BETTER LIVING: Organizing Your Finances
Thursday, May 03, 2012
I always get the itch to evaluate my organizational systems when spring comes. This year I have decided that organizing my money is at the top of my priority list. Unfortunately, being even just a little disorganized with your finances can cost you. Here are some suggestions for cleaning things up.
• Missing a Payment With late fees running as high as $35 or even more, this is one quick way to lose and lose big. Your credit can also be negatively impacted from even one missed payment. Consider setting up automatic withdrawals for monthly obligations like credit cards, car and mortgage payments. A solid credit score will save your money on interest rates and credit opportunities down the line.
• ATM and Bank Fees Every time you use an ATM that is not in your bank’s network, you pay a fee to the bank that owns the ATM and you usually pay a non-network fee to your own bank as well. That can add up to $4 or more per transaction. Ouch. We’ve all done it, found ourselves in need of cash and no sign of our bank. Best to plan ahead and get the cash you need from your own bank and buy yourself a nice latte with the fees you saved.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST• Saving Money by Planning Ahead When you plan your spending, you can make a list and buy all the items you need. This may include the basics like cleaning supplies, toilet tissue and milk, as well as all the other essentials for living your life. When you have to run out for milk, or other little necessities you can plan on spending $15 or $20 a trip. This happens when you pick up impulse items along with your original item, as well as the gas to run to the store. This kind of spending can really impact your budget in a negative way. Planning ahead can also include having what you need on hand for lunches and snacks so you won’t have to purchase food on the go.
• Rebates, Gift Cards and Savings Receipts Tossing your receipts in a pile on your desk or leaving them in the bottom of your purse will likely result in money lost. If you are in business many of your receipts could be right offs or reimbursements. Rebate receipts, gift cards, discount codes on your sales receipts are all cash in hand, but if you don’t know where they are, you really can’t take advantage of them, can you?
• Emergency Savings Account Many people live from paycheck to paycheck, with nothing left over for an emergency. I’ve been there. When something unforeseen does happen, like a necessary car repair or broken appliance, it can mean dipping into grocery or rent money to cover the costs. This could start a snowball effect of debt as you try to get back on top of things. Sacrifice whatever you have to in order to set aside $1000 in an emergency fund and then leave it there.
• Flexible Spending Accounts If you have a Flexible Spending Account at work it can be a real money saver- if you use it properly. This type of account provides savings by using pre-tax dollars for your out of pocket medical expenses. If your workplace offers a Flex account or a Health Savings Account, take the time to understand how it works and then keep track of the details so you can use this perk to its fullest advantage.
• Retirement Have you organized your retirement? According to the US Department of Labor, of the 62 million working women between the ages of 21 and 64 in the US, only 45 percent have a retirement plan. When you add that to the fact that a woman who retires at age 65 can expect to live another 19 years, that is some scary math. If you are fortunate enough to work for a company that matches your 401k contribution that is great! Get the facts about your plan and contribute as much as you can, up to the match amount if possible. Your employer will likely have a professional available to explain the plan to you for free.
I guarantee that organizing your finances will give you piece of mind. Paying attention to the details will result in more money in your pocket and who doesn’t love that?
Candita Clayton is the founder of Your Life Organized and author of Clean Your Home Healthy. Visit her online, here.
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