Simplifying your finances is often one of the most popular New Year’s resolutions. Here are some suggestions.
- Pay as many of your bills as possible with autopay on your credit card to get rewards, thru the biller’s website, or with your bank’s online bill service.
- Put as many of your savings goals as possible on autopay with direct routing of savings amounts to relevant savings and investment accounts.
- Consolidate multiple retirement, banking, and brokerage accounts. You may want to keep multiple savings accounts for multiple savings goals.
- Develop a plan to get out of debt.
- Put all tax records into an accordion folder as you receive them.
- Review your budget for needs, savings, debt pay offs, and wants. Put your leftover disposable income on a pre-paid debit card. When the card is empty, your discretionary spending is done for the month.
- Diversify your investments, but also keep them simple by avoiding having too many to manage and rebalance. The simplest investments are index ETFs, balanced funds, and target date funds.