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7 Steps to Organising Your Finances
No Spending Month is the ideal time to get your finances organised. You won't be spending time shopping this month so use that time to knuckle down and get your money and spending plan in order.
You might not consider yourself to be an organised person, but your finances are the last place you want to be disorganised. Having too little cash at the end of the month is a challenge, but overdraft fees and late fees or credit card interest every month are an even bigger concern. By getting organised you dramatically cut down on the likelihood of these things happening.
1. Look at your spending plan every month. Ensure that your it is accurate. No two months are ever the same, so be sure your spending plan reflects reality for the upcoming month. For example, electricity bills can be much higher in the summer if you use air conditioning or in the winter if you have the heat turned up.
If you don’t have a spending plan, make one now! Use the Simple Monthly Spending Plan to get started. It is just what is says - simple, but it gives you a good idea of where your money is going. If you prefer digital budgets, there are an unlimited number of resources available to make the job a lot easier. Spending Plans (budgets) are critical. Your spending plan is your key to having your money work for you!
2. Utilise financial software. Some of the software available now can really help you to get organised, track your spending and bills, and help with budgeting. Many programs are free.
You might actually find working with your money to be enjoyable when you can use a computer and specialised software. It’s a whole different experience than reviewing your hand-written figures on paper.
3. Keep all your bills in one place. Avoid leaving some of them on the kitchen bench, some in the junk drawer, and some on the desk. Having one specific location for all your bills will ensure that nothing gets lost, and it’ll also give you the best chance to ensure that everything gets paid on time.
Store your bills close to where you normally sit and pay them. Keep them out in the open where you can see them regularly. Use the Bill Payment Planning sheet to keep track of when bills are due and when you've paid them.
When you've finished paying them, retain any records you need and shred everything else to protect yourself from identity theft.
4. Pay your bills weekly. Each week, pay any bills that are due in the next couple of weeks. Choose a day and make a habit of paying your bills on that same day each week. Developing good habits is a big part of staying organised.
5. Make a checklist of your bills. This should include all your recurring bills (the Bill Payment Reminder sheet will help you keep track of recurring bills). Then, when the bill arrives, you can note the day it arrived, the amount due, the date it's due, and the day you actually paid it on the Bill Payment Summary sheet. Any non-recurring bills can be added to the checklist when they arrive.
6. Communicate regularly with anyone who shares your account(s). Whoever pays the bills needs to know what the other person is doing with the account. Develop a system to ensure that the bill payer is kept in the loop at all times.
Financial matters can be a source of stress in relationships, so work out an effective system before it becomes a challenge.
7. Have two accounts. Mishaps are a lot less likely to happen if you have one account that is only used to pay bills. Use a separate account for everything else. Have the bill money automatically transferred to this account each pay day.
Getting your finances well organized is a pretty simple task once you set up a system that works for you. Anytime you can eliminate financial clutter in your life, your mental chaos goes down and things seem to go more smoothly as well.
These seven tips will give you a simple foundation for your organisation effort. Regardless of how you’ve handled your finances in the past, you can put this plan into action today to make your future financial organising easily work for you to control your money.
You might not consider yourself to be an organised person, but your finances are the last place you want to be disorganised. Having too little cash at the end of the month is a challenge, but overdraft fees and late fees or credit card interest every month are an even bigger concern. By getting organised you dramatically cut down on the likelihood of these things happening.
1. Look at your spending plan every month. Ensure that your it is accurate. No two months are ever the same, so be sure your spending plan reflects reality for the upcoming month. For example, electricity bills can be much higher in the summer if you use air conditioning or in the winter if you have the heat turned up.
If you don’t have a spending plan, make one now! Use the Simple Monthly Spending Plan to get started. It is just what is says - simple, but it gives you a good idea of where your money is going. If you prefer digital budgets, there are an unlimited number of resources available to make the job a lot easier. Spending Plans (budgets) are critical. Your spending plan is your key to having your money work for you!
2. Utilise financial software. Some of the software available now can really help you to get organised, track your spending and bills, and help with budgeting. Many programs are free.
You might actually find working with your money to be enjoyable when you can use a computer and specialised software. It’s a whole different experience than reviewing your hand-written figures on paper.
3. Keep all your bills in one place. Avoid leaving some of them on the kitchen bench, some in the junk drawer, and some on the desk. Having one specific location for all your bills will ensure that nothing gets lost, and it’ll also give you the best chance to ensure that everything gets paid on time.
Store your bills close to where you normally sit and pay them. Keep them out in the open where you can see them regularly. Use the Bill Payment Planning sheet to keep track of when bills are due and when you've paid them.
When you've finished paying them, retain any records you need and shred everything else to protect yourself from identity theft.
4. Pay your bills weekly. Each week, pay any bills that are due in the next couple of weeks. Choose a day and make a habit of paying your bills on that same day each week. Developing good habits is a big part of staying organised.
5. Make a checklist of your bills. This should include all your recurring bills (the Bill Payment Reminder sheet will help you keep track of recurring bills). Then, when the bill arrives, you can note the day it arrived, the amount due, the date it's due, and the day you actually paid it on the Bill Payment Summary sheet. Any non-recurring bills can be added to the checklist when they arrive.
6. Communicate regularly with anyone who shares your account(s). Whoever pays the bills needs to know what the other person is doing with the account. Develop a system to ensure that the bill payer is kept in the loop at all times.
Financial matters can be a source of stress in relationships, so work out an effective system before it becomes a challenge.
7. Have two accounts. Mishaps are a lot less likely to happen if you have one account that is only used to pay bills. Use a separate account for everything else. Have the bill money automatically transferred to this account each pay day.
Getting your finances well organized is a pretty simple task once you set up a system that works for you. Anytime you can eliminate financial clutter in your life, your mental chaos goes down and things seem to go more smoothly as well.
These seven tips will give you a simple foundation for your organisation effort. Regardless of how you’ve handled your finances in the past, you can put this plan into action today to make your future financial organising easily work for you to control your money.
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