Financial Organization 101 | 04.04.08

Posted in Student Credit By Student Loan Network Staff

Financial Freedom

Six things you need to know to help keep your financial affairs in order!

1. Three ring binder: You should have a place to house your check book, savings account, car payment vouchers, pay stubs, address labels, stamps, etc. Disorganization leads to untimely payments, late fees, and a lower credit score. Get your financial bible together.

2. Inserts / Folders: It’s important to keep your paperwork compartmentalized. If you have everything located in one folder you’re more apt to overlook something. Break it down in a clear concise way that makes sense to you.

3. Calculator: Avoid making simple arithmetic errors. You can even get one of those ultra cool paper thin calculators that can click right into your three ring binder.

4. Make a date: Set aside 10-15 minutes per week to review the new bills that rolled in for the month and send them off if you can. Sometimes you may need to wait an extra week if you are paid biweekly, but it is still good to keep weekly tabs regardless.

5. Emergency envelope: Place $50.00 in an envelope for emergency situations. And no, that ice cream fix on a Saturday night does not constitute an emergency.

6. Budget Lists: These are good for all occasions. It’s never too early to begin saving. You can even start your holiday savings now! If you toss $10 a week to the side you’ll have $400 for Christmas presents. $10 per week is a much easier bill to swallow than a large credit card bill in January which is accruing interest. By then you are just waiting for your tax refund check to pay it back.

Get off on the right foot and get organized now.  The more time you let slip by without having an organizational strategy the more problems you open yourself up to.  Affairs can be dangerous, but financial affairs don’t have to be.

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One Response to “Financial Organization 101”

  1. Crystal says on April 6, 2008 at 4:13 pm:

    Thanks for the helpful tips. I had not thought about any of that. I am going to the store to get started right now. Again THANKS!

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