3 Easy Ways to Take Control of Your Finances   June, 2017  

Feeling frustrated and overwhelmed with your finances? Do bills seem to pop up out of nowhere at the end of each month and you're left scrambling to figure out how to pay them? If this is you, then you're not alone. We've all been there at one point in life.

If you're tired of feeling this way and want to take control of your finances, then you're in luck! Here are three simple tips for how you can begin taking control of your finances today:

  1. Create a simple budget.
    Budgeting doesn't have to be complicated. There's no need to create a complex spreadsheet and get stuck in paralysis by analysis. Simply keep track of your total income (after taxes), list out all of your expenses, subtract your expenses from your income until you equal zero. This way every dollar has been assigned to a bill, spending category, or savings.

  2. Track your spending
    Once your budget is in place, you must keep track of your spending. While you can do this by balancing your checkbook, you certainly don't have to anymore! There are numerous digital tools you can use. Utilize a personal financial management tool that allows you to connect your accounts, track your transactions, and categorize expenses that align with your budget. Learn more about our digital banking resources here.

  3. Set up automatic bill pay
    It's happened to the best of us. You find a bill at the bottom of a junk drawer or hidden within your email spam folder and the due date was last week. You're left with a late-payment penalty and sometimes your credit even takes a hit. Why not automate all of those payments using bill pay? If you have a wide range of days when your payments are due, then reach out to bill collectors and request that they align payment dates with your pay schedule. For instance, if you're paid on the 1st and 15th of every month, ask if your bills can be due on the 5th and 20th of every month. Don't drive yourself crazy trying to remember everything - automate your routine bills.

Most importantly, don’t get discouraged as you begin taking control of your finances. It’s a journey and everyone has to start somewhere. We’re here to help you succeed if you’re feeling stuck. 

Learn how to begin cutting your expenses with “ 7 Simple Food Tips with Significant Savings” 



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This article is for informational purposes only and is general in nature. It’s provided for educational purposes only. The information contained herein may not be applicable to every situation or jurisdiction, and we encourage you to consult with your professional advisor prior to acting on information contained herein for advice applicable to your specific situation. Camden National Bank makes no representations as to the accuracy, completeness, timeliness, suitability, or validity of any information presented.