Must control of your finances can feel like a part-time job. streamline your time, organize your finances and reduce the stress of business money matters.
Some simple tips
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced bills can be the cause of unwanted late fees and can damage your credit rating.
2. Pay Your Bills on Time
Depending on how many bills you receive, you can establish set times each month when none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt", there's always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.
3. Read Your Credit Card Statements carefully
Most people take advantage of low interest credit card offers but never read their statements when paying the bill.. Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. .
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay creditors. In addition, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time. Consider it as one fewer check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks.
5. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account is formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place.
6. Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping your money in fewer places eliminates all of the guesswork involved and reduces errors.
7. Automatic Savings
Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives or some other event to actually deposit money into savings, retirement or other accounts. If you establish an automatic savings deposit every month, your accounts will begin accumulating money faster than you think.
8. Keep individual files for paid bills.
Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven. Consult the Internet for auditing and records-keeping procedures for your state or region.
sanjay
net4income@gmail.com