(NewsUSA) – When it comes to managing personal finances, most people would agree that they could do a better job. In fact, analysts say that almost half of all U.S. families spend more than they earn.
The reasons for this range from the psychologically complex (fear of what will be discovered when they finally sit down to balance their checkbook or it’s too overwhelming) to the mundane (it takes too much time).
Yet many Americans resolve not only to get physically fit in the New Year, but fiscally healthy as well. Making the decision to be a better money manager is one thing, but following through on that goal is not always easy.
The following tips from NetBank may help you get a better handle on your finances:
* Plan ahead. Think about what large purchases you may need to make this year and how much you would need to set aside. Too often, people live in the present and forget to think about what may be coming up. Part of managing your finances includes thinking about future expenditures as well as current ones. * Create and stick to a budget. Assess and inventory your current income and expenses, then prioritize necessities. This may include everything from house payments and taxes to utilities, gas and food.
* Consider switching to an online bank. With an Internet-only bank, consumers can view their accounts in an almost real-time format instead of waiting for a monthly statement. Other services include automatic bill payment that ensures you’re on time with your bills, which in turn, means that you avoid late charges or bouncing checks.
In addition, by using the Internet instead of physical locations, the bank can reduce its operating expenses and pass along the savings to its customers in the form of higher interest rates on deposits (up to five times the national average) and lower fees.
* Employ financial software. If you’re not the type of person who likes to write down your expenditures and instead prefers the convenience of a computer, investing in some financial software to keep track of your expenses may be for you.
For more information on managing your finances online, visit www. netbank.com.
