How to Organize Finances
Photo S. Gustafsson
My weakness in saving money is keeping track of finances. I am not very good at the accounting! I am happy to report that I did set up online bill pay this week! It was easy to do and I think it will help me stay organized. Below are some tips on personal finance organization.
10 Essential Tips on How to Organize Finances
By: Mrs. Not Made of Money
Keeping finances in order is a difficult task for many people. However, it does not have to be so hard. Here are 10 tips for keeping your personal finances organized.
Use accounting software.
There are a number of companies that have created software specifically for the purpose of helping individuals to manage their finances. Accounting software can help you track your spending over time and to help you successfully maintain a budget. You also don’t have to worry about missing bill payments again, because most accounting programs will allow you to set up reminders. This software can be a huge help during tax season, as you will already have everything you need to complete your taxes neatly organized instead of having to dig through a huge pile of papers to find the information that you need. We use Quicken for our finances and prepare our taxes with TurboTax.
Create an organization system for your important papers.
You should consider investing in a filing system for your important paperwork. This will help you to locate the items that you need in case of emergency or at tax time.
Take a list when shopping.
Have you ever gone into the grocery store planning to get one thing, then left with a basket full of items? Making a shopping list can help you to reduce the amount that you are spending at the store and keep you focused on purchasing the necessities only.
Eliminate bills for useless services.
If you are not using a particular company’s services regularly, stop letting them charge you every month. Instead, call the company immediately and cancel those useless subscriptions.
Store valuables in a safe deposit box.
Storing valuables in a safety deposit box can keep these items safe in case of a house fire, theft, or other adverse event. It will also help you stay more organized by assessing the value of important items in your home.
Sell old items before buying new ones.
To reduce clutter and save money, make it a rule to sell a used item before purchasing a new one. If you are interested in buying some new gadget or gizmo, consider selling the old ones first. That way you can have some money to put toward the new electronics while also removing the old items from your home.
Close duplicate accounts.
If you have multiple credit cards or bank accounts, consider closing the ones that you don’t need or don’t use often, especially if they have monthly or annual fees. This can help you to those fees on those accounts and also help you to figure out what your actual income and expense levels are more efficiently.
Invest in a shredder.
Nothing can make it more difficult to get organized than to have tons of paper cluttering the house. Consider investing in a shredder to get rid of some non-essential papers and protect your identity at the same time.
Review your credit report.
Keeping track of your credit report will help you to keep track of your credit and help you to notify the credit bureaus immediately if there is any strange activity in your name.
Pay the bills online.
Paying bills online helps to reduce paper waste. They can also often be automated to ensure that everything is paid on time.
Keeping your personal finances organized can help you save money and simplify your life!
10 Essential Tips for Keeping Your Personal Finances Organized was reprinted with permission from NotMadeofMoney.com