Whether you are an organization superstar or more of a “fly by the seat of your pants” kinda person, your finances are the last place you want to be disorganized.
Having too little cash at the end of the month is a challenge, but monthly overdrafts and late fees are a more significant concern. Getting financially organized dramatically cuts down on the likelihood of these things happening.
I can see your eyes glazing over now! I realize that organizing your finances does not sound very exciting. But with just a few quick steps, you can be more organized than you ever thought you could be.
7 steps to help get your financial house in order:
- Look at your budget every month. Yep, every month. No two months are ever the same, so be sure your budget realistically reflects what’s coming up. If you don’t have a budget, make one now! Having a budget is critical. There are many resources available to make creating a budget easy. Your budget is the key to having your money work for you.
- Use simple financial software. Many free software programs can really help you get organized, track your spending and bills, and help with budgeting. Believe it or not, you might actually enjoy working with your money when you use specialized software that does the bulk of the work for you.
- Keep all your bills in one place. Don’t blaze a trail of bills throughout the house, dropping some on the kitchen counter, some in the junk drawer, some on the desk. Have one specific location for all your bills to ensure that nothing gets lost. Keep your bills visible and close to where you usually sit and pay them. After paying them, retain any records you need and shred everything else to protect yourself from identity theft.
- Pay your bills weekly. Every week, sit down and pay any bills due in the next couple of weeks. Pick a specific day and make a habit of paying your bills on that same day each week. Developing good habits is a big part of staying organized.
- Make a checklist of your bills. Note all your recurring bills, the day that bill typically arrives, the amount due, the due date, and the day you actually pay it. Any non-recurring bills can be added to the checklist when they arrive.
- Communicate regularly with anyone who shares your account(s). If you are responsible for paying the bills, you need to know what anyone else who has access to that account is doing. Develop a system to ensure that the bill payer is kept in the loop at all times. Money matters are the number one cause of stress in a relationship, so work out an effective system before it becomes a challenge.
- Consider having two accounts. Overdrafts are a lot less likely to happen if you have one account used only to pay bills. Transfer all the money you need to pay your bills into that account at the beginning of the month and use a separate account for everything else.
Getting financially organized is pretty simple once you set up a system that works for you and stick to it. And bonus, eliminating financial clutter in your life can help things go more smoothly and lower your stress level.
These seven tips are a great foundation to help get your finances in order. No matter how you’ve handled your finances in the past, you can quickly put this plan into action today to get and keep your financial house in order.
Ready to take back your time and be more productive? Organization is my superpower! Contact Virtual ME Solutions today to learn how I can help you grow your business.
