3 Easy Ways to Simplify Your Financial Life (SmartMoney Magazine Cover Story) at SmartMoney.com

Posted on August 29, 2008. Filed under: Uncategorized |

I like this concept since I can use some help on simplifying everything.

In addition to the tips in the article for me I do the following:

1. Simply only use 2 credit cards.
2. Simply put everything on auto pay and paperless statements.
3. Simply use Mint.com to track my finances nearly daily.

As reported by http://www.smartmoney.com,

AMERICANS ARE RACKING up some major financial achievements — but not the kind you’d celebrate with a ticker tape parade.

Each of us now spends about 22 hours a year sorting out bills, account statements and other paperwork — more time than we spend helping our kids with homework or going to the movies, according to the Bureau of Labor Statistics. And last year we paid a record $16.3 billion in credit card late fees — small wonder, since the average household is now juggling 14 credit cards. Come to think of it, if we shredded all those bills and statements, we could have a ticker tape parade after all.

All this clutter is a by-product of a changing economy in which individuals are increasingly responsible for almost every aspect of their financial future. And while technology has made it easier to hunt down bargains, the downside is the tendency to jump on every great deal — and end up with a walletful of cards and a mailbox jammed with bills.

Taming the paperwork jungle has economic benefits as well as emotional ones: Andrew Caplin, an economics professor at New York University, found that people who plan and budget are, on average, 39 percent wealthier than their disorganized peers. With that in mind, we went hunting for tips that can help trim the time it takes to manage your finances. While these tips don’t always represent the cheapest options, they can pay off in peace of mind — and long-term savings.

1. Simplify your savings and investments
2. Simplify your credit cards
3. Simplify your insurance

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