So I am not an organized individual. I have a household with three kids! As I like to tell everyone, my wife and I live in a “controlled chaos” world. But when it comes to my financial situation, there needs to be some organization. If you are having some issues with organizing your financial, maybe these financial tips will help you get on the right path.
My wife and I have many accounts. When I say “accounts” I am referring to our bank accounts, credit card accounts, mutual fund accounts, and normal bill accounts. It is very easy to misplace account information if you are not organized.
My wife and I have created a spreadsheet with all of our accounts and passwords. You could save them on a computer as well, however I would recommend encrypting your document. You want to make sure this list is updated (every 6 months).
Some accounts are closed because you paid off the credit card or you changed banks. Keep this in a safe spot and make sure if you have a significant other, that they know about the accounts in case something ever happens to you.
Track you bills
In our household, we track when each of our bills are due. My wife has it down to a science in where she knows exactly when to pay the bills to make sure they are on time.
There are many banks that you can set up an auto pay feature for your accounts. Some banks charge a fee and some do not. We use this feature with our current bank (free of charge) and it makes tracking our bills very easy.
There are many ways to track your bills. Find the solution that works best for you.
Most people have insurance policies. I have a couple policies that will help my family if something ever happens to me. Again, if you have a significant other, they should know exactly about those policies and how to use them in case of they are needed.
A file cabinet or a safe would work perfectly to keep these important documents. Remember, you took out these policies for peace of mind, so have all your paperwork together so your love one can have ” peace of mind” when the time arrives.
In my file cabinet, I keep 7 years of tax returns. Anything beyond 7 years is shredded. You never know when you might get audit and keeping all of your tax information for each year is a good practice.
Hopefully, some of these financial organization tips will help you and your family. Keeping your finances organized will help when need certain information like accounts and bills. Find a system that works best for your needs. This might be just a file divider on the wall for all your bills. Make sure to keep track of your bills so you pay them on time with no late fees.
Policies; like health insurance, life insurance, homeowners insurance needs to be placed in safe spot. You want those items available when an emergency situation arises.
Please comment below on some ideas that work for you and your family. Again, Stay positive and pursue your goals!