If you’re someone who takes your finances seriously, you understand the importance of paying close attention to your financial affairs. Responsible investors keep an eye on their money. They have their finger on the pulse of the market and they are on the lookout for fluctuations in their account balances.
You may ascribe to the idea that what you pay attention to grows, while what you ignore can fester and wreak havoc on your financial health. In other words, staying on top of your finances is a good thing. But that doesn’t mean you have to allow yourself to get bogged down in the complexity or the minutiae, from day to day. For some people, managing their financial affairs can become an obsession, but it doesn’t have to be that way.
Advantages of Keeping It Simple
Modern technology can make it easy for us to keep our financial affairs simple. While it’s always important to keep an eye on transactions, you have the advantage of taking a few steps out of the equation by automating as much as possible. You don’t need to get bogged down in the tedious tasks and emotions that can arise when handling your money. Instead, you can use automated direct deposits and savings transfers, digital reminders, and automated bill pay.
No longer do you have to spend hours each month writing and mailing checks to pay bills, watching for your payments to clear, driving all over town to move money around, settling your accounts, or balancing your checkbook.
You don’t have to wince and grit your teeth every time you write a check for your hefty student loan or remember to pay your mortgage payment during a busy workday. It will all come out of your account on the first of the month, already accounted for — out of sight, out of mind, and taken care of, without lifting a finger.
You no longer have to decide how much you’ll be depositing into your savings account each month, or give yourself the option to skip it so you can splurge on a new gadget. Your savings will deposit automatically, never allowing you a chance to sell yourself short.
Simplifying your finances with technology makes it easier to set goals and objectives and stay on track. It makes it easier for you to pay your bills on time, keep your credit in good order, and make progress toward the financial future you have in mind. It saves you time, lessens the chance that you’ll make an error, and minimizes overall financial anxiety.
When it comes to your finances, keeping it simple can bring a sense of calm and ease.
As helpful as modern technology is, effective financial management can only be simple if you have a good handle on how much of your money is coming in versus how much money is going out. Of course, you want more coming in than out; otherwise, your financial affairs can quickly become complicated.
Just because managing your finances can be drastically simpler than it was twenty years or more ago, it doesn’t mean you should take your eye off the ball completely or let things slip. Technology is handling the basics for your finances, which frees up your time and energy to focus on the bigger picture.
Hiram “Chip” Hutchinson, III, is the President of Hutchison Group, Inc. (HG), a fee-based, independent financial services firm assisting clients in and around Rock Hill, South Carolina. Chip drives strategies designed to better enrich the client’s experience, resulting in a deeper client relationship and a broader understanding of client financial needs. HG has been offering personal financial guidance for more than two decades. Learn more about them at hutchisongroup.com.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.