, you may not succeed at any of them.
  3. Choose a single financial institution. By choosing one financial institution, you’ll get better service, cut down on monthly statements and get a better overall picture of your finances.
  4. Automate. Arrange for direct deposit of your paycheck, schedule regular transfers to savings and schedule monthly payments via online bill pay. Automation will save you time, prevent lost or misplaced payments or paychecks and depending on your account, help you qualify for additional perks.
  5. Sign up for overdraft protection. Opt into our overdraft courtesy program and explore additional overdraft protection options that link your checking account to your savings account.
  6. Use cash. For groceries, gas or other routine items, use cash. It will be easier to budget for these items if you set aside the monthly amount in cash because, once it’s spent, that’s it. You can’t overdraft it and you tend to make better purchase decisions when you pay with cash.
  7. Go paperless. There’s no need to keep track of, store and shred your paper banking statements ever again with our E-Statements. Take it a step further and convert other paper documents into digital files. This will rid you of some cluttered filing cabinets and make it easier than ever to find a document when you need it.
  8. Schedule a financial checkup. Our professionals can help you evaluate banking accounts, loans, insurance, investment options and more with our complimentary banking checkup.

By making some of these small changes to your financial habits you can streamline your money management, reduce stress and simplify your life.

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