When we have little time and lots of financial decisions to make, money matters feel stressful. But there are ways to lighten the mental load so we have more time for more complex decisions. Here are some ways you can simplify your finances to save time, money and mental energy.
1. Set up automatic payments
Set up direct transfers in NetBank or the CommBank app to pay off debt, save for your goals or build up your emergency fund.
2. Get your bills sorted
There are all sorts of ways you can manage your bills online. For example, you can use BPAY to set up direct debits to pay your bills directly from your account or you can schedule bills to be paid automatically on the date you set.
If you’re with CommBank, you can get your bills sent straight to NetBank or the CommBank app with BPAY View, so you can see, pay and track them in one place. This way you can see what is coming up and how much you will need for months where lots of bills are due.
3. Seperate your accounts
You might have one account for bills and committed expenses, another for every day expenses such as groceries and another account for a rainy day or for one day savings.
Keep in mind that more accounts can mean more monthly account fees, so make sure you check the fees on your accounts. Most savings accounts don’t have monthly fees, but transaction accounts often do.
4. Go paperless
Save on fees and reduce paper work by opting for online statements. You can generally request to go paperless from your utility providers, telecommunications companies and banks.
If you’re with CommBank and need a paper statement, go to NetBank to download and print it.
5. Stay on track with goals
Setting up scheduled payments for your savings on or soon after pay day can help you by eliminating the option to forget. You can set up scheduled payments online for most banks.
If you’re with CommBank, try setting a goal using Goal Tracker. You can set up automatic payments so you don’t miss your target and you’ll get a nudge if you are falling behind.