13 Oct 4 Ways To Get A Better Handle On Your Finances
Looking to get a better handle on your finances? Tired of not being able to see where your money is going and why you don’t have any left each month? Sounds like you need to get organized.
When your finances are organized you’ll be able to view each account and see exactly what you’ll have after your bills are paid every month. This can help you see where your money coming from and going.
When you get a better handle on your finances you can create a better life for yourself and here are 4 ways you can do that.
While this may seem like a no brainer you’d be surprised how many people don’t know when their bills are due. Your payment calendar should be easily accessible and available to view at any moment.
If you’re more likely to keep track of your bills using a physical calendar then by all means go the physical route. You can keep your physical calendar hung on the wall next to your desk. Or, you can carry it around in day planner form in your bag.
However, if a digital calendar that can be set up on your phone and programmed to send you alerts when items are due sounds better, then this is the way to go.
Digital calendars are great for just that. When you add a new bill that’s due you’ll be able to set a reminder. So, while you may forget to look at your physical calendar hanging on the wall your digital calendar is pushing reminders right to your cellphone. It helps you stay accountable for your bills and ensures they get paid on time.
It isn’t news that everyone has many different bills they have to pay each month. From your mortgage on your home, to each small utility bill, to a large car payment there are many things that demand our hard earned dollars. This is why automated payments are popular.
When you automate your payments you cut the risk of ever being late on a payment again. This means you don’t have to worry about whether you paid a certain bill because the funds are automatically deducted from your linked bank account.
While automated payments can be great when used correctly sometimes things can go wrong. The most common issue with automated payments is the funds simply aren’t there when it comes to withdraw. When this happens you should receive a notification via email or text telling you something is wrong.
If you don’t know whether the funds will be in your account at the time of the payment try setting up automated payments on your small bills only. This includes utilities, cell phones, tv and internet, and anything else that can be considered small. This way when it comes to your mortgage payment or auto payment you’ll be able to verify that the funds are there before the payment tries to process.
Consolidate Your Bank Accounts
Having a bunch of bank accounts can get confusing. It can be difficult to track how much is in each account when the funds are required. While this may work for some for others it can just create an issue where there doesn’t need to be one.
There are some people out there with an account for each spending category. They have an account for their bills, an account for their entertainment, and an account for whatever else they need. While this can make sense for some for others it just gets confusing.
This is especially true when they hand the wrong card to the cashier while checking out and use the wrong account.
By having one account you can see exactly what you have at a glance. For some people this gives a peace of mind and a sense of organization, still for others they may not agree. If you feel like having more than one account suits you better it might be a good idea to start using a good financial software program such as Mint.com.
Mint.com lets you pull information from all your accounts and view it in one place. This way you can see what is in each account at a glance and know exactly where your funds are located.
Getting your finances organized and under control doesn’t have to be a difficult process. It can be simple if you let it and once you do you’ll be able to approach financial situations with less stress and a clearer head.