Wednesday, April 01, 2009

5 easy steps to get organised and save money (1)

April is Financial Literacy Month.

Every Wednesday this month I'm going to share a quick tip to help you organise your finances.

Did you know that being organised saves you money?

  • You waste money buying duplicates of items you didn’t know you had
  • You waste money on late charges because you can’t find the bills you need to pay, or you forget to pay them on time
  • You also waste money not deciding in the store where you should store the item you’re thinking of buying, and then not using it

So now that you know why you should get organised, let’s discuss some practical tips to show you how you can get your finances organised.

It’s a big myth that organising is difficult and time-consuming.

Yes, you do have to take some time initially to set up your system but unless you want to make things really complicated, it’ll only take you about 15 to 30 minutes.

1. Put all bills to be paid in a specific folder

When you bring in the mail, throw away the junk mail and envelopes immediately and only keep the actual bill in a dedicated plastic see-through envelope in a specific place. Arrange the bills in order of when they have to be paid so that the one facing you is also the most urgent bill.

This way you and the rest of your family always know exactly where to find all the bills.

Where do you store your incoming bills?

If you need help getting your finances organised, check out 10 steps to your financial freedom now.

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