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Personalised Banking for Smart Simplifiers

Personal finance can be confusing even for ultra-organised people. But it doesn’t have to be. 

Spend a couple of days doing a “spring cleaning” for your finances. Way more fun than actual cleaning, you’ll have a chance to reconnect with your money and see what you can be doing better.

We have five tips to share to help you simplify your financial goals, save time, and save some money, too.

5 tips for people who want to simplify their finances 

  1. Don’t get swept up in every new trend

It’s so easy to do. You’re on YouTube watching personal finance channels, or you’re 14 articles deep in a cryptocurrency blog, and you’re feeling the hype. It’s ok. We’ve all been there. 

Money and investment are emotional for many people. So, the first thing you can do to simplify your financial outlook is to separate numbers from emotions. The second thing you can do is think about the long term. Making small investments in stable currencies and strong cryptocurrencies now may add up in the future. 

So, what can you do now? Adopt the less-is-more policy. For example, instead of buying up the cryptocurrency that came out yesterday and rose 600%, invest in cryptocurrencies that have been around for a while and have less probability of falling out of fashion. That way, your investments will have more solid prospects for the future. 

A little bit of risk can be good in finance, but if you find yourself chasing every trend, ask yourself whether the strategy is really serving you.

  1. Focus on one goal at a time

Having a financial goal is excellent! Goals are great motivators that can help you change your financial situation and your life. But, unfortunately, it is possible to have too many goals. If you’re working on six goals at once, you’re less likely to get ahead with any of them. Then you’ll end up getting stressed out. And stress makes you more likely to give up.

So, don’t stress! Instead, get picky. Make a list of your goals, dividing them into long-term and short-term goals. Then, take a day to think about which one is the most important to you in both timeframes. When you pick one short-term goal, you can focus on it with all of your energy. Then, when you achieve your first goal, you can move to another.

  1. Use an app that lets you consolidate

Try to manage as many of the assets you have within just a handful of apps. Try to limit yourself to three apps or less. Why? Because having ten different apps means you’ll spend ten times as much effort just keeping track of your portfolio. 

Today’s apps are spread out and specialised — built to handle one or two types of transactions really well. For example, crypto wallets do crypto super well, and P2P lending apps do transfers super well. BUT it’s rare to find an app that does a wider variety of transactions… and does them well. That’s one of the reasons Quppy was created. Quppy helps people manage multiple financial assets from one secure digital payment wallet, including USD, GBP and EUR, as well as fan-favourite digital currencies, like Bitcoin and Ethereum. Do your research and find an app you love and trust to handle a wider variety of assets. You’ll save a lot of time and memory on your phone, too.

4. Set up auto-payments and auto-savings

Consider treating your savings like another bill if you’re planning to save up for a milestone purchase or want to have some extra money in your savings account. In many countries auto-payments are common, and money is directly debited from your account to pay utilities, insurance, or other regular bills.

But why shouldn’t we set up an automatic self-payment? Set aside an account and set up a recurring transfer into it every month. Sit back and watch your money grow without any effort. Take this step even further by setting up a monthly auto-transfer into an appreciating asset or investment account.

5. DON’T simplify spending

Wait a minute, didn’t we say we were trying to simplify things?  One great trick to help you reduce spending and use your money for goals (or whatever is most important to you) is to actually stop making spending so easy by cutting down on subscriptions that aren’t core bills like insurance and utilities. 

It seems like everything is a subscription these days. You can reorder goods and services without actually having to do anything. Your music and entertainment services are probably subscription-based. And it’s super convenient, but the problem is you’re not lifting a finger, and meanwhile, your money is leaving your bank account. 

The other hidden problem with subscriptions is once you sign up, they’re easy to forget. And if you don’t pay attention, subscriptions can add up fast. One month you’re signing up for Spotify, then two years later, you suddenly have about 15 subscriptions! None of them is too expensive, but none of them is helping you reach your goals, either. 

Make a list of your subscriptions and see what you can cut out starting next month.  

Small changes really add up

A lot of these tips ask you to make a list and consider what’s most important to you. The practices of creating a financial inventory and prioritising are vital to having a smarter, simpler portfolio that does all the work for you.

Quppy is all about making life easier for people who hold multiple currencies, whether for business or personal banking. You can check out our payment wallet on Android and iOS here.

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