For many people, they don’t have the proper financial records that make them eligible for the “Good Accounting Practices” title. We often throw away ATM receipts and credit card statements from a year ago. However, there are better things that we can do to better improve our finances. We should plan some “alone-time” with our financial details records; at least once a week. Actually, with mobile devices, such as tablets, we could do this while waiting in queue, in planes or in waiting rooms. There are many free apps for iOS and Android devices that can help us evaluate our financial details. However, it is also important do check paper-based evidences. In this case, we should find ample space inside our house, such as when using big dining table in our room.
It is important to make sure that we have ample supplies when evaluating our finances. As an example, we may need large folders and sticky notes. Other things to have are three-hole punch, ring binders, check file, large envelopes and hanging file folders. Another necessary thing is a trash can. It is important to get everything that is related to our financial details. They could be found in file folders, check files, shoe boxes and others. Make a game plan while we are enjoying our cup of coffee. We should decide how we should organize things on our table. As an example, statements and checks should be placed on one side of the table. We should start to properly sort things on the tablet. Paid bills go here, paycheck stubs go there, ATM receipts go over there and checks go on the other side. In general, we should make sure that things are divided neatly into proper piles. We should also use sticky notes on proper places to avoid unnecessary confusions.
We should be ruthless, as an example, paid items should be put away first. In general, receipts from more than years ago can safely be thrown away, especially if we are sure that they don’t have any effect on our current finances. Inactive items should be placed in file folders and envelopes. They should be available in any local store for office supply. It is important for us to tackle any open or active item. This should allow us to quickly decide on things that we should pay and when we should do it. This should be a perfect time to balance our checkbook. This can be achieved only by putting things on where they belong. When we are doing this, we should check the calendar.
Obviously, it would be much easier to repeat this step in the next month. There are technologies that we can choose to make the whole process faster and much easier. Microsoft Money and Quicken should be an immense help. In fact, any spreadsheet program should be quite helpful. Another important thing to consider is having specific categories for each area where we spend our money.