Our financial expert Rachel Langlois from Cyprus Credit Union shared some tips on getting your finances organized. She said one of the most essential parts of having healthy finances is making sure they are organized. If you aren`t sure where important documents are kept or even where your money is going, it`s time to sit down and get started.
Create a Filing System
Whether you keep paper records or digital copies, you need to figure out a way to store everything. There is no right or wrong way to file items, all that matters is that your system makes sense to you. It`s also a good idea to back up all financial information in case something happens to your computer.
Keep Track of Spending
It doesn`t take long for all of those small purchases to add up. This could lead to a big chunk seemingly 'missing' from your bank account. Hold yourself accountable to every purchase you make, no matter how insignificant it may seem. Keep an organized budget so you know exactly where your money should be going.
Build a Schedule
Know exactly when every single bill and credit card payment is due. If you have a bad memory, schedule reminders into your phone or keep a calendar. It may be helpful to set aside a specific date, such as the 1st of the month, where you work on your finances.
Download the app for all of your financial institutions and credit cards. Set alerts for when payments are due or when a transaction takes place on your account. The more aware you are, the more likely you are to prevent potential fraud from taking place on your accounts.
If you share an account with someone, make sure they are on board with whatever plan you come up with. If one person is concentrated on saving and budgeting and the other is not, this may cause problems down the line. Both sides should be aware and in agreement of what is going to happen with your finances.
To find more finance tips go to cypruscu.com