Use these tips to get your organising off to a flying start!
Get the basics right - what income is the household bringing in, and what are your fixed outgoings each month? Know this and you will know what you have left for other spending, and you can set yourself and your family a budget that works for you
Class saving as a fixed outgoing - it is important to ensure you have savings in case anything unexpected happens. As a rule of thumb try and have 6 months work of your income saved at any one time. If the main earner in your family got the sack tomorrow then you need to know that you aren't going to struggle from day one. This will give you breathing space to work out a plan of action.
Pay bills on time and avoid late fees - money for nothing - set up direct debits will help with this and take away any stresses, and you also sometimes get discounts for doing so. Ensure if you do it this way that you check your bank statement each months so that you know the right amounts are being taken.
Harris Interactive reports that 23% of adults say they pay bills late (and incur fees) because they lose them
Avoid bank charges by spending to your means and not using your overdraft as much as possible
Keep a good credit report - you will then get more favourable rates on loans and mortgages, ultimately saving money in the long run
Don't think that not getting insurance will save you money - you are right that you may never need to make a claim, but what if the worst happens and you do? If the main earner became very ill and couldn't work, it would be much less stressful to be able to claim critical illness and be able to carry on as you are than having to change your lifestyle dramatically as well as coping with the news. Think of what you would do if the worst happened, and make sure you prepare. Insurance is never a waste of money. Shop round for good deals also.
For self employed people - keep all receipts so taxes are easy to do each year - keep them in a folder on the monthly basis so you can always put your hands on what you need. You need to keep 7 years of paperwork when you are self employed - so ensure you have the storage space and that it is secure.
Online banking can help you keep up to date with whats going on and is accessible 24/7
To be environmentally friendly, ask for paperless billing - just ensure that you check amounts are correct on your bank statement each month (this will save time opening post and space filing)
Shred any financial information you are getting rid of - be aware of identity theives etc.... better to be safe
Are you spending more than you earn? Prioritise debts and pay off as quickly as you can, make cutbacks now for a better future. Try and only pay for things with cash - then you can see exactly how much you are spending - and you can then only spend what you have.
Consider having 2 bank accounts - one for all income and fixed outgoings to come out of, and for savings - and then one that is purely for you to spend on other items. Set up an amount that you can afford each month and put it in this account via direct debit. You will then know that everything in there is to spend, and you won't worry so much about spending something you will need later.
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