5 Killer Strategies for Financial Organising
you been getting headaches as of recent as you frequently are running out of
cash? Why do you think you have to pay a lot of late fees and fines recently?
Did you miss your last credit card payment? Why do you think all of these are
happening? The answer is lack of organization. When it comes to personal
finance, people are unlimitedly careless and ignore the obvious. They think they
cannot waste time on trifles. But are these things trifle? If it can creep into
your professional life, it is a sign that it is time for action.
how to do it?
getting your monthly salary or income, prepare your month’s budget in a
spreadsheet. Check all your bills. Well, now that is difficult, as many might
have landed in the spam folder. So, what do you do? The first thing for
financial success is not clumping up all the data in one place. Instead,
distribute your data into spreadsheet pages. On one page, keep all the bill
dates and the approximate date that you get statements each month. So, a table
Bill generation date
Bill due date
This strategy will help you track your credit card bills quite easily.
another page for mortgages, another one for debts, etc. Keeping different debt
classes in separate folders helps you track data easily. So, it might take some
time to make the format.
do make a page for your income. If you have multiple streams of income than
salary, then make a page for each class. We will discuss more budgeting in the
you have tabulated your income and expenses for the month. So, what is next?
What if you still forget?
answer is reviewing the budget. Keep on doing it frequently. You may ask why?
Suppose your bank has changed the interest rate on credit card payments. Your
minimum amount due might change. Keeping track and updating wherever needed
will save you a lot of trouble in the future. A similar case could happen with
your salary, your stocks, and other income. So, keep it a habit to update
timely. Reviewing will help you save headaches.
easier way to review is to maintain a checklist. When some changes occur, you
can easily do this and later update your spreadsheet.
even tracking might not work at all as there are certain events beyond our
control. If someone in your family is getting married, you might have to
contribute. Or sometimes, you had to take one of your clients to a pricey
restaurant for negotiating a deal. Or sometimes, bill payments increase beyond
your expectation due to some technical reasons. So, your financial organizing
should be tweaked.
such cases, do not compromise on bill payments or debt due. Instead, focus on
spending less. Well, it is hard. But discipline was never easy.
family should not suffer because you forgot your bills. So, always keep two
different accounts for spending and savings. Why is it necessary? It helps
track a lot better. With plenty of bank apps out there, you only have to
transfer money from one account to another at your convenient place and time.
your home budget details with your spouse.
case you forget the payment dates, this strategy helps you a lot. He/she could
remind you when you forget the payments. Well, some might not like sharing
every detail with their spouse. But remember, you are embarking on a journey
together as equal life partners, and he/she deserves to know. Maybe they can
guide and help you too when you need it. It is always recommended to share
details to avoid future financial hassles.
are some of the key strategies that you can implement for financial organizing.
However, the success depends on how you implement it. These steps require
strong discipline. You might have to forgo your comfort zone a bit. But if you
do that, you might be able to live a stress-free life. The question is, are you