Getting Financially Organized Edit 2

When it comes to managing our finances, sometimes we can feel a little overwhelmed and not know where to start. A great way to be financially successful is to be financially organized! Take some of the guesswork out of your money management with some of our tips and tricks.

Create a budget you can stick to.
Budgeting is your foundation for financial success, and it will help set your priorities so that you can reach the goals you’ve set for yourself and your family. Start out with your income (focus on take-home pay, not your gross salary). If your paycheck tends to fluctuate, choose a number at the low end of that range. Next, list out your expenses, and look for areas where you can cut. A great rule of thumb is to follow the 50-30-20 model – put 50% of your paycheck toward essentials, 30% toward lifestyle and 20% toward savings and debt repayment. Whether you prefer a traditional spreadsheet or an app like Mint, find a method of tracking expenses and budgeting that works well for you. You can check out more of our budgeting tips here.

Designate a place in your home for financial documents.
If you have a lot of financial documents at home, you may want to invest in a file cabinet to keep them organized and safe. Consider scanning documents onto your computer to have electronic copies, or go paperless with online statements to cut down on mailed bills. This is not only more eco-friendly, but it will also reduce your vulnerability to identity theft.

Shred old documents you no longer need.
To dispose of documents with sensitive information, you’ll need to do more than just toss them in the trash. Shred these documents at home, or look for a free Shred-a-Thon event in your community so that you can safely get rid of anything you no longer need. Identity thieves can get ahold of your information by sifting through your trash, so be careful not to throw out anything with account numbers or other sensitive information without properly shredding it first. 

Make technology your friend.
Opt into mobile or online banking, sign up for text alerts with your financial institution, and set reminders on your phone to stay on track with upcoming bills. Your phone can help you streamline your finances based on your individual needs.

Create a “Facts of Life” book.
Described as a “Facts of Life” book by happiness and habits expert Gretchen Rubin, this is a helpful resource for organizing your financial, legal and medical paperwork should anything ever happen to you. Although the topic can feel morbid to think about, it’s important for us to keep this information accessible to our loved ones in case of emergency. You can read more here about what to include in this type of book and how to get started on your own.

Getting your financial life in order doesn’t have to mean reinventing the wheel. Take each step one day at a time and look for ways to simplify based on your needs. By getting financially organized, you can minimize stress in your life and create healthy habits that will help you out in the long term.

Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust.

 

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