Think you have to be some sort of Martha Stewart of money to have organized finances? Think again, say Chicago bankruptcy attorneys.
I used to put off organizing my money because I thought I'd have to count each and every penny or receipt - that just didn't seem attainable. But I've since learned that keeping financial records doesn't have to be complicated - it's when you don't keep track of your money that things get difficult. By making a few simple changes this fall, you can make paying the bills and managing debt a heck of a lot easier next year - and into the future.
Receipts
No one likes sorting through several months' worth of junk mail, coupons, receipts and other paper to make a budget or do your taxes. It's exhausting - and discouraging. But if you get in the habit of putting your financial documents in a designated place, most of the sorting will already be done for you. For me, a shoebox on the corner of my desk works fine. More meticulous folks might prefer a binder divided into months. If one system doesn't work, try another until you find one you'll actually use.
Records
There's nothing wrong with jotting down every purchase in a notebook, if that's what works for you. Personally, I don't have the time - or patience - for pen and paper. That's why I rely on Mint.com. It automatically pulls information from my credit cards and bank statements, and each week (usually Sunday evening) I update my transaction list with my receipts (which are conveniently waiting for me in that shoebox). Spreadsheets like Excel or Quicken work just as well and, in my opinion, might be easier to navigate - you just need to manually enter the information from your statements.
Simplify
It's easy to miss payments when you've got a million different bills arriving at all times of the month. Can you pare down your obligations? For instance, bundling your phone, Internet and cable can sometimes get you a better rate - and one bill instead of three. Consider closing accounts you don't use - if you don't want to affect your credit score, simply cut up or stash the unused cards (just because you have an account, doesn't mean you have to use it). Does your bank offers free online banking? Set up automatic payments for your bills.
Worried that you can't afford automatic payments? Are your credit card balances too out-of-control to track? Maybe the problem isn't lack of organization, but too much debt. In that case, bankruptcy might be the tool you need. Find out if bankruptcy can help you lower debt and start with a clean slate this fall when you try a free personal debt analysis with a Chicago bankruptcy attorney.
