Organize Your Money

1. Keep Your Bills in One Place
When the mail arrives place it in one designated place. Misplaced bills can be the cause of unwanted late fees and can damage your credit.

2. Pay Your Bills on Schedule
Bill paying can be simplified by following scheduled times each month. You can establish set times each month when none of your bills will be late.

3. Take Advantage of Automatic Payments
Many 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.

4. Computerize Your Checkbook
Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook.

5. Sign up for Direct Deposit
On payday, the amount of your paycheck arrives in your account. You still should receive a payment stub from your employer for that period.

6. Get Overdraft Protection
For a fee, most banks can connect your checking account to a savings or credit card so bouncing a check may be avoided.

7. Cancel Unused Accounts
Whether it’s a credit card or bank account, write a letter requesting that the account is formally closed.

8. 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.

9. Establish Automatic Savings
This can be done through your banks and automatic amounts will be transferred over each month.

10. Organize Your Files
Make sure your paid bills are organized in a filing cabinet away from the rest of the house. Keep individual files for paid bills. Go through your files yearly and you may contact the IRS to see how long records need to be kept.