- By Andrew Komarow
- Posted April 30, 2019
Organization: An Important Tool for Simplification
There is no time like the present to get your finances in order. Keeping your bills, your statements and the like organized is important to make sure all payments to bills are paid on time and your money is spent wisely. Once these tips are implemented, you may be able to save more money and simplify your life.
Reduce the number of credit cards you have
The more credit cards you have, the more likely you are to forget to make payments. Missing a credit card payment can lead to late fees and possibly a reduction in your credit score. Plus, if you have multiple credit cards that you are not paying off each month, then you will be charged with interest on the balance. Depending on how high your balances are, and the interest rates your credit card companies use, the interest you pay can add up quickly. You may have hundreds of dollars in interest charges if you are a frequent credit card user. Evaluate which credit cards you currently have and keep a few that have the best perks such as cash back and or points.
Organize important files
Organize your paper files as well as your electronic files. It may be helpful to scan important documents on your computer to reduce the clutter in your filing cabinet. You may want to back up your computer on to two external hard drives—one can be kept in your home and one can be kept in a safety deposit box at a bank in case of damage to your home.
Sort mail right away
When you receive your mail, sort through it as soon as possible. If you have the money available, pay your bills as you receive them in the mail. If you have online bill pay, ensure that it is processed by the correct date to avoid late payments. You may want to take advantage of the app, Paper Karma, that allows you to take a picture of junk mail and unsubscribes you from that mailing list. This will help the amount of unwanted mail you receive.
Evaluate your expenses
Look at your monthly expenses and see where you can cut costs. Do you pay for a premier cable package but only watch the same few channels? Talk to your cable company about changing your package. Do you have a subscription to Pandora, Spotify, and Apple Music? Pick which platform is your favorite and unsubscribe from the rest.
Use applications or websites to help you get organized
There are applications for so many things, including your finances. Mint is an app that you can use to keep track of your bills, helps you budget, and even offers you a free credit score. Talk to us at Tenpath Financial Group about getting you set up with an eMoney account. This is a great way to view your investment portfolio and your financial goals. You can link bank accounts, retirement accounts, and any other account you have to the website. You are also able to list your liabilities, monthly expenses, and insurance policies. It is a way to have all your financial data in one place, so you are aware of your financial status.
Get notified on all large purchases on your joint account
If you plan to make an expensive purchase on your joint account, consult with the other account owner before doing so to ensure that it does not disrupt any processing charges or checks that would cause an account overdraft.
We hope the implementation of these tips will help make your life a little easier. Managing your finances can be difficult, but Tenpath Financial Group is here to help.