Modern lifestyles pull us in all directions. It’s no wonder we are overwhelmed and stressed out by our busy schedules and cluttered homes.
UCLA researchers even wrote a book on the subject — “Life at Home in the Twenty-First Century: 32 Families Open Their Doors” — and revealed that many families have garages too full to accommodate cars, backyards that are never used, and moms with elevated stress hormones.
If you’re ready to step off the hamster wheel, here are some basic strategies to simplify your life.
1. Consolidate accounts
Maxx Satori / Shutterstock.com
It’s hard to say no to the $100 bonus for opening a checking account when the new bank comes to town. Or maybe you can’t refuse the great sign-up offer from the latest rewards credit card.
Before you know it, you could have a half-dozen accounts at various institutions. Your retirement account is in one place, the checking account is in another. You also have a mortgage, emergency savings and insurance products to juggle.
Rather than having accounts scattered, try to consolidate them in a couple of places. Pick one bank for money and credit, and one company for all insurance needs, for example. In the end, you not only have fewer accounts to manage, but also may get better rates or terms for bringing more of your business to a particular institution.
2. Purge the paperwork
Lolostock / Shutterstock.com
Sign up for paperless statements, which most financial institutions offer. With the exception of a few vital documents — such as birth certificates and titles — scan and shred almost everything else in your filing cabinet.
One caveat: For some people it may still be better to receive old-fashioned paper statements. For some of us, getting the paper statement is an easier way to review the charges, a better reminder to pay the bill and a simpler way to keep an eye on fees. If that describes you, create a folder for each credit card and checking account, keep statements for up to a year, and then shred them.
3. Pay cash whenever possible
ptnphoto / Shutterstock.com
Don’t underestimate the power of cash to simplify your finances.
Paying with cash can prevent you from making impulse buys or otherwise overspending, all while preventing you from racking up debt and accumulating clutter. Paying with cash can also reduce the stress of daily money management — like reviewing credit card statements.
4. Automate your life
A. and I. Kruk / Shutterstock.com
If you’re not being paid automatically via direct deposit, sign up. Some employers will let you split your paycheck among multiple accounts. If that’s possible, send at least 10 percent of earnings to your savings account.
Free yourself from the anxiety of paying bills on time by automating the process. Depending on your bank and billers, you may be able to request that bills be electronically delivered, and the amount due paid automatically. Otherwise, set up recurring monthly payments.
For expense tracking, skip the spreadsheets and use an app or tracking software, such as our partner You Need a Budget (YNAB).
5. Stop buying stuff
pathdoc / Shutterstock.com
Minimalism is one of the core principles of simple living.
The less stuff you have, the less time you’ll spend maintaining, rearranging and obsessing over what you’ve got. Plus, when you stop spending, you have more money for saving, or for splurging on important things.
If you’re prone to spur-of-the-moment spending, check out “18 Ways to Slam the Brakes on Impulse Buys.”
wavebreakmedia / Shutterstock.com
As the UCLA researchers discovered, clutter can stress us. So, focus on getting rid of the excess stuff you already own.
Before investing in yet another organizational system or storage unit, consider boxing items and shipping them to the thrift store or the landfill. Or, sell what you don’t need. After all, simplifying can be good for your wallet as well as your state of mind.