I Don't Have Time to Manage My Finances

One common excuse for not taking care of your financial situation is that people just do not have the time to budget or track their spending. They do not have the time to plan and save for retirement or other investments.  If you do not make the time now to plan, then you will spend years without making your money do what it needs to for you. Without a plan, you cannot achieve your goals, and all of your hard work will not be worth anything when it comes time to retire. Here are five ways to make managing your finances more efficient. 

Have a Planning Meeting Each Year

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Although this does take a bit of time, if you have one financial meeting a year, it evens out. Additionally, this can help you reduce the amount of time that you spend worrying about your finances, because you have a solid plan in place. If you are single, you will just need to sit down and set clear financial goals like getting out of debt or the amount that you want to save. You should also be putting money away for retirement each year. If you are married, the meeting may take a bit longer, since both spouses need to agree on the goals and make sure that the spending is in line with the goals. Give yourself a few hours to take care of this meeting. 

Monthly Budget Meeting

At the beginning of each month, you should have a budget meeting. The first few months you are budgeting, this may take a bit longer, since you are working out spending in different categories. However, once you get this down, the meeting can be fairly quick. You just look to make sure your bills are within the category limits, and see if you need to adjust any spending based on upcoming plans for the month. Then you carry the rest of your budget forward. It helps to review it each month, because it gives you a clear picture of what you have to spend each month. It is even more important to do this if you are budgeting with a partner or spouse.

Daily Check In and Balance

Another key to making managing your money easier and to take less time is to check in with your spending and balance each day. It only takes about five minutes at the most to record your spending in each category and to balance your checkbook to the transactions that have cleared at your bank. This can save you hours when you have to balance your paycheck or pay the bills. An additional bonus is it allows you to catch mistakes much more quickly, or fraudulent charges.

Set Up Automatic Payments and Transfers

If you hate the time it takes to pay your bills each month, you can set up automatic transfers and bill pay for most of your bills. This takes the hassle out of paying and all you need to do is check off that the money has come out of your account when it is supposed to. The automatic transfer can be a big help when it comes to reaching your savings goals. Additionally setting up automatic bill pay can prevent you from having late fees and help you keep your credit score up. 

Switch to Cash

Finally, one of the best ways to save time is to switch to cash for the majority of your spending. This would be for things like groceries, entertainment spending and eating out. This way you do not have to track your spending, and you will know to stop spending when you run out of cash in the category. Additionally, people tend to spend less when paying with cash. It makes you spend more time   

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