Friday , January 19 2018
Home / Personal Finances / How I Manage My Personal Finances In Just 15 Minutes A Month
Personal Finances

How I Manage My Personal Finances In Just 15 Minutes A Month

The engineer in me isn’t afraid of doing hard work but is afraid of doing dumb work. I don’t like waiting in lines; I hate doing things slow if there is a faster way. So when I started thinking about managing my personal finances, I had to find a way to automate my entire personal finance life. I am thankful I succeed, and now at the beginning of each month I don’t need to spend hours managing my finances, I spend just 15 minutes a day.

Every bill gets paid on time. Every account gets attention. Nothing lags behind because the finance management process is so fast and efficient.

Do you want to know what I did?

Review Net Worth for Managing Your Personal Finances

In the past, each day, I would log into each of my bank accounts, credit cards, and other accounts in order to view my balances. Each task took few minutes and I would spend at least thirty minutes a day doing this. I was afraid wasting time doing this tedious crazy work, however, I had no other option when reviewing my transactions.

Today, I just use a financial aggregator Personal Capital (personal wealth management software) to do the dirty work for me. It is doing great with my brokerage accounts. I just have to pull the numbers and put it in my spreadsheet.

I record my net worth each month to get an idea of how finances are progressing month to month and I can review it for mistakes.

Set Up Automatic Bill Pay for Managing Your Personal Finances

With automatic bill pay, you can adjust the frequency of your bill payments with no further action required by you. Make sure your creditor sends you the bills on time so that you can review it for errors or anything fraudulent, but pay your bills automatically.

What I do, I keep a low balance alert on my bank account which is equal to 150 percent of expected bills to make sure we don’t need to overdraw. I also have an overdraft protection.

If you don’t have automatic bill-pay, the next best thing is to set up the manual payment version. This would be done by adding your vendor to list at your bank and will save you time it would take to write a check and also save the stamping cost.

Set Up Automatic Savings for Managing Your Personal Finances

Similar to your automatic bill pay, you can set up automatic savings account for something you want. With the help of CapitalOne360 savings account,  you can also earn interest that allows you to save quickly for your needs.

That’s it! I spend just 15 minutes each month, reviewing my personal finances because of the right tools I use for the job.

To know more about managing your personal finances and our financial services, please visit us at United Financial Counselors.

If interested in any of our services such as, first-time homebuyer counseling, credit counseling, budget counseling, foreclosure prevention counseling, and pre & post-bankruptcy counseling, please click the ‘Contact Us Now’ form and fill the required fields and our counselor will contact you shortly.

About David hussey

Check Also

5 Skill Sets To Look For In A Financial Counselor

A Financial Counselor is someone who can help educate clients on how to efficiently organize …