7 ways to streamline your finances

If your money feels harder to manage than it should be, it might be time to simplify.

Keeping track of your finances can sometimes feel overwhelming, especially when you’re juggling bills, savings goals, and multiple accounts. The good news is that managing your money doesn’t have to be complicated. By simplifying your systems and making a few small changes, you can save time, reduce stress, and stay on top of your financial goals with ease. Here are seven ways to streamline your finances and create more peace of mind in your day-to-day life.

1. Automate where you can

You may have some things automated already, like setting up direct deposit for your paychecks. But automating other tasks, like paying bills or transferring savings, are easy ways to manage your money and offer significant benefits, like saving time, reducing stress, and improving your financial habits.

Time savings

One of the biggest benefits of automating your finances is saving time. Automation eliminates the need to manually pay bills, track your spending, and make transfers to your savings account—it’s already taken care of for you.

Reduced stress

No more waking up in a cold sweat, wondering if you paid that bill. Automatic bill payments ensure your bills are paid on time, preventing late fees and potential damage to your credit score. It also takes the guesswork out of saving, making it easier to stick to your financial plan.

Improved financial habits

When you automate savings transfers, you’re building a financial cushion and consistently saving toward your goals, whether you’re building an emergency fund or saving for retirement. Plus, consistent, on-time bill payments improve your credit score over time.

2. Consolidate and organize your accounts

Keep fewer bank accounts and credit cards to reduce confusion. Ultimately, the number of checking and savings accounts you need depends on your needs. Having a checking account for your fixed expenses, a checking account for variable expenses, and a high-yield savings account is a good rule of thumb. But if you can manage your money well and want a simple view of your finances, you can consolidate your checking accounts.

As for credit cards? There’s no one-size-fits-all option there, either. However, when you have too many credit cards, there’s always a risk of overspending and accumulating debt. It can also be difficult to track multiple accounts and payment due dates.

Some general guidelines to consider:

• If you’re starting out or rebuilding credit, stick with one or two credit cards.
• If your credit is established or good at managing your money, having two or three cards can be a sweet spot.

3. Sign up for paperless statements and embrace digital tools

You already have a million things to keep up with. Make your life simple by going digital—and registering for eStatements is the easiest way to cut down on clutter. It’s also more secure, faster, and leads to better organization. Statements are securely encrypted through your online banking account, meaning you don’t need to worry about mail theft or loss. You can also access them anytime, anywhere, whether it’s through online banking or your mobile app. Digital statements are also organized, making it easier to find past transactions.

4. Create a simple budget

Are you sensing a theme here? Simple = better—and the simpler your budget, the easier it’ll be to manage for the long haul. Stick with the basics, like the 50/30/20 rule or zero-based budgeting. The 50/30/20 rule is self-explanatory: 50% of your budget is allocated to needs (rent/mortgage, utilities, groceries); 30% of your budget is allocated to wants (dining out, entertainment, shopping); and 20% of your budget is allocated to savings or debt repayment. Zero-based budgeting is also exactly how it sounds—every dollar is allocated toward expenses for needs and wants, plus savings and debt repayments.

You should review and update your budget monthly and track your spending. Don’t overcomplicate it, either—only track the categories that really matter. There are dozens of apps, like YNAB, that sync with your bank accounts and make budgeting/tracking spending almost effortless.

5. Reduce financial clutter

Today, it seems like almost everything requires a subscription or membership. And too many subscriptions to keep track of leads to overspending. Let’s be honest, you’re not using every single subscription that you have. Here’s the easiest way to manage (and cancel) your subscriptions:

Identify all your subscriptions

• Review your bank and credit card statements: Look for any recurring charges, especially those you don’t recognize or are unfamiliar with.
• Use subscription management apps: Consider using an app like Rocket Money to find and manage subscriptions.
• Check app store subscriptions: Review your subscriptions purchased through the App Store or Google Play.

Cancel subscriptions

• Directly through the provider: Most services allow cancellation through their website or app. Log into your account and navigate to settings, billing, or subscription to find the cancellation option.
• Contact customer service: If direct cancellation isn’t available, contact customer service or stop by in person (like for a gym).
• Third-party services: If you prefer not to deal with customer service, some third-party services can help you cancel subscriptions for a fee.

Prevent future subscriptions

• Set reminders for free trials: Set a reminder on your phone or mark your calendar for the date your free trial ends.
• Carefully evaluate new subscriptions: Before signing up, assess whether the subscription aligns with your needs or budget.

6. Review and simplify your investments

Managing investments doesn’t have to be complicated. Instead of juggling multiple accounts or chasing the latest stock tips, consider streamlining your portfolio with a few simple, long-term options. Index funds or target-date funds can be a great way to diversify your portfolio without the stress of monitoring.

By keeping your investments straightforward, you’ll reduce decision fatigue and make it easier to track progress toward your goals. Schedule a yearly check-in to rebalance if needed, but otherwise, let your investments work for you in the background. If you need help getting started, you can schedule a meeting with one of our financial professionals at no cost and no obligation.

7. Set up reminders and check-ins

Just like physical checkups keep an eye on your body’s health, financial checkups are essential to monitor your financial health. Regular check-ins with your money keep you on track with goals, help you identify any problems early, reduce stress, and make informed decisions.

Set a calendar alert either quarterly or yearly to review your finances. This is your chance to examine your budget and adjust as needed, check on your emergency fund and debts, and review your credit report to monitor for fraud. You can get one free credit report annually from all three credit bureaus at annualcreditreport.com.

Bottom line

Streamlining your finances doesn’t mean restricting—it means freeing up your time and mental energy. Starting with just one small step today can build momentum, and before you know it, you’ll be on autopilot. It won’t be easy, but getting your finances in order is worth the work.

What’ll be your first step to streamlining your finances? Let us know in the comments!