Are You Spending Too Much Free Time on Money Management?

(StatePoint) Is your money management a streamlined process? If you’re like many Americans, you may be spending more time than you’d like to be.

Americans average spending seven hours per month managing their finances, according to a new online survey among more than 2.000 U.S. adults by The Harris Poll on behalf of CIT Bank between February 9-11, 2021. And for many, that’s more time than they spent since the start of the COVID-19 pandemic.

Indeed, 26% of Americans say they are spending more time managing their savings now than they were this time last year, with just 9% spending less time. What’s more, 26% report spending more time budgeting everyday expenses, and 21% spend more time paying and reconciling their bills, with only 10% and 8% respectively saying they spend less time on these activities today versus a year ago.

But that’s not necessarily how people want to be passing the hours. The survey also asked respondents to select up to three choices from a short list of options regarding how they would be most likely to spend extra time if they had it, and the two most common answers were that that they would create “me” time (39%) and connect with family or friends (37%).

Americans want more time in general. According to the survey, only 26% feel they are in a happy place right now and would not benefit from having more money or time in their daily life. Financial experts say that digital tools and habits can help make saving both time and money easier. And Americans agree -- 72% believe that automating savings (i.e., automatically depositing a set amount into a savings account on a regular basis) would be an effective tool to help them save time.

“Simple savings tools and habits can help people streamline the time they spend on managing finances while maximizing efficiency, so they can spend their remaining free time doing what they enjoy,” says Ravi Kumar, head of CIT’s direct bank.

It helps to be equipped properly, points out Kumar, who says consumers should check out new digital savings options. For example, CIT Bank’s Savings Connect links to an eChecking account and offers a streamlined banking experience with digital convenience to help customers develop consistent savings habits. With no ATM fees and reimbursements of up to $30 per month on other bank’s ATM fees on eChecking withdrawals, customers can hold onto more of their money, something many Americans are prioritizing right now, according to survey results. To learn more, visit citbank.com.

With new digital tools at your fingertips and automated saving habits, money management can be simplified, giving you more time to devote to the people and activities you love.

For more information on the survey, visit bit.ly/3eTNX5i.

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Photo Credit: (c) Nattakorn Maneerat / iStock via Getty Images Plus