Keeping track of all your assets, especially your money can be a huge pain these days. With the average consumer tending to have several accounts under their name.
Numerous services and products have sprung up in recent years that promise to simplify the process; however, it is simply the process of starting which can be most daunting. With that in mind, here are six efficient and effective ways to accurately track of all your finances, across all your various accounts.
1.) Online Banking
These days, many credit unions and banks offer online banking services to help keep track of balances and transactions. The more sophisticated banks may even offer alerting, budgeting, and tools for mapping your account activities, all in an effort to help you understand how, where and when money is going in and out your account.
2.) Visa Prepaid Cards
Banks refer to people as unbanked or underbanked if they choose not to, or cannot, hold a bank account. There are a significant number of individuals that fit this description. If you do as well, a Visa prepaid card could be an effective alternative. These prepaid cards commonly offer low fees, are easy to reload, and often have money management tools in addition to a plastic, physical card that you can make purchases online and in-store anywhere that traditional debit or credit cards are accepted.
The idea that you can never overspend is one of the most enticing benefits to Visa prepaid cards and of the banking services attached to them. The amount of money that the prepaid cardholder decides to load onto the card is the only amount that can be spent.
3.) Online Financial Management Tools
There are a plethora of financial management tools that can be found online that promise to simplify the process of tracking your finances. Many of these tools and services are highly effective in assisting you with managing your finances and often cost you absolutely nothing to use. However, one must be cautious when providing personal data. The data that you provide could very well be used to market products to you or in worst-case scenarios be sold to others outright.
4.) Spreadsheets and Templates
A brute-force way to track money can be through the use of a spreadsheet, often through programs such as Excel or Google Sheets. This would be a more manual option, with you having to be solely responsible for inputting the data, updating numbers, tracking all the changes amongst other tasks. In an attempt to make life easier, pre-made Excel templates with embedded macros can be found online and downloaded.
5.) Pen & Paper
Writing down your balances and transactions is yet another brute-force way to track your money. Sitting at a desk, tapping away at a calculator and writing down your earnings and spending habits screams old school, yet people still do it.
6.) Personal Budget
If you have a simple grasp of the basic principles of financial management you are equipped to create your own personal budget. Basic instructions on starting one are just a simple Google search away. If you wish to identify and control your spending habits on a micro level, this method is great for you.
It is important to consider how much time and effort you are willing to commit to this endeavor, no matter which method you end up choosing. All in all, success in keeping tabs of your finances depends on an individual level of commitment in addition to using effective financial tools like a prepaid Visa card.
To learn more about how Visa prepaid card can help you with financial management, visit www.transact24.com today.