Between meetings, projects, and networking events, busy professionals often find their schedules packed to the brim. That’s when managing personal finances becomes a challenge. So, here are some time-saving financial hacks that can help you manage your money efficiently, no matter how tight your schedule is.
One of the simplest yet most effective time-saving hacks is automating your finances. You can set up automatic transfers for regular monthly bills, loan repayments, and savings contributions. Not only can this ensure timely payments and help avoid late fees, but it may also free up your time and mental energy for other tasks.
Of course, automation is not a "set and forget forever" solution. But it can work just fine if you review these settings periodically to ensure they still align with your current financial situation.
As a professional, time is your most valuable resource. However, complex budgets can become an unnecessary drain on this resource, and embracing simplicity in your financial planning can be a game changer.
A streamlined, minimalist budget can enable you to monitor your spending, identify patterns, and modify habits more effectively. The 50/30/20 rule is a good example. It suggests dividing your after-tax income into three categories: 50% for necessities (like your rent or mortgage, utilities, and groceries); 30% for discretionary expenses; and finally, 20% for savings, investments, and debt repayment.
You can adapt the 50/30/20 rule to your business finances as well – perhaps dedicating a portion of your ‘wants’ (30%) segment to professional growth activities, and carving out a section in your ‘needs’ category (20%) for professional subscriptions and memberships.
Technology can be a busy professional's best friend. There are financial apps and online platforms designed to help you manage your money more efficiently. Whether you need a budgeting app to track your spending, a digital wallet for seamless transactions, or an investment app to help grow your wealth, there's likely a solution out there to meet your needs. And some apps even offer insights into your spending habits or provide personalised tips for better money management.
Juggling multiple loans can be a hassle due to multiple payment dates and repayment schedules. If you’d like to simplify your financial life, debt consolidation may be worth exploring. Consolidating your debts into a single loan can not only potentially reduce your interest costs but also simplify your repayments. And one payment to keep track of means less time spent managing your debts each month. Click here to learn more.
At the end of the day, managing your finances shouldn't feel like a second job. Implementing these time-saving hacks can help you stay on top of your finances without having to carve out significant time from your busy schedule.
At better™, we're here to simplify your financial journey, whether it's through quick and convenient loan solutions or helpful financial tips. Check out better.co.nz to learn more.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion, and seek independent guidance.