4 Easy Ways to Simplify Money Management

By Marsha Barnes

Money management can seem like an impossible challenge, especially if you have a ton of bills or feel like you’re just not bringing home enough money. Luckily, anyone can regain control of their finances with just a few simple tools like direct deposit and reloadable prepaid debit cards. Consider a team-based approach to money management and create priorities for both your savings as well as your spending.

1. Sign up for direct deposit

A paper check might feel good in your hand, but direct deposit simplifies the entire process of getting paid. With a reloadable Green Dot prepaid card, you can get payroll up to 2 days early or government benefits up to 4 days early with ASAP Direct Deposit™. How? Green Dot loads your pay when your employer or benefits provider gives them early notice you have money coming instead of waiting for the actual payday. Not every employer or benefits provider gives early notice every payday, but many do. Check out Green Dot’s simple fees here.

Setting up direct deposit is easy. Just provide your employer’s human resources department with your prepaid card’s routing and account numbers. Once they set you up, your employer will automatically deposit your paycheck to that account every pay cycle moving forward. Direct deposit makes it easy to manage your money without unnecessary hassles like heading to a branch to deposit the check or paying extra fees to have the check cashed.

2. Use Green Dot prepaid cards to manage your money

Using a reloadable prepaid debit card can help you manage your money more effectively. You’ll forget what long lines at your local branch felt like with a website and app that make it a breeze to manage your finances online. With a prepaid debit card, you’ll be able to understand your financial situation at a glance.

3. If you’re in a relationship, work with your partner to solve money problems

Think of money management as a team-building exercise. You and your partner can strengthen your bond by talking about money, brainstorming solutions together, and working through financial hurdles as a single unit. Since a lot of couples find themselves getting into arguments over finances, you can increase the likelihood of staying together by being open about your spending and savings habits.

Consider checking in with each other once a month. Review your budget to figure out if you need to make any changes and be sure to disclose any major purchases you might have made individually. Most importantly, TALK through your decisions instead of fighting about them.

4. Prioritize your spending and saving

Everyone needs priorities—especially when it comes to money. Before you start spending, figure out which expenses are most important. For instance, your mortgage and car note should come before saving for that dream vacation. And don’t forget to budget for your card fees while you’re at it!

Additionally, if you’re putting money toward your savings every month, know what that money is for. When you have healthy finances, there’s nothing wrong with saving for a luxury purchase or a vacation—just make sure you don’t need that money for something more important, like a replacement appliance in the kitchen.

Money management doesn’t always come naturally. You have to work for it if you want to achieve good financial health. To see Green Dot’s simple fees or to learn more about how a Green Dot prepaid card can help you manage money wisely, visit GreenDot.com today.

This is a post in partnership with Marsha Barnes, of the Finance Bar. Green Dot has supported her with compensation for her financial expertise and blog contributions.
The views and opinions expressed here are those of the author and do not necessarily represent the views of Green Dot Corporation.