5 Tips to Help Keep Track Of Your Bills And Spending!
Bills, bills, bills. Being an adult is kind of overrated, isn’t it?! Bills and being mindful of your spending is just a harsh reality of being a grown-up. No longer are days you can count on your parents to make sure all your bills are taken care of. Although financial independence is a pretty awesome feeling, it can also be a bit daunting. Making sure you’ve armed yourself with tools and skills to help you keep your finances in check can help curb the anxiety of money worries. Here are a few tips to get you started…
- Set some time aside. Make sure you delegate some time every month to review your financial situation – keep it consistent, pick a day and stick to it. Take a look at your bank/credit card statements as this can help identify any kind of fraud or errors in billing. Review your account balances and spending habits. This is useful for evaluating how well you’re staying on track with your budget and help make adjustments where necessary – stay tuned for an upcoming blog all about creating a budget and sticking to it!
- Use your smartphone! iCal or SPlanner! Who doesn’t have a smart phone nowadays? Why not use it to help you stay on track with your finances. Use the calendar on your phone to create reminders about bill payments. OSAP-funded student? Create a reminder for you to log in and check the status of your OSAP periodically too!
- Set up direct deposit. This can be a tricky one. It does ensure your bills will be paid on time but you need to be mindful of when the withdrawals on your account will happen. Making sure you have sufficient funds in your account is important as you don’t want to get hit with overdraft fees! Use a reminder for a few days before the payment date so you can check your bank account to make sure there will be enough moula.
- Get the right banking products. It is a good idea to speak with someone at the financial institution you bank with to discuss if you have the right product according to your spending habits. Most banks offer student products that allow more debit transactions, a few free interact transfers and lesser service fees. Make sure you aren’t spending money on bank fees just because you don’t have the most appropriate bank account. The FCAC has a great account selector tool that can help you compare bank accounts. Check it out here – Compare student bank accounts!
- There’s an app for that! There are so many apps available to help with budgeting and tracking your spending. Personally, my favourite app for this is mint.com by Intuit Inc. You can sync your accounts to this app and it will design a customized budget based on your spending habits. You can create financial goals and it will send push notifications to your phone to keep you informed about what is going on in your accounts! From budgeting, customized financial tips, free credit report, bill reminders and weekly financial summaries – this app will help you effectively manage your cash flow. Check out the website https://www.mint.com/ or download the app on your smart phone today!
Did you find these tips helpful? Or is there a tip that you can add to the list? I’d love to hear what you are doing to keep track of your finances. Sharing is caring!