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Work Smart: 6 Ways To Make More Money While Working Less

Work Smart: 6 Ways To Make More Money While Working Less

Most people adhere to the erroneous belief that you must work really hard and put in long hours in order to make a lot of money. However, the reality is that many of the most successful people in the world embrace the “work smarter, not harder” philosophy. Ultimately, the quality of your life is going to be determined by how you use all of your waking moments. Due to this, finding ways to maximize your off time without sacrificing your business goals is one of the major keys to true success.

The most important thing to remember about working smarter instead of harder is that this will provide you with valuable extra time for cultivating personal interests and relationships. In return, you will feel more rested and fulfilled, and this can make it easier to focus when you are working. As a result, your productivity will increase, which will enable you to get more done in a shorter period of time.

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Never forget that the number one issue that keeps people from achieving their goals is a lack of proper time management. This leads to the misconception that there is not enough time to get everything done. In order to put the “work smarter, not harder” philosophy to work in your life, it is wise to begin utilizing the six following tips.

1. Surround Yourself with Talented People

Every entrepreneur that is able to achieve great heights of financial success understands that they cannot possibly do everything alone. Not only will surrounding yourself with talented people help you reach your goals, but it will also give you the opportunity to delegate an increasingly larger list of important tasks. If you are currently juggling too many work tasks to take a break during the day, you need to reassess your staff and make any necessary changes. Always remember that your staff can make or break your business.

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2. Outsource as Many Tasks as Possible

Would you rather spend an entire day putting together your company’s payroll or spend that time relaxing with your family? By outsourcing tasks such as payroll to qualified businesses and individuals, you can save a lot of time and energy. As an added bonus, this can also save you the costly mistakes that often accompany working for an exorbitant amount of time on a weekly basis. As management consultant Tom Peters once said, “Do what you do best and outsource the rest.”

3. Capture Every Worthwhile Opportunity

You will be presented with many business opportunities, but that does not mean you need to take all of them on. Instead, sort through your options to choose those that will increase your profits without forcing you to do a lot more work. For example, companies such as Redirect help businesses monetize their website by redirecting traffic in an appropriate manner. This does not require any regular work or input from the business owner, but it will generate additional income. In other words, this is the perfect example of a worthy opportunity.

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4. Block Social Media Websites

Every company needs to have a strong online presence, and social media is a vital piece of this puzzle. Unfortunately, social media can also be a huge drain on employee productivity. With this in mind, anyone who wants to increase their earning power and spend less time in the office should purposefully block any sites that will take their attention away from tasks that are truly important. You can use browser plug-ins such as StayFocusd to ensure that you only visit Facebook during the day when you are actually using the site for work-related purposes.

5. Take Breaks in Nature

This might not seem like a technique that has anything to do with maximizing your work time, but there is scientific evidence that spending time in nature will make you a more efficient worker. Even a 15-minute walk through the woods will provide you with restorative benefits and make you more capable of producing high quality work in a shorter period of time.

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6. Structure Your Meetings

Have you ever worked somewhere that had meetings about meetings? This seemingly farcical example is actually a way of life at some businesses, but you cannot afford to give away your valuable time in this manner. One of the biggest ways to waste money in the business world is by allowing meetings to stretch on for an excessive amount of time. That being said, you’ll need to kill meetings to get more done. Therefore, choose to structure your meetings instead so you can ensure that everything will be kept within a short period of time. Another perk of this approach is that your employees will learn how to be more concise while communicating about all aspects of their job.

By simply making more effective use of your time and cutting out anything unnecessary, you can improve your income to work time ratio. Adding in money making opportunities that do not require a large time commitment will also make it easier to meet your goals. Additionally, you can improve the quality of your personal and work lives by taking regular nature walks.

Featured photo credit: Flickr User Tax Credits via flic.kr

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Holly Chavez

Writer, Entrepreneur, Small Business Owner

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Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

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