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| Credit Answers > Debt-Management-Articles-2010 > Financial Organization |
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How organized are you when it comes to your financial life? If your finances are controlling you, here are a few tips to get back in the driver's seat!
Consider Your Financial Goals.
It may be a good idea to write your goals down on several sheets of paper. Try posting your goals in places where you can see them often. When you see something you want, try to stay focused and consider
your goals. Is the purchase you are considering something that you really need to spend money on?
Consider Your Income.
Some people spend more than they actually make. You might want to ask yourself if you live within your means. Sticking to a budget can be enlightening. If you receive a raise, an inheritance or some other
'extra' amount of money, consider putting those funds toward your debt settlement account instead of purchasing something that you do not need.
Budget, Budget, Budget.
Once you define your financial goals and consider your income, it may be a good idea to create a budget. Kiplinger.com suggests using Microsoft Excel, Microsoft Money or Quicken to organize your finances.
A check register, which is usually free of charge from you bank, or inexpensive ledger might also work for you.
Consider what expenses could be eliminated or cut back on. For example, taking lunch to work more often and dining out less might save you a lot of money. Think about tracking your expenses. Just knowing
you have a budget might help you feel less financially stressed and more in control. If you have debt, try working with your settlement company and take time each month to evaluate your progress.
Create A Financial 'To Do' List.
If you keep track of your daily appointments, try doing the same thing for your finances. You could make a list of goals and mark them 'High Priority' 'Medium Priority' and 'Low Priority'.
Try to focus on your high priorities and needs first just as you do with your daily appointments.
Create A Filing System.
You might check out garage sales, flea markets or thrift stores for a small filing cabinet where you can keep all receipts, financial statements and documents safely filed, labeled and organized. Taking
the time to complete this simple step may help you find documents and records quickly when you need them.
You might begin by labeling individual folders to hold tax returns, bank and other account statements, insurance forms and policy information and ownership documents.
Consider filing other information such as warranties or service contracts as well as instruction manuals for items in your home. Kiplinger.com reminds consumers that tax records should be kept for three
years for individuals and six years for those who are self employed.
If you have trouble remembering when your bills are due, perhaps it would help to get a calendar and highlight all bills and due dates. You could keep the calendar in a place where it catches your
attention.
A Family Affair.
If you are married or in a relationship, think about talking with your significant other. If you are single, do you have a helpful trustworthy friend or family member who could help you organize? Involving
the entire family will also foster financial learning in children and will hopefully offer you more support.
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