Post by: TEAM UMAG

organization-of your-finances

One of the most important things you can do for your business and, most importantly, for yourself is the organization of your finances. Ordinary people learn to accept their disorganized nature, but to finance dreams and fulfill your personal needs, you should NEVER let your finances be in disarray.

Maybe you’ve heard of the phrase ‘living check-to-check’, or you’re familiar with that time of the month when you’ll need to ‘tighten your belt’. It’s because many people find themselves cash strapped at the end of the month. Sometimes it’s due to overdraft fees. Other times, late monthly fees are an even more significant concern. When you organize your finances, you dramatically reduce the likelihood of such ills.

Follow these seven steps to whip your finances into shape, making them more organized than you ever thought possible.

Maintaining your finances is pretty straightforward and gets easier the longer you stay organized.

1

Go over your budget at the beginning and middle of every month. No two months are the same, so ensure the upcoming month’s budget. Doing this sets realistic expectations and helps you plan adequately. Your mid-month check is to make sure things stay on track. Watch out for things like summer vs. winter electrical bills.

Make one now! Once you have the right tools, searching for a template is easy. Budgets are critical! Your budget is the key to creating a way to make your money work for you.

2

Utilize financial software. Some of the software available now can help you to get organized, track your spending and bills, and help with budgeting. Urban Matrix can help you set up an account with Quickbooks if you’re ready. Just shoot us an email and request Quickbooks Start-Up.
Having a digital way to work with your money might be just what you need to help you stay committed to your financial goals. You might find out that you like working with your money; learning how cash flows in and out of your business can help you develop better leads-seeking strategies and a more efficient workflow.

3

Everything has a home. Do you remember learning this in childhood regarding cleaning up behind ourselves? In your financial life, the concept is the same. Have a place for all of your bills and financial information. Keeping everything organized will ensure nothing is lost, misplaced, or destroyed, and all invoices are paid on time.
After you’ve taken care of all the bills, retain only the records you need and shred the rest to protect yourself from identity theft.

4

Pay bills weekly for the weeks ahead. Each week, pay any statements due in the next couple of weeks. Make a habit of paying your bills on the same day each week. This way, you’re developing good habits, helping you to stay organized.

5

If you aren’t using software to keep track of your bills, make a checklist. Your list should include all your recurring bills with the noted day, the amount due, the date the bill was expected, and the date the bills were paid. Non-recurring bills can be added to the checklist when they arrive.

6

Communicate regularly with anyone who shares your account(s). Whoever pays the bills must know what the other person is doing within the account. Develop a system to ensure that the person who pays the bills is always kept in the loop.
It is well known that a source of stress in relationships is financial matters. Therefore, it is worth it to work out an effective system before it becomes challenging.

7

Have two accounts. Avoid overdraft fees and mishaps by having one account used only to pay bills. Use different accounts for everything else.
Maintaining your finances is pretty straightforward and gets easier the longer you stay organized. Eliminate all financial clutter in your life to reduce any chance of failure due to mental chaos.

These seven tips can provide a foundation for your organizational efforts. Regardless of how you’ve handled your finances in the past, you can implement this plan today to make your financial future a bright one.

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TEAM UMAG

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