How to Get Your Personal Finances Organized
Create an organized filing system., Clean up your bank and credit accounts., Limit your bank accounts., Limit the number of credit cards you hold., Take control of your spending by establishing a budget., Put most of your purchases on credit cards...
Step-by-Step Guide
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Step 1: Create an organized filing system.
Divide your financial life into various categories: bills, pay stubs, and receipts, for example.
Keep everything in chronological order so it can be accessed easily. -
Step 2: Clean up your bank and credit accounts.
Don't let inactive accounts remain open.
They just clutter your financial portfolio and could harm your credit. , Keep only those you need and actively use.
Some people may need just one account.
Others may prefer to break their finances into savings, checking, and emergency funds. , Maintaining several cards can tempt you to spend more than you would otherwise.
Whatever cards you use should never carry a balance from one month to the next.
Pay them off every month, or at the very least pay the required minimum amount each month. , Make a list for grocery shopping, and stick to it.
Keep all your receipts, and take note of each expenditure.
Don't be one of those people who say, "I don't know where the money's gone!"
If you are comfortable carrying cards, and you are disciplined about paying them off every month, put your purchases on cards.
There are two reasons for this:
The monthly statements will show you exactly what you've spent Most cards offer monthly rewards in the form of discounts, cash back, or gifts.
If you can find a card that gives you an instant discount every month, that's probably the most practical reward available (probably not the most "fun.") Just make sure that you don't purchase beyond your budget.
Let that budget, not your credit limit, determine how much you spend. , Note when a payment is due, and mark that in a daily planner specifically for bill paying. , Set up automated payments for your regularly scheduled bills, so you are never late paying them.
With automated payments, you will most likely receive e-mail reminders.
Document these dates in your planner, and verify that you have enough funds in the appropriate account.
Make a note of each payment, and file it in the proper folder. , Keep it in a safe place.
You'll want to be able to access this information on bill-paying day, so keep it readily available. , Destroy unwanted financial documents containing confidential information.
Shred credit card offers, too. -
Step 3: Limit your bank accounts.
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Step 4: Limit the number of credit cards you hold.
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Step 5: Take control of your spending by establishing a budget.
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Step 6: Put most of your purchases on credit cards.
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Step 7: Organize a location for filing unpaid bills
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Step 8: and establish a bill-paying day every week or two.
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Step 9: Allow technology to assist you in organizing your finances.
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Step 10: Make a list of all your usernames and passwords.
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Step 11: Invest in a shredder.
Detailed Guide
Divide your financial life into various categories: bills, pay stubs, and receipts, for example.
Keep everything in chronological order so it can be accessed easily.
Don't let inactive accounts remain open.
They just clutter your financial portfolio and could harm your credit. , Keep only those you need and actively use.
Some people may need just one account.
Others may prefer to break their finances into savings, checking, and emergency funds. , Maintaining several cards can tempt you to spend more than you would otherwise.
Whatever cards you use should never carry a balance from one month to the next.
Pay them off every month, or at the very least pay the required minimum amount each month. , Make a list for grocery shopping, and stick to it.
Keep all your receipts, and take note of each expenditure.
Don't be one of those people who say, "I don't know where the money's gone!"
If you are comfortable carrying cards, and you are disciplined about paying them off every month, put your purchases on cards.
There are two reasons for this:
The monthly statements will show you exactly what you've spent Most cards offer monthly rewards in the form of discounts, cash back, or gifts.
If you can find a card that gives you an instant discount every month, that's probably the most practical reward available (probably not the most "fun.") Just make sure that you don't purchase beyond your budget.
Let that budget, not your credit limit, determine how much you spend. , Note when a payment is due, and mark that in a daily planner specifically for bill paying. , Set up automated payments for your regularly scheduled bills, so you are never late paying them.
With automated payments, you will most likely receive e-mail reminders.
Document these dates in your planner, and verify that you have enough funds in the appropriate account.
Make a note of each payment, and file it in the proper folder. , Keep it in a safe place.
You'll want to be able to access this information on bill-paying day, so keep it readily available. , Destroy unwanted financial documents containing confidential information.
Shred credit card offers, too.
About the Author
James Jenkins
Brings years of experience writing about crafts and related subjects.
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