How to Simplify Your Finances

There is little in the world more stressful than money. So much of our lives are dictated by it. Dictated by whether we have enough and how, once all the essentials are taken care of, we can ever imagine saving up. Of course, everyone's financial situation is different, and for some people, organizing their finances simply isn’t achievable.

However, if you are in a position where you receive a steady and regular income, then more than likely, you are looking for simple yet effective ways to manage your finances. If this sounds familiar, then this article is for you.

Take a Look at Cryptocurrency

Crypto is growing in popularity at an exponential rate all across the globe. Already in America, it is estimated that around 28% of adults own at least one form of the digital assets, and this number is only expected to rise. Investing in crypto is one of the most effective ways to simplify your finances for the simple reason that it is the only mode of finance that does it all, all in one place. With crypto, you can enjoy increased security, faster transaction speeds, lower transaction costs, and, due to the volatility of crypto itself, the ability to grow wealth over time.

Use Crypto in Everyday Life

Once you own crypto, you might be asking what exactly you can do with it. In the modern age, however, the answer might surprise you. There are countless retailers, both online and within brick-and-mortar institutions, that accept crypto as a payment method; among these are famous brands such as Starbucks, Microsoft, and Tesla, alongside countless small businesses. 

You can even use crypto when online casino gaming. The top Ethereum casinos offer their users gaming platforms like no other. Players on these sites enjoy massive game libraries, highly impressive bonuses and rewards, and significantly increased anonymity when compared with other online options. 

Budgeting with the 50/30/20

An effective budgeting strategy is essential to ensure that you keep control of your finances and don’t get caught off guard by any unwelcome surprises. As part of budgeting, everyone who is able should be contributing to their savings, both for expensive purchases down the line and as a safety net in case anything should go wrong.

Luckily, there is a budgeting strategy that takes into account all essential purchases, all non-essential buys, and your savings. This is called the 50/30/20 rule. The idea here is that when you get your monthly paycheck, you should break it down into three separate categories. Some online banks actually let you move your finances into digital pots, which can make this process much easier. You place 50% of your income into an essential pot. From this, you’ll pay your rent or mortgage, bills, and necessary groceries. 30% will go into a second pot, these are purchases that are not essential, but what make life worth living. We’re talking about hobbies, meals out, days out, and anything that is considered enjoyable and entertaining but not strictly necessary. Into the last pot, you put 20% of your paycheck; this will be for your savings. With 20% of your paycheck going in every month, you'll find your savings growing in no time.

Make Life Easier for Yourself with Online Banking

There are several ways you can make life easier for yourself when it comes to managing your finances. Firstly, if you haven’t already, make sure to check out online banking options and go entirely paperless. Doing so means that all your financial information, bank statements, and standing orders are kept in the same place and can be accessed with ease. This removes the need for countless papers, which, as well as making life simpler for you, is also significantly better for the environment.

Online banking and mobile banking have many features that can make simplifying your finances infinitely easier. Some will give you insights into your spending, and others will automatically fill up your savings for you every time you make a purchase. Others have inbuilt digital financial advisors on hand in case you need support.

Conclusion

Managing money can feel overwhelming and stress-inducing, but it doesn’t have to be this way. There are various tools you can use and strategies that you can learn that make money management and financial organization significantly easier.  So why not look into using alternate modes of currency, such as crypto, creating a budgeting plan that works for you, and exploring all the perks that come with mobile and online banking platforms?