Financial Friday Newsletter

It’s never a good feeling when you realize you’ve missed a financial deadline or lost an important document. However, with a little bit of effort and organization, you can avoid these situations. Consider these tips to help you get your finances organized and keep them that way:

Create a Budget: First and foremost, it’s essential to create a budget. This will help you keep track of your income and expenses, and ensure that you have enough money for everything you need. Start by listing all your income sources and your regular expenses, such as rent, utilities and groceries. Then, factor in any irregular expenses you might have, such as car repairs or medical bills. With a budget in place, you’ll be better equipped to plan for the future financial obligations. You’ll also be able to identify any areas where you might be overspending and adjust accordingly. For more tips on setting up a budget, check out our resources on OklahomaMoneyMatters.org.

Establish a Filing System: One of the best ways ot keep track of important documents is to create a filing system. Start by getting a box or a filing cabinet, and separate your documents by category. These categories might include things like bank statements, credit card bills, tax documents, and warranties. Once you have determined your categories, label each folder or envelope so you can easily find what you’re looing for.

Digitize it: If you’re not a paper person and clutter stresses you out, you might want to consider adding a digital component to your filing system by scanning your documents and saving them to an online storage account.

Set Reminders or Automate: It’s easy to forget financial deadlines if you don’t have them written down somewhere. To avoid this, create a list of important dates, such as tax deadlines and payment dates for insurance premiums and credit card payments. Then, set reminders for yourself using a calendar app or a reminder program. You can also set up automatic payments for bills to ensure they’re paid on time. Just be sure to keep track of your bank balance so you know you have enough money in your account to cover these expenses.

Review Your Finances Regularly: Make it a habit to review your finances regularly. This will help you stay on top of any changes in your income or expenses and adjust your budget as needed. You might also want to review your credit report periodically to ensure there are no errors or fraudulent accounts listed. AnnualCreditReport.com makes this easy by allowing you to have a free credit report from each of the three credit bureaus once every 12 months. Regularly reviewing your finances will also give you a better understanding of where your money is going and where you might be able to cut back.

Consider a Financial Advisor: If you’re feeling overwhelmed or unsure about how to get your finances in order, consider working with a financial advisor. They can provide guidance and advice on budgeting, investing and saving for retirement. When choosing a financial advisor, make sure they’re licensed and have experience working with clients in situations similar to yours. Consider an organization like the National Association of Personal Financial Advisors to help narrow your search.

Getting your finances organized can seem like an overwhelming task, but it’s essential for staying on top of your financial obligations. By taking the time to set up a few simple steps, you can take control of your finances and stay ahead of deadlines. With a little bit of effort and organization, you can avoid the stress and anxiety that comes with forgetting important financial deadlines or losing important documents.