Wednesday, October 1, 2008

How to Organize and Manage your Money

Organization is the key to a better life. Organizing things definitely saves a lot of time and money. It avoids unnecessary tension and our life seems a lot in our control but it’s all easier said than done.. Organizing money and finances can be quite overwhelming and of course requires a lot of commitment.

but the truth is tracking every penny you spend can save you some more and can give you peace of mind.. Most of us don’t keep track of our daily spending, many times we forget to pay bills on time and we don’t care where those coins are going that get collected in the form of change.

There are few Steps that can help you organize your finances-
  • Effective filing system is very important to remain on top of your paperwork and finances. I personally like presentation folders for most of paperwork but- to each his own.
  • Paying all the bills online and setting automatic payment reduces paperwork and late payments to a great extent.
  • Another good idea would be buying a coin collector or coin counter kind of
    thing. That way your coins will be in one place and you would know how much they
    are adding upto..It worked for me at least.
  • Choosing personal finance software is a great idea too as you can keep track of your money with the help of reports and graphs. They include features like online portfolio management, online bill payments. They can also help you with your taxes, budgeting and
    investing. For example Quicken data can be automatically transferred into turbo
    tax to reduce data entry. Some of the personal financing softwares are -
  1. Microsoft money
  2. Quicken
  3. Money dance
  4. TurboTax

Its a good idea to first download and try a trial version and see which one works for you best.

If you like you can read more about personal finance software and their reviews onthe internet.