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5 Ways to Organize Your Finances
by Maria Gracia
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If you haven't balanced your checkbook in awhile, you lose your incoming
bills before they're paid, or you put off filing your tax returns because it's
just too difficult to get everything together, than it's probably time to
organize your finances. Here are 5 quick ideas:
1.
Consolidate your credit cards. Rather than having a bunch of
different credit cards, consolidate all of your expenses on one single
credit card, preferably one that has a low finance rate, and perhaps
one that offers cash-back or airline mileage on every dollar you spend.
This can result in less confusion over which card to use, can give you
a better idea of how much debt you're accumulating, may give you
more back for your dollar, and you'll only have to worry about paying
ONE credit card bill each month.
2.
Keep pending bills together. As soon as you get bills in the mail,
stick a Post-it note on the bill and write the due date in large letters
(e.g. Due JAN 29TH, etc). Store all pending bills together, in order of
their due dates, until you’re ready to pay them.
3.
Organize your expenses, as you spend. If you keep track of what
you’re spending each month, you can determine your monthly
spending budget. As you spend, just record that expense in a software
like Quicken, a simple spreadsheet, or you can certainly do this with
paper and pen if you so choose.
4.
Balance your checkbook monthly. In order for you to have a good
idea of how much money is sitting in your checking account, what
checks have cleared, and any errors that you, or your bank, may have
made, you must balance your checking account. It really doesn't take
that long if you balance your checkbook the same day your statement
is available.
5.
Keep your tax-related stuff together. Keep your tax-related stuff
together. Before tax season, you'll start to receive tax-related
information from your job, your bank, etc. Keep all of these tax-related
papers in a labeled file folder. Estimate your taxes using a tax calc.
When you're ready to do your taxes, you won't have to search for the
papers you need.
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