Most Americans Think Money Management Is Harder Than Solving a Crossword Puzzle. Are They Right?
- Many Americans struggle with money management and find it to be too complex.
- Changing how you handle financial tasks -- like setting up an automatic savings plan and using budgeting apps to track spending -- can make money management effortless.
- Find out what you need to do to make managing your finances less difficult, including paperless billing.
Here are a few ways to change how you manage your money so it's easier and less stressful.
Do you struggle with money management? If so, you're not alone. A recent survey found that most Americans think money management is harder than solving a crossword puzzle. But are they right? Their feelings are valid, but money management doesn't have to be challenging.
Managing your finances can be easier than solving a crossword puzzle if you use helpful tools and are willing to consider new methods. Find out how to simplify the process.
Nearly three in five people say money management is difficult
Managing your finances is a must. If you're not careful, it can be easy to overspend, fall behind on bills, and get into debt. But many people struggle with money management.
According to a recent study conducted by Digit, 58% of Americans said that managing their money is more mentally demanding than solving a crossword puzzle.
Many Americans spend a significant amount of time managing their finances. Survey respondents spent, on average, four hours per month handling financial matters. Most people would probably rather spend less time paying bills and more time having fun.
The good news is when we have control over our finances, we feel better.
The same study found that 92% of Americans felt less anxious in their daily lives when their finances were under control.
Four ways to simplify how you manage your money
Does money management have to be difficult? No.
If you create a plan, and set up processes that improve organization and make it easier to monitor your finances, you can make your life easier. Changing how you handle your money could save you time and cause less stress.
Here are four tips that could help you have more success:
1. Monitor your money with budgeting apps
You may be thinking, "Do I need another app?" Financial apps may not be a must, but they can make your life easier, and they could help you improve your finances.
Budgeting apps make it easier to track your spending and follow a budget. With these apps, you can cut down on unnecessary purchases, see when bill payments are due, and make sure you're putting your money to good use.
2. Switch to paperless billing
If the never-ending pile of bills on your kitchen table is overwhelming, it might be time to switch to paperless billing. Paperless billing can reduce waste, and this quick switch may reduce your stress due to less paperwork clutter.
3. Save money without thinking about it
If you constantly forget to save money, now is an excellent time to set up an automatic savings plan. You can set up regular, automatic money transfers to your savings account through your bank's website or mobile app. Automation will free up your time, and you'll never forget to save.
4. Set some bills on autopay
It can be easy to forget to pay a bill, especially if you're busy and have a lot of expenses. If you're a forgetful person who wants to minimize late fees, you may want to automate some of your bill payments.
If you have some expenses that cost a fixed amount each month, it may make sense to automate them. When you automate the payment process, that's one less bill that you have to schedule manually.
This move can free up time. But there are also some risks of putting your bills on autopay. If you choose to automate some of your payments, don't forget to occasionally check in on your bank account balance.
Take control of your finances
Managing your finances doesn't have to be complex or confusing. Taking care of important money matters can actually be a lot easier than solving a crossword puzzle.
Find small ways to alter your habits, like using a budgeting app and setting up automatic savings transfers, so you can lessen your stress and reduce the workload that is involved.
If you are looking for additional ways to improve your financial situation, check out these personal finance resources.
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