It’s near the end of the year. Taxes return season is almost upon us and we need to get our finances in order. Before you know it, the holidays are here and then it’s the new year. So, to help you get more organized, October Organizing challenge is to organize all areas involving money. I know, it doesn’t sound fun. Well, it isn’t, but it is necessary. To help you get started, here are some areas that you should look at this month. I added some posts I wrote related to these areas. Feel free to click on them and read more tips.
Review your system for paying bills. Is it streamlined? Can you work on getting some more payments on auto-pay? Do you like how your system is now?
Seven Money Management Tips to Make this Year the Best!
Review and write down how much you are saving. Check your 401K or SEP-IRA if you have one. Go through your liquid money as well, are you saving enough? Do you have a nest egg? Are you saving money for future vacations or other activities that are coming up? Are you saving money for a car or a new home?
Review your debt accounts and add them to a spreadsheet or a money managing software. In the spreadsheet included the current total amount due, what the minimum amount due is and a column for how much you usually pay. Also include the day of the month it is due. Do you have too much debt? How should you bring down your debt?
Go through your receipts and paid bills. Make sure each receipt/paid bill is in the right place. Review your system and make sure you only have the current year in your current files. Remove all older years into a long-term storage box.
How Long to Keep Records
What to Keep: Tax Paperwork How Long to Keep
Gather all your credit cards, reward cards, birth certificates, and social security cards. Place them in one safe place. Any card that is associated with an account should be easily accessible and placed in a secure fireproof location.
Create a Reward and Credit Card Binder
Gather all “in case of emergency” documents: Documents like wills, insurance policies, deed to house, car ownership paper. Usually people place these items in a filing cabinet so they are likely to come a cross them while reviewing receipts and paid bills. Pull them out now and create a important documents file.
I hope this inspires you to get your money accounts organized. Now, get on with it and start this month’s organizing challenge! I recommend splitting the task over several weekends to not overwhelm yourself. Did I miss any areas? Please feel free to leave a message below.