The recent downturn of the economy has made organizing personal and home finances more important than ever. If you are unorganized you could pay bills late, miss out on tax deductions, and pay late fees. If you don’t pay your taxes on time or do them incorrectly you could face hefty fines. So what can you do to make organizing personal and home finances a snap?
The first step is to have an organization system. This system is a set up steps you do on a daily basis to keep your documents, finances, and bill due dates up to date. Let’s start at the mailbox. Every day you should separate your mail and open your bills immediately. You have to note the due date and amount so you don’t pay the bill late.
Late fees can add up quickly, especially credit card debt. Many credit card interest rates can be as high as 25%. If you pay credit card bills late or only pay the minimum amount then you will sink into debt quickly. So you have to stay on top of your credit card statement.
Speaking of credit cards – how many credit cards do you have? If you have several credit cards then you up your chances of missing payment due dates and sinking into debt. It is a better idea to slim down to one credit card if you can. That way you can keep track of your bill easily and pay it every month in full and on time.
Try to seek out credit cards that have a low interest rate and offer cash back. Don’t forget your checkbook when it comes to organizing personal and home finances. Many people remember to record their check transaction in their check register when they write a check, but they forget to record ATM withdrawals.
Make a point to balance your check book daily or at least weekly. Many banks also offer online banking where you can view your account balance and information 24 hours a day, 7 days a week. Accessing this information is valuable since your paper bank statement usually only comes once a month. You can’t avoid taxes either when it comes to organizing personal and home finances.
Keep any business receipts, charitable donations, and other tax documentation together in a safe place. That way you can find it easily when your accountant asks for it at tax time. You can keep track of all these items through a computer program such as Quicken or Microsoft Money.
These powerful financial computer programs are easy to use and provide you with extensive information in seconds. For example, you can run reports that show you how much you spent each month and what you spent it on. This is extremely helpful when you are creating a budget or aren’t sure where your money is going.
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