"Organize to Simplify" Monthly Financial Checklist By Susan W.
Miller
1. Select a monthly or twice-monthly date for handling all
paperwork, and to meet your financial obligations. You may find
this works better if you select one day a week and stay on top
of things that much better.
2 Gather all supplies and equipment before you sit down to deal
with the paperwork. Typical things include pens, file folders,
checkbooks, stamps, labels, and calculator.
3. Sort all papers into five piles. These will eventually go
into five financial folders: a. Banking b. Bills to pay c.
Payment booklets for fixed obligations d. Sales slips and cash
register slips e. All other statements, such as insurance and
investment notices
4. Balance your bank statements with your checkbooks. Follow the
directions on the back of the statement if you are not sure how
to balance the account. Put the reconciled statements in a file
folder or binder labeled by name of the account.
5. Write checks for the bills and update your expense projection
on expenses that vary from month to month. Keeping this
information current allows you to have a better idea of what to
expect.
6. Create a file folder for each month of the year. Be sure to
label each folder with the month and the year, or by name of the
particular account. Collect the bill stubs and sales slips and
put in appropriate folder. File in the same drawer as the bank
statements.
7. Review insurance and investment notices, noting any changes
or transactions. Premiums have a way of increasing over time.
8. Create a separate file folder for the bill stubs, canceled
checks and any other documentation needed to support your tax
return if you itemize your tax returns. File it anyway if you
are not sure. You will gain confidence and knowledge in what to
keep and what to throw away. Remember, organization is being
able to find what you want when you want it, get things done,
and be in control of your life. If you are going to keep
something, give it a home, label it with a common sense heading,
and keep all records/folders in one location. Otherwise, feed
your trash can.
© 2002, Susan W. Miller, All Rights Reserved
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