As a follow up to my previous personal finance posts: Here & Here. I want to share the next tips I have learned that may benefit you.
I try to use accounts that have no fees so I can save on costs that. Look for online banks that can be used as your main bank account to save on monthly fees. I still recommend having 1 no-fee account at a big bank to ensure you can visit the branch if required.
I try to avoid using cash so I can track everything in the statements and use a simple spreadsheet to track the accounts on a monthly basis. I recommend using credit cards that have good notifications via the app or text message to alert if you have any transactions.
Here is the fun part, set up direct deposits as much as you can for your payroll, gov deposits, insurance deposits etc. Then also set up pre-authorized debits for your fixed costs such as a mortgage, insurance, investments, credit card bills. Where possible pay by credit card and automate there.
Review the monthly statements carefully and ensure you have a reserve fund setup 1- 3 months worth so there is a buffer in case there is a delay or problem with any deposits.
I feel automating the investments is the real key here as you are paying yourself first and helping to secure your financial future. Eliminating the worry of paying bills on time is stress relief as well.