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Today everyone is talking about the economy; everyone has been affected by the recent changes in the economy and many people are scrambling to manage their money better. The following tips are tried and true and better yet easytips to simplify managing your money. They may seem like no-brainers, but they are worth a look to ensure you are covering the basics in the complex world of finances.

Automate your financial life

If you are not already taking advantage of online bill pay, automated payments or direct deposit into your checking or savings accounts you need to start today. I had assumed everyone was already doing this and was surprised to know my own mother still writes and mails checks for payments (really- that was eye opening as everyone I know uses automated systems for payments and banking). You may be surprised how much easier it is to budget and you can avoid paying late fees in the future due to lost mail or forgetfulness. You will of course have to keep a close eye on your checkbook to ensure money is available when payments are scheduled to post.

Remember you are not immortal

Take the time now while you are of sound mind and body to hire a lawyer to draw up a will, a power of attorney, and a living will. It may cost you some money today but you will be saving your loved ones that you leave behind thousands in taxes and fees. Along the same line of thought, pass your money onto your kids while you are living to not only save them estate taxes but also to give them the opportunity to thank you, which they certainly can’t do if you bequeath your money to them.

Get with the program

There are plenty of software programs available that can help you track your spending, see your portfolio allocations and much more. Many people lose track of important information throughout the year due simply to the tedious nature that is involved in many areas of money management. You may have to invest a few dollars and some time when you purchase the software but after the initial setup you will be pleased at what you can do with your money, now that you can track it easily.

Know your credit score

Your credit score is important for many things beyond obtaining credit, yet your credit cards and how you use them make up a huge percentage of your score. With the rules changing everyday and credit card companies reducing credit limits or canceling unused accounts, many people who have grown lax on checking their credit score may be surprised by how these changes will affect them. You can get your credit report for free once a year but you may have to pay a few extra dollars to get that all important FICO credit score. It will be worth it to know how the recent changes may have affected your three digit number.

Know the whereabouts of your money

If you have previously allowed your investments to go on autopilot, you should take the time to see where your money is; if there was ever a time to know where and what your money is doing it is now, especially if you are close to retirement.

In the world of finances there are so many things that you don’t have control over. These simple tips can help you streamline your personal finances and require little time and effort on your part to get started with results that can save you much time and effort in the future.

Trisha Wagner is a freelance writer for DestroyDebt.com, a debt community featuring debt forums. Trisha writes regularly on the topics of getting out of debt and personal finance.

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