Being organized and clutter-free financially goes hand in hand with tracking and budgeting. It is time to stop ignoring the bills and other statements and start paying attention to them!
- Gather all your paperwork and get file folders. Create files for:
– Bank statements
– Credit card statements; one file for each credit card you have
– Lines of credit; one file for each too
– Loans; again, one file for each
– Other bills
– Etc…as many as you need
- Set your accounts online. The majority of financial institutions and companies have platforms allowing you to see your accounts, make payments and receive statements and bills online.
- Buy 3 letter trays. Label one with “1-15” and another with “15-30”. Use the third one for receipts. When you receive a bill or a bank/credit card statements, look at the due date and put it in the applicable tray. If, for example, your utility bill needs to be paid by the 25th; you will put it in the “15-30” tray.
- Set reminders to pay your bills, whether it is on your cell, by e-mail or on a paper calendar. It usually takes 2 to 3 business days for your payment to be processed. Always pay your bills a few days before their due date. Once the bill is paid, file it in the applicable folder.
- Reconcile your bank and credit card statements when received. Banks and credit card companies do make mistakes. You also need to check for fraudulent activity. Match all the transactions with the receipts. Once done, get rid of the receipts.
These easy steps will help you build a stronger financial foundation, but most importantly will help you keep on track.