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10 ways to simplify your life in 2008

Published by sam - 02/01/08 - 01:01:11 am

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With a little upfront effort, you can streamline how you bank, pay bills and track your money. Now is a good time to set up a financial system that will pay off all year long.

It’s not your imagination. Managing your money is getting harder.

You have to make a lot more decisions than folks did a generation or two ago.

Instead of one health plan, you may need to choose from half a dozen — if you can afford coverage at all. Instead of an employer-provided traditional pension, you have to manage your own 401(k) and figure out not only how much to save but how to invest.

Instead of a single credit card with a relatively low rate — all that was available to most households in the 1970s — you probably have a wallet full of options, all with different rates, terms and due dates to monitor.

Talk back: What are your financial goals for 2008?

Fortunately, technology is riding to the rescue. Used properly, it can help you stay on top of your money with minimal effort. These tips from my latest book, “Easy Money: How to Simplify Your Finances and Get What You Want Out of Life,” should help you streamline your financial life:

Simplify and de-clutter
Use direct deposit. This should be a no-brainer, but about a quarter of the people who are eligible for direct deposit of their paychecks don’t sign up. Perhaps it’s an irrational fear of electronic transactions holding them back, but they should get over it. Direct deposit is easier, faster and safer than running around with a live check in your wallet.

Get true overdraft protection. Real overdraft protection links your checking account to a savings account, line of credit or credit card. Money is drawn from one of these sources if you write a check or initiate a debit card transaction for more than you have in your account. The annual cost is reasonable — $20 to $50 is typical — and you may pay another small fee anytime you use the overdraft.

What you don’t want is “courtesy overdraft” or “bounce protection” that many banks and credit unions automatically offer their customers. That “service” can cost you $30 to $40 every time you make an over-limit transaction, and those fees can add up quickly. One reader racked up more than $200 in bounce fees buying songs for her MP3 player; each 99-cent tune triggered a $30 fee. Read “Never pay another bounced-check fee” for more details on how your bank profits from bounce protection.

Source: http://articles.moneycentral.msn.com/Banking/BetterBanking/10WaysToSimplifyYourLifeIn2008.aspx

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