3 Tips For Financial Organization

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It’s here. The dreaded April 15th deadline.

Here in the States, it’s taxes day!

So I thought it would be fitting to to talk about financial organization. πŸ˜‰ I know, not the sexiest topic ever, but so important to alleviating mental stress.

There’s nothing worse than panicking about bills being paid on time and accounts being up to date.

I’ll admit. This is my absolute downfall. Thank goodness my hubby is a financial genius! (I married well).

I’m not at all saavy about investments or rates or accounts.

But I can handle the basics…the very basics. And really, that’s what you need to have a good foundation for financial organization and peace of mind.

After you’ve watched today’s video, here’s what I’d love to hear from you: Which one of these three tips will you put into effect to make sure your money stuff is easy to find and deal with?

I’ll look out for you in the comments. Thanks for being part of the conversation!

Live simple and happy, my sweet friend.

With love and appreciation,
Mridu

P.S.
I got back from my world wind trip really sick, so I’m going to hold off your free Power House workshop until next week, so I can give it my all! Stay tuned…

10 Comments

Terry

I have a file marked Bills in the filing drawer right next to the computer. It is simple, but it works. All bills, checking statements etc. get put in there until they are dealt with. After they are dealt with they get filed wherever they need to go. As I go through the mail I put the bills right in there. I also made a sheet showing all the monthly bills we should be getting/ paying. I will sit down when it is bill paying time and check off each one. That way if I have a credit card with an online payment I am sure to check if a payment is needed or not that month. Before making up this sheet I was always worried that I might forget to schedule an online bill payment because I didn’t have a physical paper bill in the folder. Now I don’t have to worry about that. I check my bill list. I have the list divided into months also. Therefore I can highlight when certain non-monthly bills ( insurance etc.) are due and not worry about missing them either. This also is a visual reminder for planning ahead for upcoming bills.

Beverly

I am pretty organized with the bill paying. One thing I need to change is letting the banking online do it for me. I am one who goes to each account and pays there. Not good, I need to save time.

Carolyn

Great Tips. Here’s a few more.
Basic premise: Start with a budget. Know your income and regular monthly expenses, budget insurance and regular health/dental expenses into the budget. Save some money each payday. Pay into your rainy day fund with each pay check.
1) Add a basic filing system [makes it way easier at tax time]. Mine’s simply an 15 to 20 section file folder. 12 months for regular bills, separate slot for bank statements, another slot for credit card statements, a slot for medical bills, a slot for tax purposes.
Have as many as possible regular bills drafted from your checking account as possible. Your bank statement will be an additional proof the bill was paid. Start with one or two bills and gradually add others as your funds allow. Car payments, insurance, utilities, etc.
2) When you get the bill in the mail immediately subtract amount from your checking account. That way you’ll know the money is spent. When you actually pay the bill (if it isn’t drafted) enter the check number and date. Add date of draft if applicable.
3) Reduce number of credit cards you use regularly. If possible,
pay off each in Full each month. If you can’t, its time to reduce expenses and pay down the cards until you can pay them off.

Note: We didn’t get to this point in our bill paying and records in one great swoop. House payment, then car payment, then life insurance were first. Some institutions give a break on automatic drafting from a checking account for payment. Plus you won’t forget to pay.

Mridu

Terry, this is awesome. Loves the checks and balances you have in place. Makes for a failproof system. Thank you so much for sharing!! With so much appreciation, Mridu

Mridu

Beverly, I agree, that would really help you save time. Way to take action on it! xo, mridu

Michelle Scott

I’m a little late -oh well better late than never? I already do 2, but I’m gonna do 1&3. Makes sense & will make things easier for me. Which I’m all about!! Great vid as always Mridu!

Mridu Parikh

Carolyn, thanks so much for this super comprehensive and detailed plan. I think if someone even follows one of these tips, they’ll be in much better financial state. So appreciate your generosity in sharing this. xo, Mridu

Mridu Parikh

Never too late Michelle! πŸ˜‰ And you’re so welcome. Glad I could help in any way. xo, m

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