David Lerner Associates: 5 Ways to Simplify Your Finances in 2016

David Lerner Associates: 5 Ways to Simplify Your Finances in 2016

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Better health and fitness and an improved financial situation are on most Americans’ minds at this time of the year. Simplifying your finances not only improves your situation, but it can also save time and relieve stress. It makes your goals easier to accomplish.  

These five tips can help you simplify your finances in 2016:

  • Narrow your focus: Trying to reach too many financial goals at once can be stressful. 
    To simplify your life in 2016, decide what’s most important to you this year, and focus on achieving those goals.
  • Bank accounts: Some couples have separate accounts from before their marriage and several savings accounts. It makes sense to have just one checking account and one savings account with one bank. That way you can keep tabs on your money much more easily. There’ll be less paperwork, and when you need statements or other financial information, it will be quick and easy to find.  
  • Credit cards: If your wallet is crammed with store and bank credit cards, transfer your balances to one or two cards with the lowest interest rates and best rewards. That way you can pay the debt off faster and save on interest and annual fees. You also lessen the work of keeping track of due dates and getting hit with late fees, if you forget to pay one of the cards on time.
  • Consolidate your 401Ks: If you’ve had several jobs over the years, it’s likely that you have money in more than one 401k account. To simplify, roll them all into one IRA.  Keep the 401k with your current employer so that you can take advantage of their matching contributions, and use the IRA for funds from previous employers.
  • Set up a good system: There are several good online services that can help you automate and keep track of your finances and payments. You can also set up reminders in your online calendar to alert you to payments that are due. If you’re not tech savvy, keep a book with all your bills that are due, listed by dates. Take a few minutes each week to review this, and pay those that are due.



Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC.



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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Jake Mendlinger
Account Manager
516.829.8374 X 232

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