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11 Quick and Easy Things You Can Do Right Now to Organize Your Personal Finances
By Polly | February 5, 2008
A family with purpose is a family who controls their lives and who work diligently to prevent their lives from being controlled by outside factors. A family with purpose sets priorities and lives their lives accordingly.
Request your free annual credit report. By law, credit bureaus are required to give everyone a free copy of their credit report every year.
Consider protecting yourself from identity theft by placing a freeze on your credit at all three credit bureaus. Credit freezes prevent anyone from opening an account or taking out a loan without your knowledge by blocking access to your credit report. Don’t do this if you plan on applying for credit or a loan in the near future. There are fees (around $10) every time you place a freeze, request a temporary lift, or cancel. You will need to place the credit freeze with all three credit reporting agencies, Equifax, Experian, and Trans Union, for this to be effective
Get real about how much you owe. Take some time to list all your debts with the amount you owe and the interest rate you are paying on one piece of paper. Make one list sorted from smallest balance to largest balance and another list with highest interest to lowest interest. Next month we will talk about debt reduction strategies to help get rid of some of the debt.
Shred all the bills, credit card bills, and pay stubs from last year keeping the ones that are tax related.
Set up automatic bill payment for your utilities and mortgage. Most utility and mortgage companies allow for people to have their payments automatically deducted from their bank accounts for no fee.
Organize everything you need to keep on top of your home finances in either one central drawer or a basket. Include your checkbook, stamps, envelopes, stapler, monthly budget, etc. Make sure you have everything you need to make paying the bills and updating your budget easier and quicker. Having to constantly get up and down to get something you need wastes time.
If your employer offers it, set up your paycheck to be directly deposited every week into your bank account. If possible, establish an automatic savings plan by having some of your paycheck directly deposited into a savings account.
Consider refinancing your mortgage. The Federal Reserve recently lowered interest rates and it may be to your advantage to shop around for a better rate. The better your credit score the better the rate and more likely the banks will be willing to work with you.
Never miss another bill. Make a list of all your monthly bills and the date each month they are due. Place this in your basket or drawer for quick reference.
Make folders to keep track of your personal finances. Make a folder for each of these categories, Utilities, Bank Statements, Credit Card Bills, Mortgage, Taxes, Paychecks, Retirement Plans, Budget.
Schedule on your family calendar which days you will review your personal finances and pay bills.
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Topics: Conquering the Chaos, Family Finances |