Simplify your Finances one tackle at a time

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As many of you know or maybe don’t know, I am a huge football fan. I can not wait for the NFL season to start. It kickoffs with my defending Super Bowl Champion New Orleans Saints taking on the Minnesota Vikings. WHO DAT Its not going to be an easy task for the Saints to repeat as Super Bowl Champs. The team has to focus on one game at a time in order to repeat as Champions and TWO DAT. Its the same with your personal finances. If you want to simplify you have to tackle each financial task one tackle at a time. Don’t try to financially multitask and take on more than you can handle. Its much easier to tackle each task one at a time. Here is a quick list of financial task you should tackle to simplify your finances:

BANKING

  • Consolidate your bank accounts
  • Sign up for online banking
  • Set up account alerts

DEBT

  • Consolidate your credit cards
  • Eliminate credit card balances or put plan in place to eliminate it
  • Refinance your mortgage or renegotiate your credit card interest rate

INSURANCE

  • Evaluate your all of your insurance coverage
  • Determine if you have enough coverage
  • Are you paying to much for your coverage

RETIREMENT

  • Consolidate your retirement accounts
  • Are you on track to reach your retirement goal?
  • Have you reallocated your retirement accounts?

EMERGENCY FUND

  • Have you established an emergency fund?
  • Do you know how much it should be funded with?
  • Is it adequately funded?

ESTATE PLAN

  • Do you have a will in place?
  • Have you reviewed the beneficiaries, executor, and guardians you established?
  • Is you family aware of your intentions in your will?

EDUCATION

  • Do you have education saving plan in place?
  • Have you set a goal for what how much you will need?
  • Do you review you plan regularly?

TAKE ACTION

Determine which financial task would help you simplify your personal finances and tackle this one first.  Ask yourself the three basic questions provide.  Once you tackle the first one move on to the next.  After you tackle each one at a time your financial life will become simpler and you will begin to live a simple financial lifestyle you want to live.

Til next time remember to take it one tackle at a time.

 

Reasons why I have decided not to simplify my personal finances

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I am always discussing ways to help you simplify your personal finances.  But many times I hear so many excuses why someone has not simplified their personal finances.  I have decided to give up and stop trying to simplify my personal finances.  What’s the point of simplifying?  There are so many conveniences that I would have to give up  if I simplify my personal finances.  So here are my reasons why I have decided to not simplify my personal finances:

Will never retire so I have decided not to save for retirement. I can instead spend the money on a new car maybe two.  I already have social security deducted from my pay check.  So why do I need to have additional funds put into a 401K.  Having the government set my asset allocate works for me. They do not lose money.  Social Security will be available when I am 65 at least 30 to 40 years from now.

Daily overdraft alert is the best value added service my bank offers.  For only $35.00 per occurrence they inform me that I need to put money in my account.  If they did not inform I would never know when I need to deposit my pay check.  Its a great reminder service and it is cheap.

Social hour in the teller line. Did you that you can meet some very interesting people while stand in line waiting for the bank teller at your local branch.  Friday afternoon seems like the most popular day of week.  The tellers are also very nice.  They personally make sure my check is deposited into my account.  I like the personal service and I don’t need to worry.  Its time well spent.

Late payment service charge.  All of my monthly bills allow me for a few extra dollars per month to pay my bill on my schedule.  I like that convenience.  I gives me more time to pay my bills.

ATM Convenience for little fee of $3.00 I can use any ATM machine I want.  You can’t beat that.  Why cross the street to use my bank’s ATM or drive around looking for my bank’s ATM when I have the convenience of using any ATM for a few bucks.

Unlimited check writing is the way to go.  You don’t have to worry about balancing your checkbook as long as you have checks in your checkbook.  Also balancing your checkbook takes to long.  I have daily overdraft alert already established so I can write as many checks as I like without any problems.  If there is a problem my bank will send me a letter to let me know.  Also writing a check to pay my bills also gives me more time to pay the bill since it will take a couple of days to clear plus the mail time it takes to get there.  That’s why I like the late fee charge service.

Multiple credit cards. I like having multiple credit cards with me at all times you never know when you may need to buy something.  If one does not work just keep trying until you find one that has not reached its limit.  The best part about having multiple cards is that I can purchase anything I want each month and I don’t even have to pay the entire bill.  The credit card company provides me with the amount they recommend I pay.  I love the rewards I receive with each card and I only have to pay an annual fee and they provide me with all kinds of services that I never get to use but plan on using them one day.

Financially lucky so who needs a emergency fund. I never have any financial emergencies.  Why establish an emergency fund when I can just charge it to my credit card and I can pay the payment the credit card company recommends.

Prefer the reliable mail service instead of signing up for online banking.  What will the computer show me that my monthly statement won’t show me.  I won’t lose a paper statement but I may forget my online password.  I prefer having the postal service deliver my bills to make sure it will arrive on time instead of relying on my bank to pay my bills.  Just not sure they will get it there on time and my bank is not in the delivery business. So why give up all of these conveniences to simplify my personal finances.

What are your thoughts?  Why haven’t you simplified your finances? If you are still wondering if you should begin to simplify your finances and not sure where to begin sign up for my Simple Financial Lifestyle newsletter and receive a 14 day e-course to help you.

Take one step at a time to simplify your personal finances.

Take Control of Your Financial Life Starting Now!

Are your personal finances a leading cause of stress in your life? Are you spending more time sorting through your personal finances than enjoying life? Are you tired of paying late fees or overdraft fees but don’t have enough time in the day to keep up with your personal finances?

Many times we create this unnecessary stress in our lives because we make our personal finances more complicated then they should be. Managing your personal finances can be as simple as you want them to be if you design your finances around the lifestyle you want to live. You can not just wave a magic wand and it will all be fixed. You will have to develop a plan to simplify your personal finances.

Where do I begin to simplify my finances? Here are some steps to get you started on your way to financial simplicity.

* Must first start with yourself in mind. You have created your current financial situation. So here is your opportunity to change it. Look at yourself and ask what do I want my personal financial life to look like in the future. Make a list of what you consider to be the ideal or perfect personal financial life. Take this opportunity to dream. Its your life you can do what ever you want. (Remember anything is possible if you put your mind to it.)

* Determine what are your personal financial objectives? Do you want to reduce your current debt; begin to save for retirement; have better cashflow; start college savings; start an emergency fund or purchase your first home. By determining what is important to you financially, this helps you establish your starting point.

* Write down your financial goals
which incorporate how you’re going to achieve your dream financial life which was established in step 1 as well as help you achieve what is financially important to you in step 2. You want to establish specific achievable goals which have real time deadlines. Such as I want to have all my bills paid by the 15th of each month or I want to pay off my credit card balance at the end of each month. By setting specific goals, they are more attainable.

* Perform a self assessment of your current financial situation
to determine where you are compared to your dream financial life and what needs to be done to get there.

By following these steps you have now established a foundation to build your simple financial lifestyle upon. When simplifying make sure you are incorporating these principles you have established.

Remember financial simplicity is much easier to manage and causes less stress so take action to simplify your finances.

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