Guest Post: Simple Ways to Keep Your Finances Organized
This is a guest post by Mr. Credit Card from Ask Mr. Credit Card. Today, he shares practical ways to keep your finances organized. If you are searching for a credit card, check out his Best Credit Cards section for useful options.
Staying organized with money sounds simple, but it often feels difficult. Over time, I have tried many methods that actually work. Below are the ones I still use today and recommend.
Set Monthly Bills on Autopay
Paying bills manually can be time-consuming. Utility bills, phone bills, internet charges, credit cards, and mortgages all add up. To save time, I place most bills on automatic payment.
You can set this up through your bank or directly with the service provider. I also charge some utility bills to my credit card to earn reward points.
Even with autopay, I still review every bill. This helps catch mistakes early. Just make sure your checking account has enough balance to avoid overdrafts.
Keep Warranties in One Place
Many people lose warranties and instruction manuals. I used to do the same. Now, I keep all warranties and manuals in one box.
I rarely need them, but when I do, I know exactly where to look.
Organize Insurance Policies and Legal Documents
Insurance papers and wills are easy to forget. I keep all of mine in a separate file. This includes health insurance details and policy documents.
When I need to review coverage, I can find everything quickly.
Use Clearly Labeled Files
I organize my statements in bright-colored folders. I still receive paper statements and file them right away. This system helps me stay consistent and avoids clutter.
Track Expenses With Quicken
I use Quicken to track personal and business expenses. My CPA suggested it to make tax preparation easier. Since switching, managing finances feels much simpler.
I also set up expense categories based on Schedule C (Form 1040). This saves time for my accountant and reduces errors.
Separate Business and Personal Credit Cards
Using one card for both personal and business expenses can cause confusion. I learned this the hard way.
Now, I use a dedicated business credit card. I chose the American Express Plum Card. It offers cash back for early payment and flexible spending limits. This keeps my records clean and accurate.
Track Autopay Accounts Carefully
When you switch credit cards, update all autopay accounts. Some vendors may still charge your old card.
I had to update services like my web host, Google, and internet provider. Keeping a list helps avoid missed payments.
Monitor Investment Performance
If you invest, track your portfolio regularly. Use one platform to review performance across all accounts.
Knowing your annual return after fees is an important part of staying financially organized.
Final Thoughts
These are the methods I use to stay financially organized. I hope some of them help you too.
One area I still struggle with is receipts. I am considering scanning them using tools like Neat Receipts, but I am not fully convinced yet. If you have a better system, I would love to hear it.
