Ways to Simplify your Fianances

With the state of the economy and our wallets how can we simplify our credit cards, bank accounts, bills, fees, interest rates, penalties and try to create a savings account? The old saying was to have at least three to six months of income stashed away for an emergency fund. This should include your house/rent payments, utilities, grocery, gas, vehicle payments, and all of your credit or loan bills. Now a days this old school rainy day method has jumped to nine months to one year. So how can we possibly make this a simple task?

The simples way to cut your spending and start saving is by using coupons. Yes, it can be cumbersome to sit down and cut all those coupons from the Sunday paper or surf the Internet in search for the high value coupons on everyday products your family uses. But trust me in the end it really does count! Even if you just combine the coupons with the in-store weekly sales ads you come out on top. So you only save $20 on your total grocery bill each week. When you add that to your total overall savings you've saved a total of $1,040 in one year. Wow! Think of where you can put that saved money? Yup, your savings account.

Create a small stock pile of everyday items that your family uses such as: shampoo, body wash, toothpaste, laundry detergent, pasta, pasta sauce, diapers, and baby wipes. This way you always buy these everyday items on sale and never pay full price. Plus this will help out on your rainy day/emergency fund.

Use cash when you pay for other expenses so that you don't risk overdrafts, fees, or interest.

Use gift cards for supermarket or gas expenses and use it as you would a debt or credit card. You stay on budget and sometimes save at the pump as a preferred customer.

If you don't already use your banks direct deposit. Some banks give your free checking accounts just by using this option. Also while your at it have an automatic transfer of a portion of your paycheck to "pay yourself" first and into your savings account. Out of sight out of mind. You don't see it you can't spend it. While your at the bank arrange for overdraft protection. It saves you from having returned check fees from the merchant and bank fees for covering the amount. You'll most likely pay a small transfer fee but it's small compared to the other possible fees.

Keep track of your spending. Take the time to record your debt or credit charges so that you don't overspend. If your like me and always on Facebook, Twitter, or checking your e-mail on a daily bases take the time to check your bank accounts on-line as well. If you see your about to go over budget on a purchase or forgot about that $100 electric bill, you can quickly transfer money over.

Create an automatic bill pay with your bank. It saves you time by entering your payment amounts for everything from your mortgage to your electric bill. You save on postage, gas, and late fees. Each week enter your bills, set up the payment dates, and record that expense.

One other way to simplify your finances is to slim down, your wallet that is. Don't carry around all that plastic. It's too tempting to swipe that store credit card and deal with the bill later. Plus if you lose your wallet or purse you'll have to call all those credit card companies to put a stop on any expense. Keep it simple and just use one card.