I have been so encouraged and greatly helped by the tips I have read here, I hope this little tip will help someone too!
I used to be easily discouraged about ever getting a handle on our finances. I just couldn't find a method that I could stick to or that actually made sense to me. After trying the usual methods for bill paying and keeping track of our expenditures, here is something that has helped me to not only pay our bills on time, but actually keep track of them.
I made the electronic leap of faith, and scheduled all regular bills to be paid automatically. On the plus side, there were no more late fees, but the challenge was making sure the money was there! So I bought a large, cheap wall calendar and wrote on it when each bill was due to be paid. I look at the calendar often anyway (it's the most useful tool to organization and planning, right?), so each week I know to be sure the money is there for the bills coming up for payment that week.
Sounds so simple, but just getting the paper clutter off my desk, the 'remembering' out of my head, made such a difference in my attitude. Now we are actually getting out of debt and improving our credit rating each month because of this simple start.
I hope this helps someone out there who feels overwhelmed - you can do it! As someone once said to me, "you can't start any sooner than today"
By MT from Tampa, FL
Ever sit down and wonder where your money goes? Many of us put a lump sum of cash in our pocket and when that money is gone just withdraw more money from our checking account or use the good ole debit card.
Organizing the household bills and making sure they get paid on time shouldn't be a problem. I open all mail immediately upon bringing it into the house.
Always use an odd amount for transferring money electronically or paying bills. For example, if transferring monies, use $99.98, or $100.01, or $100.02, but never the same amount during a 6 month period.
I am on Social Security and I pay all my bills on the 3rd of each month. When a bill comes in I open it, write the amount in a notebook, and place the bill in a old refrigerator bin I keep in my desk.
I purchased a Rubbermaid sorter in the office supply section at Wal-mart. When I get my bills in the mail, I instantly open them.
I just purchased a Wonderfile and I have to tell you that I highly recommend them.
Years ago when I was in college, I got financial aid, and would pay all the bills for three months ahead, like rent, cable, insurance, etc. Then, my daughter and I would know that "this is our money for a cheap movie or a new jacket for school".
I am the one who handles the finances in our home. One day, my husband called me and asked, "Where is the last cable bill and who is it with?"
I use baggies for everything. When all my bills are paid I put all the invoices in a baggie and put the month/year on outside. That way if I ever have to go back to find something it's easy.
A desk by the front door with a desk calendar are necessities for me. I open all mail immediately and log bill due dates on the calendar.
After years of struggling to keep all of my monthly statements and bills in a filing box, I decided to think about what would work better for me. The problem I have is every time I open the filing box, my bills, statements and receipts are hard to find.
I start my checkbook register at the middle of the register. I have found that I can usually write a month's worth of checks on one page of the register using the front (and back if necessary).
When you are budgeting for the year ahead, I have one of the simplest and worry free ways to deal with big annual bills like car insurance, property taxes and any other bill that is going to hit your pocketbook once a year.
Every year, I buy a monthly planner at the dollar store. When my bills arrive, either in the mail or online, I put them in the appropriate month in my planner.
I use a Home Finance Bill Organizer to organize when and how much I pay each month. It has a page for each month with a pocket for bills and notes, a section to list date due, expense type, amount and when paid.
