Bookkeeping Services Provide Peace of Mind

Saving money is smart idea and can help you to be prepared for an emergency or save up for a vacation or other big purchase. If you are having difficulties managing and budgeting your finances each month, it may not be because you aren't making enough money, but because you are not using the right tools and tips to manage your money. Here are three tips to help you budget, manage, and save your money better.

Use Online Account Access

With today's ease of internet access with smart phones and tablets, it is quick and easy to manage your checking account online. Online account access gives you the ability to view your account balance and transactions at any time, from almost anywhere. And, many financial institutions offer an online ledger within your account. 

An online account ledger provides you the ability to enter in transactions that have yet to post to your account to keep a real-time running account balance. Then, the account ledger's program can automatically match up the debits and credits as the transactions you manually entered in post to your account. This helps to balance your checking account daily and better budget and plan for upcoming expenses.

Open Two Checking Accounts

If you keep your money in the right type of financial institution, you can open multiple accounts without having to pay extra banking fees. Most local credit unions don't charge service fees for their checking accounts, so you can have more than one account to help you manage your money better.

Whether you are the only person with access to the money in your checking account, or if you have a joint account with someone else, it can be hard to keep track of money set aside for bills. By setting up two checking accounts, you can avoid any problems with overdraft fees or bounced checks. And, with the easy access of online banking, you can link the two checking accounts together so you can freely transfer money from one to the other.

Set up the first checking account for extra money and the second checking account for paying bills. Deposit your paychecks and any income into the first account. Then, on the online bill payment service, set up your bills to be paid from your second account. Then, transfer the amount of money for the total amount of all your bills that will be paid from your first account into your second account. This can include any automatic withdrawals, budgeted money for gas and groceries, and any paper checks you may write against the account for bills.

Using this process, you know you will have the money to cover all your upcoming bills. Then, any money left in the first checking account can be used for extras and splurge items you and anyone else on the account want to use it for. For more information on options check out sites like https://www.titansbanking.com/.

Use Cash for Purchases

When you use the funds in your first checking account, only use an ATM card to pull out cash from your account. Don't use a debit or credit card that may be tied to the account to spend money on items. By pulling out and using cash, you will spend less as you will be more aware of how much you are spending. When you use plastic to buy items, it is easier to disconnect yourself from the financial transaction you are making. 

Studies show people spend 12 to 18 percent more when they use plastic to buy items, and this does not include any fees for using plastic. And, McDonald's showed customers using credit spend 80 percent more than someone using cash. It was also found when you carry larger bills, you are less likely to spend them. Smaller bills tend to be easier for people to spend.

Use these three tips to help manage and save your money.