There are many instances in which I would tell you to simplify your processes rather than to complicate them, but when tracking finances I highly recommend using an automated tool to do the hard work for you! Consider chatting with a financial advisor, CPA, or bookkeeper in order to make the best decision for you. For how to utilize a list app in new ways or streamline calendars check out parts 1 and 2 of this 3-part series.
Simplify Your Finances With Finance Tracking Tools
One of the most crucial aspects of managing your household or business is staying on top of your finances. Thankfully, there are easy tools like Quicken or Mint that combine all your accounts for easy budgeting, transaction tracking, and report generation. (For businesses consider going with Quickbooks or another service that is right for your business. Contact your bookkeeper or accountant to learn more.)
While you might need some help setting these tools up initially, they will provide you with a comprehensive overview of your assets, liabilities, income, and expenses. By using finance tracking tools, you can enjoy several benefits, such as:
Viewing your income, expenses, holdings, budgeting, assets, liabilities, and net worth all in one place
Saving time and energy on autopay
Easily pulling figures for your taxes
Monitoring your transactions for fraudulent charges
Understanding the health of your current financial status to make adjustments as necessary
To track and reach your financial goals which oftentimes correspond to your life goals
AutoPay Your Bills: Save Time and Money
Manually paying your bills each month can be time-consuming and may result in late fees if you forget a payment. (Not to mention it is more eco-friendly than receiving paper in the mail!) By setting up autopay through the official websites, you can save time for everyone (less processing on both ends) and avoid late fees. Additionally, some companies offer a discount for using autopay.
To manage bill reminders, you can use tools like Todoist, calendar reminders, or tools built into the financial tracking system mentioned above. If you struggle with unsubscribing from recurring expenses, using a company like Privacy.com could help you.
Autopaying to a credit card where possible helps you earn points but be sure to pay the card off in full each month to avoid high interest. If the fee auto-pay with your card is more than the points you’d gain, try auto-paying from a bank account instead.
Always be cautious when setting up connected accounts and using debit cards - speak with your financial advisor about the best options for your situation before proceeding. Make sure you’re dealing with a reputable institution when setting up auto payments and consider using an account that does not house all of your funds. Share any concerns with and ask all questions to your trusted representative.
A service like Privacy.com allows you to generate virtual payment cards which might help you with the following:
Enhanced Security
It enables you to create virtual payment cards that are linked to your bank account or credit card, shielding your actual card information from potential threats. This extra layer of security significantly reduces the risk of fraud, identity theft, or unauthorized charges.
Customized Spending Limits
You can set customized spending limits on each virtual card you create, ensuring you stay within your budget and avoid overspending. This can be particularly helpful for managing subscription services or recurring expenses, as it prevents charges from exceeding your designated limit.
Easy Subscription Management
By assigning a virtual card to each service, you can quickly and easily cancel a subscription by simply closing the associated virtual card. This eliminates the need to navigate through convoluted cancellation processes or risk forgetting to cancel before an unwanted renewal charge. (Though I hear this process is changing soon. Yay!)
Streamlined Bill Payments
Autopay your bills using virtual cards - not only will you save time, but you may also be eligible for discounts from service providers who offer incentives for autopay enrollments.
LK Consultants does not receive any kickbacks from any of the companies or services listed in this post.
Conclusion
By incorporating these low-tech solutions mentioned such as Todoist, utilizing a Calendar App, and using a Financial Tracking Tool into your daily routine, you can streamline your household and shift your focus to whatever else you’d rather be spending time on.
As busy women, entrepreneurs, household managers, and all the other hats I’m sure we’re wearing, finding ways to simplify our lives and focus on our true priorities is essential.
On that note… see more about my Unplug, Live Slow ideas here if you want to explore what to do with the time you’re no longer spending on grocery lists or tracking finances in Excel.
Have other easy tech tools that you use in your life that you want to recommend to readers? List them below in the comments section!
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