“I’m a big believer that orderliness begets wealth. … When [you’re well organized], you are connecting with your money and taking control of your life.” –Suze Orman
Just about every year, right about this time, I hear the same refrain coming from folks far and wide. If you’re repeating the chorus of “Next year, I’m going to be better organized,” then take heart–here’s some advice that will make next year’s taxes a lot easier to deal with and far less procrastination inspiring.
- Organize your documents. You should have separate files for your bills, bank statements, pay stubs, and tax returns.
- Tired of entering items by hand? If you have a smart phone, there are tons of apps (especially for the iPhone/iPod Touch) to help you keep up with things like business mileage, business expenses, and so on. Most will allow you to email a report (as a spreadsheet or table) to yourself.
- Consider a personal finance program. By entering items each month and using the program to track your spending, you’ll get more bang for your buck: better financial management and superbly organized info come tax time. Some programs allow you to link your software directly to your bank accounts eliminating the need to enter numbers by hand.
- Depending on your situation, you can consolidate all your expenditures and pay all your bills electronically. This is not for everyone–however, if you’re in good shape financially, and have the means to pay off your credit card in full, every month, this is a great way to keep all your records in one place. Many banks and credit card companies will allow you to download your records in various formats (e.g. Excel, Quicken, etc.) to allow you keep your bookkeeping up to date easily.
- Finally, add to your weekly review, a financial checklist. This would include any repeating tasks regarding bill paying, record keeping, and so on. By taking on small tasks each week, you won’t face big backlogs at the end of the year (or as April 15 draws near).
Being productive means being well organized. When applied to finances, being well organized paves the way to financial well-being.
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Want more help in getting organized? Try these related posts:
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