Infographic: Avoid Debt & Simplify Your Finances

“I want to save more money this year.”

“This year will be the year I finally take control of my finances.”

Do either of those statements sound familiar to you? I’m willing to bet they do. The truth is, the majority of us, regardless of our current financial situation still wish we had more control over our financial lives. I’m no different. My posts about automating your finances and my goal of saving half my income stem from the desire to take more control and improve my financial life.

My friends at GreenDot have created this awesome infographic that illustrates how we can all get a better hold on our finances by developing some good habits and utilizing the tools and technology at our disposal.

Whether your goal was to save more money, budget more effectively, automate your finances, get out of credit card debt or repair a low credit score there’s something here for you. So check it out!


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15 Responses to Infographic: Avoid Debt & Simplify Your Finances

  1. Love the infographic! Great tip on the automating. I know that many of us promote automating payments, but if you’re regularly overspending then it might not be the best thing to do.

    • Agreed. I’m a huge fan of automating and try to automate as much as possible myself. But everyone has to find what works for their situation. It might not be a good idea to put your credit card payments on auto pilot if you’re charging more than you can pay.

  2. I don’t use account aggregators for 2 reasons. 1)My student loans don’t work with any of them. AES specifically states that they do not support 3-rd party logins and WILL lock you out of your account. And I just don’t see the point in aggregating SOME of my accounts.

    The #2 reason is that they are just too dumb. My wife works at a supermarket, and that is where we buy gas. But Mint gives us no way of splitting between groceries, dining out, and gas because they all have the same name.

    • You can actually split transactions in Mint and allocate it towards a number of different categories. I have to do it pretty often for the same circumstance you mentioned. It might be worth giving them another shot, but I agree, if all your accounts won’t work they won’t have much value for you.

  3. Pauline says:

    Great infographic. The beginning of the year is the perfect time to put everything in order and set new financial goals.

  4. That’s a very nice infographic. I use an account aggregator and an Excel Spreadsheet. Not all my accounts play nice and are willing to be aggregated so I have to do things by hand.

    Every year, I make out a budget with spending and saving goals outlined and then I track my expenses. This is a great activity, just don’t expect your first budget to be very good. It took me several iterations to get a really good one going. And I still find myself making minor revisions to the budget in a never ending quest to get my projections to match up to reality.

    If you can’t track it (your money), you can’t control it.

  5. My bank does not offer me the protection from online fraud and theft if I use something such as mint.

    I like the idea of the great visuals that these graphs offer. I have something similiar but much more low tech. I have glass containers full of sea glass glass and I move a piece to a very empty container when I am able to paydown $1,000 worth of debt. I constant visual reminder in an area of my home where I spend a lot of time.

  6. Martin says:

    Nice article and great review. I use Mint, and I am OK with it. The only way I need to figure out is how to prevent myself from shopping like my bank account is bottomless… Many times I buy more than on the list. But I guess, this is more about discipline…

  7. I like Mint, too, but there are some new players in that scene — unfortunately, many of them don’t support my credit union. So, PISH POSH.

  8. I definitely like keeping it simple. I use Mint to track all my expenses and I have all my bills set on autopay that way I never miss a payment and I don’t need to review anything at the end of the month. I just spend a minute or two every day looking at all my transactions.

  9. Nice infographic. With respect to credit card balances, the way to avoid such issues is to never carry a balance!

  10. Michelle says:

    Love the infographic! We love prepaid cards and gift cards. You can’t overspend that way.

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