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Table of Contents
Introduction
Chapter 1: Keep all your Papers Fully Organized
Chapter 2: Learn Money Management Tactics to Stay onSchedule
Chapter 3: Check Your Statements Regularly
Chapter 4: Save Time and Use Automatic Payment Methods
Chapter 5: Computerize
Chapter 6: Direct Deposit
Chapter 7: How and Why to Acquire Overdraft Protection?
Chapter 8: Dump all your Unused Accounts
Chapter 9: Institute Automatic Savings
Conclusion
Introduction
Whether you are married or single, taking charge of your overall finances may
feel like a part-time job. Some easy ideas can help you streamline your time,
organize your finances, and reduce the stress of debt and overall money
matters.
Debt Management
Chapter 1:
Keep all your Papers Fully Organized
Synopsis
When the mail arrives, make certain it goes in one place. Lost bills can bethe cause of uninvited late fees and may damage your credit rating.
Whether it’s a drawer, a box, or a file, be ordered and make certain other
people in the household do the same. Size is likewise important. If you
get a lot of mail, utilize an area that won’t get filled up too fast.
Make It Neat
Your bills come every month whether you wish them to or not. Settingthem in a cubby hole somewhere and dealing with them later may
lead you to draw a blank about their maturity date. When this occurs
you wind up being forced to pay a late fee. If you're willing to get
organized, you are able to get your bills paid on time and never have
to fret about incurring a late fee. This might take a little bit of time to
set up, but only a couple of extra minutes per week to sustain.
Make sure you open your bills. A lot of bills come with unneeded
inserts that just take up room in the place where you store your bills.
Take out any inserts and recycle them with the outer envelope at
once. This keeps clutter from stacking up and taking your focus off of
the bill itself. Now take the bill and put it under the fold of the return
envelope.
You are able to label 4 plastic bins so that each one makes up a week
of the month. You are able to simply label them "Week 1," "Week 2,"
"Week 3," and "Week 4." Now take your prepared bills and find out
the maturity date. If the maturity date is the 8th of the month, the bill
goes in the week 2 bin. If the maturity date is the twentieth, the bill
goes in the bin for week 3.
Do this with all of your bills and then place the bins on top of one
another in order. When week 1 rolls around, take your bills out and
pay them. Then put the bin on the bottom of the pile so that the week
2 bills are ready for you the next week.
Finally once your bills are paid, you nevertheless have your financial
statements to deal with. You want to keep them coordinated as well
so that you are able to quickly locate them if you need to.
Buy a thirteen pocket file folder. Mark the first twelve pockets with
the calendar months of the year. The last pocket can be marked
"taxes." Place your monthly financial statements into the pocket for
that certain month.
When the year is complete, you are able to label the file folder with
the year on the front and store it just in case you ever get audited.
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Chapter 2:
Learn Money Management Tactics to
Stay on Schedule
Synopsis
Bill paying may be simplified if it’s done at scheduled times during the
month as we discussed. Depending upon how many bills you get, you are
able to establish set times monthly so none of your bills will be late. If
you’re paying bills as you receive them, chances are you’re spending a bit
much time in front of the checkbook. Although bills might say “Payable
Upon Receipt”, there’s always a grace period. Call the creditor to
discover when they need to get payment before the bill is considered late
and use these tips.
Keep Up
Wouldn’t matters just be more comfortable if everybody had an
accountant to handle all the financial matters in his life? For those
who can not afford to maintain an accountant on retainer, you need
to answer as your own accountant and discover how to supervise your
money, where it goes, and what it’s for.
Here are a few ideas to help you if you’re a tad bit uncertain how to go
about addressing the money matters.
As previously stated, organize. It is all-important for your bills and
receipts to be organized and in order. This is because you may wind
up paying the incorrect amounts and losing track of your list of costs.
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As stated in chapter 1, one way to go about doing this would be to
keep a bin or a file folder of each week that a bill is due, and keep the
receipts filed also. Let’s suppose you pay for water, electricity and
cable television monthly. Put them all in their respective bins
according to due date, which should be updated every time you open
your bills.
Make sure you appropriate funds every payday. On payday, head
toward your stack of bins and figure out the revenue you need to
reserve for each bill that you have to pay. Make this your top priority.
Then set aside a particular amount every payday, which should go to a
savings account. The remainder would now be your pocket money, or
your so-called disposable income.
Pay for bills online or consolidate bill payments. Acquaint yourself
with how to pay for your bills online. A few banks and financial
institutions actually let you consolidate your bills into merely one
payment. Not only will this save you the time and energy, but it would
likewise be a beneficial way for you to track your bills, as you'll be able
to see a record of all the payments you've made. Don’t blow your time
any longer by going to the physical building and paying each bill over
the counter. It would be easier and much more efficient for you if you
are able to do it from the comfort of your own home or office.
You can always discuss your monthly bills with your loved ones, if
needed. If for a certain month, you notice that your water bill is
exceptionally higher than the former months, advise your family
members to attempt to save on consumption. If you're open with your
loved ones about this, they'll better value money and finances, and
they may begin helping out through simple ways, like unplugging
appliances when not in use.
Make sure you review your bills from time to time. Make certain that
you don’t miss out on any payments to prevent penalty charges, and
to prevent messing up your budget. Begin with a fresh start every
month without any leftover accounts payable, so your bills don't pile
up.
The magic to managing your finances and paying bills on time is
prioritization and organization. Sure, everybody wants to purchase
the newest car, gadget, clothes, or jewelry. But, bills are a fact of life.
Rent payments are a fact of life. Mortgage payments are a fact of life.
You need to be able to see where your money goes, and be organized
enough to know how much should be spent for any certain things and
how much is left over.
Chapter 3:
Check Your Statements Regularly
Synopsis
Most individuals capitalize on low interest charge card offers but never
read their statements when paying the bill. Charge cards are notorious
for utilizing low interest as bait for fresh clients then switching to higher
rates after a couple of months. Make a habit of looking at your statement
cautiously to see what rate of interest you're paying monthly and if any
transaction fees have been applied. If the rate increases or a transaction
fee shows up on your statement, a simple call to the charge card company
can often be beneficial in resolving the matter. If not, try to swap your
money to a more positive rate.
Understand It
Paying delinquent interest on your charge card monthly can total up
to an immense sum at the end of the year, that is, if you are able to
track your payments. It may be frustrating to forever keep looking for
charge card bills that you know came in the mail but can't remember
where you put them precisely. Before you know it, you'll either make
another late payment or worse, altogether forget to pay them. To
obtain savings and increase your credit rating, it will take some effort
on your part to organize and keep a record of your charge card bills
and payments.
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Make sure you look at all your charge cards and make a list of them.
Next gather all your charge card bills. Look at the statements and
check the dates when the payments are owed. List each date beside
your charge card list and use the bin method in chapter 1. This way
you'll know which charge card bills you are able to expect in a billing
cycle and make a schedule later.
Put your charge card bills into separate bins so you that you can't
miss seeing them. Place a stapler, paper clips and pens close to where
you keep the bins or file folders.
Make sure you keep a small basket or box where you are able to drop
all your receipts each time you shop. Make certain that you regularly
place all your receipts in this container. At the end of the week, make
it a habit to go through all your purchase receipts and sort them in
separate files per charge card. Clip them together for easier
management and access.
When a charge card bill comes in, check the statement. Compare the
itemized list of purchases that you've made against all the receipts
that you have saved and separated. This will help you to keep track of
your purchases, the amount you paid against what is reflected in your
charge card bill and make complaints if you discover discrepancies,
whether in your purchases or payments. See to it that you check each
charge card bill as soon as it comes in and that the bill is always in the
correct bin for timely payment.
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Attach the receipts to each statement. Write the word “PAID” and a
date on those bills that you've paid. You might have to do this a
couple of times if you are able to only manage to pay the lower limit.
Alternate the utilization of your charge cards based on their billing
cycles. This way you don't get deluged with several statements in the
middle and end of the month.
Make a little record, either on paper or do one utilizing a spreadsheet.
Label each column with the charge card name, the total balance, the
due date, the lower limit payment, the amount you paid off, the
current balance and when you paid them. Place this with your bins or
folders and regularly cross off those that you've paid in full. You are
able to then anticipate what is due and see those that you've paid
fully.
Organizing your charge card bills will keep your regular payments on
track, exempting you from worry and giving you some savings. Keep
all your charge card bills for at least one year, for audit and quick
reference to check purchases and payments. You might find that some
charge cards have outrageous surcharges and are worth canceling.
Chapter 4:
Save Time and Use Automatic
Payment Methods
Synopsis
Many banks offer a way to automatically subtract money from your
account to pay creditors. Additionally, the creditors commonly offer a
lower rate of interest when you sign on for this payment choice as they
get their money faster and not late. Think about it as one fewer check to
write, envelope to lick and stamp to purchase. Just make certain you
record the subtraction when the automatic payment is scheduled or you
run the risk of bouncing other checks.
Pay Online
Online bill pay may help you manage your bills without being forced
to worry about paper bills and checks. We will cover the various types
of online bill pay and how you are able to set up online bill pay fast
and easy. Once you're up and running, you are able to spend more
time on the fun things in life.
First we’ll want to make certain we know what type of online bill pay
you truly have available.
Respective different services are described as online bill pay:
Online bill pay provided by your bank
13 Online bill pay provided by your service providers (phone
company, mortgage company, and so forth)
The beginning type of online bill pay (online bill pay provided by your
bank) is a service that sends off money out of your bank account to
whomever you wish. In a few cases these online bill pay services will
in reality print a check and mail it to the recipient. If the company you
prefer to send payments to is setup inside the banks system, the bank
will merely transfer the money electronically when you utilize online
bill pay.
To establish this type of online bill pay you’ll likely just need a copy of
the bill that your service provider sends out to you. Establish a new
payee in the name of that company at your online bill pay site. Copy
the address and your account number, and enter that data likewise.
Each time you would like to pay you’ll just put in the amount of the
bill and you’re done. The bank will print and mail a check that will
pull revenue from your account.
To be secure, you should countercheck with the payees if they have
particular instructions for receiving payments thru online bill pay.
Some payees won't recognize the check (as it was printed by the
online bill pay service). In this case, they might give you an alternate
address or other directions.
The 2nd type of online bill pay (online bill pay provided by your
service providers) is a service that will only let you pay one company
– like your phone service for instance.
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To establish online bill pay with the telephone company, you’ll need
to furnish the company a voided check and one or two forms and
authorizations. The procedure is really similar to direct deposit but
they call it online bill pay or ACH debit.
When you've set things up, you are able to pay your bill without being
forced to use paper checks or the mail.
Automatic Bill Pay Online
If you truly like to automate matters so that you don’t have to think
about them, you are able to automate online bill pay. Virtually all
online bill pay services will let you establish recurring payments. For
instance, you are able to have the online bill pay service attend to
your phone bill each month or your insurance quarterly.
A different way you are able to let online bill pay keep going on autopilot
is to let your service providers pull money out of your account
without you being forced to click anyplace. Put differently, the service
supplier just “asks” the online bill pay company for payment and the
payment is made with no activity on your part. If you authorize these
forms of payments, make certain you've a good handle on your budget
and usable funds.
Online bill pay may truly make your life easier. Once you set it up, you
are able to reduce lost payments and the quantity of time you spend
shuffling papers.
Continue Reading...to PART 2
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