Thirteen Tips for Organizing Your Money

Saving strategies

Whether you’re saving for a rainy day or in order to make a large purchase, one of the best ways to save money is to deduct a fixed amount from each paycheck. Decide how much of your income you can afford to live on comfortably, and save the rest. Put your savings into accounts that earn high interest; withdraw money only as necessary.

Related Costs

When budgeting, don’t just consider the cost of an item itself you’re thinking about buying but also the related cost. For example, if you’re buying a care, think of the petrol/gas, maintenance, insurance. It is an office suite, think of dry cleaning expense, etc.

Keep Track of Expenses

After you’ve paid a bill, date it and mark it “paid.” Also note the check number. Then transfer the bill from your “bills-to-pay” file to your monthly “paid bills” file, or to your “taxes” files.

Balancing Act

Don’t pay your bills too early or you lose bank interest in your money. On the other hand, don’t wait until bills are overdue to write the checks.

Occasional Gambling   

If you plan to while away time to a casino known how much you are willing to lose, and take only that amount of money with you. Leave credit cards and checks behind. If you  win before you lose, it’s a good idea to leave the casino, and, don’t go back.

ATM Transactions

When you use an automated teller machine to withdraw money or make a deposit, always keep the receipt into your wallet. To ensure you track the transaction, remove it from your wallet only when you are about to enter it in your check or savings book.  

Handling Coins

Ask the bank teller for empty coin rolls. Banks usually provide this for free. Sorting change is a task that many children enjoy – especially if they can search for some old coins to add to their collection. Disposable or washable gloves are recommended, and children should be told not to touch their faces when handling money and to wash when they’re done.

Checks   

To avoid losing track of the checks you write, enter the check information in your check register before you write any check. It’s a good habit to start a new check register page at the end of every month and to begin a new one at the end of the calendar or fiscal year. This makes it easier to research old payments and to avoid duplicate payments, and handy for tax preparation purpose.

Reconcile checkbooks and statements

Balance your checkbook as soon as monthly statement arrives. This is to ensure that your records and balance agree with the bank.

Credit Control

If you really want to control your credit spending and you got the time, keep a separate check register with each of your card. You can set your “balance” at your monthly budget or at your credit limit. Each time you use the card to make a purchase, write down the information in the check register, and deduct the amount from your balance. After you’ve paid your monthly bill, reset the balance.  

Receipt File

Every time you get a credit card receipt, put it in the same temporary file. Keep the month’s receipts together until the bill arrives, then check the receipts against the bill. If there are any discrepancies, let your credit company know. But first, ensure your accounting is correct.

Safe Keeping Box

If you worry about your valuables at home, get a safe deposit box at a bank. Keep a list of what’s going to the safe. If necessary, have the items insured. Keep all available proof of ownership with the list. Examples of valuable documents are deeds; stocks and bonds; passports; birth, death, and marriage certificates; and expensive jewelry. Decide what your valuables are. Leave a copy of your will in the safe, but not the original, which should be kept secure but accessible at home or with your solicitor/lawyer. Don’t assume that the contents of your safe are covered under your homeowner’s policy (if any) or the bank’s insurance policy. If you haven’t made special arrangements, they might not be. Check it out.

Photo Record  

Use a camera to document what are in your home, in case of fire or burglary. But don’t just rely on the pictures either. Doubly protest yourself by making a list of your assets. Place it in a file labeled “asset” or in your “insurance” file.  Keep with the list all available documents of value and ownership, receipts and appraisals, especially for major assets. They will be especially helpful when you’re making insurance claims. Keep the list in a fireproof/safe deposit box. Also, take pictures of what’s in your safe deposit box, and keep them safely at home.