Monday, April 22, 2013

Less Accounts to Manage = Easier Saving

I mentioned it briefly here that having only one credit card makes it easier to track your expenses and balance your budget, but the concept can be expanded upon more than just your credit cards.  Consolidating all of your accounts into just a few with one financial institution will make it easier for your to manage your finances, balance your budget, and track your financial future.

Does this sound familiar to you?  To pay my bills and check my account balances, I first log into my account to see how much I have in my checking account, then I go to my paper account register and see if any checks are pending.  Next, I pay a few bills by hand writing checks from one checking account.  I then go online, check my other bank account, and pay some online bills through that bank.  Next I pay 2 of my 6 credit cards by checking the online statements and paying with a variety of checking accounts.  Finally, I log into my brokerage and see how my retirement funds are doing.

Wow!  That seems like a whole bunch of work.  No wonder why personal finances can seem daunting an people can get in trouble.  Well, here's a little trick that I use which has been great for my financial future...use just one bank for all your financial needs.

One of the keys towards getting your financial life together is to have all of your accounts and money in one spot.  This way, you'll know exactly how much you are spending and saving.  To do all of this, you will need a bank that provides all of the following services; checking, saving, lending, and brokerage accounts.  My own personal favorite bank is Schwab.  On just one page, I can see all of my savings, borrowing, and investing.  The only thing I have with a separate company is my credit card, and they only reason why it is with another company is that Schwab sold off its credit card business line to Bank of America about 2 years ago.  If they offered another credit card, I'd probably go back.

If you have many accounts in a multitude of places, the best way to start your financial plan may be to consolidate or close some of your accounts.  This will give you a firm foundation to get the rest of your financial life in order.  Check to see if your financial institution provides all of the aforementioned services, and if they do (for a good price), keep them and get your financial life in order!

Wonderful Moment of the Day: My flower seedlings are just coming up and are currently about an inch high.  I'm starting to get excited for the garden season to come back.

No comments:

Post a Comment