6 Ways I Simplify My Budget And Money | Frugal Living
If you take small steps with your personal finances, you can make money easier and worry less.
Chapters
00:00 Why We Should Simplify
01:28 Limit What Can Go Wrong
03:38 Just Have One Of Everything
05:46 Embrace Autopay
07:29 Make Some Bills Easy And Pay Just Once A Year
08:41 Use Credit Cards To Consolidate Non Bill Purchases
10:45 Keep Investments Passive
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As adults, we have so many problems in life to worry about; however, money should not be a big worry. If we take steps in our lives to simplify our personal finances, money can become easier and cause us less problems. In this video, I discuss six different ways we can simplify our finances.
1. Limit What Can Go Wrong
Oftentimes, people live very complex lives with many expenses that they create so many things in life that can go wrong. Their mortgage is expensive, their car payment is expensive, and their credit card is maxed out, so they constantly have to worry about keeping up those expenses. Many problems we have in life as self imposed because we take on things financially we can't handle. If you choose to live a simple life and focus on limiting what can go wrong in your life, you can worry less about money.
2. Just Have One Of Everything
Sometimes we believe that the best way to solve our problems is through complex solutions. So we have multiple bank accounts, multiple saving accounts, multiple debit cards, multiple credit cards, and multiple investment accounts. Having this complex financial plan can make it easy to forget or overlook various things. If instead, you create a simple financial plan and just have one of each category, it's easier to know where your money is, how you're spending it, where you're at with your goals, and how much you have.
3. Embrace Autopay
One of the most difficult parts of being an adult is keeping up with all of our bills. Sometimes we can forget about different bills and be charged extra fees. This can easily be avoided if we automate our bills and put them on auto pay. It makes money easier because it happens in the background and is one less thing to worry about.
4. Make Some Bills Easy And Pay Just Once A Year
Certain bills we have can be paid in full once a year versus paying monthly. If you choose to pay certain bills in advance, it is one less bill to worry about, which makes money easier.
5. Use Credit Cards To Consolidate Non Bill Purchases
Some expenses we have are not in the form of bills, but are periodic throughout the month like groceries, gas, and eating out. When we pay for these things as they come, we can often forget about where our money is going and overspend without knowing it. I personally believe in using my credit card for these purchases to consolidate them in one single bill. This allows me to know exactly how much I am spending in these various purchases combined. And at the end of the month I can see if I am overspending anywhere. However, if you choose to do this make sure you can handle paying off the balance in full each month.
6. Keep Investments Passive
I personally prefer to invest in index funds over stocks because I do not like to think to much about my investments. I believe in dollar cost averaging and not thinking about it much. This allows me to grow my money in a simple, passive way.
**This video is intended for entertainment purposes only, none of it should be interpreted as financial advice. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **