It's no fun when your financial records are in disarray. It's certainly stressful when you can't find much-needed records. To prevent such meltdowns, here's a guide to one-time moves that will keep your paper trail free from clutter.
Once a day. Take note of how much cash you have on hand and record how much is left at the end of the day. Keep track of this so you can actually account for your expenses down to the last cent. This way, you'll be more aware of your spending habits.
Once a week. Organize your receipts, billing statements, invoice, and other money-related paperwork. Use ledger or a computer program where you can consolidate all this data. Have back-up copies o your records. Photocopy them and then place them in a safe place.
Once a month. Pay your bills on time and follow up on debts you've owed. Create checklist for this monthly reckoning. Consider keeping track of the pattern of your utility bills so you can more or less predict how much you'll spend each month.
Once a quarter. Consult your organized documents and filing systems so you can get an accurate picture of your progress towards meeting your personal financial goals. Make the necessary adjustments to spending, savings, or investments.
Once a year. Do some spring cleaning. Update your files and discard outdated items. Remember that you don't have to keep all your financial records forever. You can keep any tax-related records for seven years, bank statements for one year, and pay slips until you receive your end-of-the-year tax statements. Meanwhile records of Social Security System contributions and documents for big-ticket items should be kept permanently - or until the said item has been "retired" or, perhaps sold.
*Got this from my BDJ planner
1 comments:
yay, i agree with this. I'm actually applying it to my own saving scheme. :)
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