Get Organized Financially

by Miriam Caldwell | More from this Blogger

21 Sep 2007 09:12 PM

It can be difficult to get ahead financial if you are not organized when it comes to money matters. This is one of the most important areas of your life to become organized in. It is easy to become overwhelmed with tracking the daily spending, as well as paying the monthly bills. Here are five tips to help you get organized.

1) You should have a place where you store your unpaid bills. When you receive a bill or an account statement, you should put it in a specific place. In order for this to work you need to go through this pile at least once a week and take care of loose ends.

2) Enter your expenses into your running ledger on a daily basis. If this seems like too much, switch to cash for the majority of your categories. Once you run out of money, you won't be able to overspend. It will make a huge difference in how organized you really are.

3) Set up as many bills as possible for automatic bill pay. This way you do not need to worry about paying the bills on time. If you stick to your written budget you will have the money you need to cover them. You can also switch to e-statements, which cut down on the paper clutter, and give you a timely reminder of the bill.

4) You need to have a written budget that you stick to. If you need to adjust, that is fine. However you should take the time to sit down and write those changes down. If you have a program on your computer you can take care of your ledger and budget categories at the same time.

5) You do not need to keep everything you receive that regards your money. I have heard that you can get rid of most documents after seven years. However, if you do need the power bill or phone bill for tax purposes, you really do not need to hold on to it. You should keep your receipts for medical expenses, since these are tax deductible.

Related Articles:

Five Steps to Organizing Your Finances

Finding Balance with Money Management

Can You Change Your Money Habits?

Learn more about Miriam Caldwell

Miriam is a SAHM mom of three children. She has a daughter who is seven, and two sons, four and two. She loves being a parent and spending time with her children.

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