If you’ve ever misplaced a bank statement, are confused about how much of your money is tied up in investments or are baffled about the interest that you’re paying on your credit card, then it’s time to smarten up your finance. The good news is that there are lots of easy ways to get organized, so you don’t have to stress. Just try my easy tips.
1.Get your salary sorted.
It’s common to have your salary paid by cheque and this world but unless if you are very strict about depositing the salary cheque right away then you could be missing out.The longer you leave it, the more likely it is that your next batch of bills will need to be paid before it clears. This could force you into overdraft and end up costing you a fee. Also, the sooner you pay it in, the more interest you can earn on it. Either pledge to pay your cheque in the day it’s issued ( no matter how busy you are ) or speak to your payroll department about getting your salary deposited straight into your account to save you the hassle.
2.Keep your statements in order.
It’s good to know exactly what is going out and what is coming in. Keeping your bank statements all in one place – whether it’s in a paper life at home or a dedicated folder in your email account – means you can double check transactions to stay on top of your cash flow.
3.Get Technology Savvy
Internet banking is there to make your life easier and tending to money matters via your mobile phone is a great time-saver for those who are always on the go. Did you know that, as well as using it to pay bills, you can also go online to request a new cheque book, apply for a credit card or loan, ask about insurance and even donate to charity?
4.Pay bills automatically
Instead of spending hours shuffling between petrol stations and customer service centres petrol stations and customer services centres to pay your bills, why not ask your bank if they can help to set up payments automatically. Most banks in the region now allow you to transfer money to various utility companies. All it takes is a few clicks.
5.Consolidate your accounts
Having bank accounts, loans and investment products with a number of different providers means it may be more difficult to manage your wealth effectively. Think about consolidating your finances. This way, it can be easier to see at a glance where your wealth is, which makes planning a decision-making a whole lot easier.
6.Talk to an expert
Many reputable bank account come with dedicated points of contact who are tasked with taking care of your money. Most banks have a customer Relationship Officer to help manage your everyday banking needs and answer any questions or queries you may have. It’s quicker and more personalized than calling a customer service centre every time something crops up.
7.Choose fuss-free investments
If you know have limited time to spend on managing your reserves then consider index funds. These will invest your cash in stock which make up the index at a level of risk that you feel comfortable with. Plus, they tend to have lower fees.
8.Ease up on the news
Trying to outwit the market all the time can be exhausting plus it’s impossible to second guess which way the stock market is going to swing all the time. Try to limit impulse investments and ride out the cycle of a longer-term strategy Ultimately, this approach is more likely to pay off and it will have caused you a lot less stress.
9.Fast-track your banking
Forget standing in line. Search around for a bank accounts which offer a Designated Banking Area. The Customer Releationship Officers ( CRO ) will be on hand to help you deal with all your transactions as quicklu and efficiently as possible.
10.Make the most of bank benefits
Double check that you are making use of all the added extras which come with your bank account. Check for free life insurance which comes with your bank account.
11.Free up spare funds
If you need some extra cash to tide you over, applying for a loan may not be the most suitable solution for you. An overdraft can sometimes be easier to organize and manage. Take advantage of the hassle free overdraft against deposits.
12.Get a better deal on your mortgage
Moving house is said to be of the most stressful experience in life and worrying about your mortgage will only add to the pressure. If you’re thinking of buying or upgrading, talk to your bank first. Depending on your relationship, you’re likely to get a better deal than starting from scratch with a new provider.