Having a system in place to ensure that your bills get paid timely is crucial in ensuring your money isn't wasted. There are many ways to go about it, and the first is to process your mail everyday. Whether you receive your bills via postal mail or e-mail, each must be accounted for and added to the organizing system created especially for them. A labeled folder, an expandable organizer or even a basket where all bills are dropped are good places to start. Paying bills online and setting up automatic withdrawals will also aid in making timely payments, may reduce interest charges, and eliminate the cost of supplies otherwise associated with bill paying.
Think of every statement or bill as an action item and assign the appropriate deadline within your bill-paying system. Use a calendar to jot down reminders and other pertinent payment information and never miss a payment again! I
f receipts are required for submitting expense reports or for tax deductions, keep them in a labeled envelope or folder that can be easily referenced. You don't need multiple bins or baskets or an elaborate filing system to keep track of it all, but do make sure that whatever system you choose works for you. You may also need to create some new habits, so keep this in mind as well and stick with it.
If you're spending money on duplicate (or triplicate, or more) items because you can't find what you thought you had, it's time to organize your belongings. Creating categories of things, deciding where they should be stored and using labels to identify the categories will not only help you and your family find things when they need to be found, it will make putting things away easier, too. More importantly, you'll stop wasting money purchasing things you already own.
And speaking of purchases, shop with a purpose. Whether it's grocery shopping or holiday shopping or anything in between, make a list of what you need - and stick to it - to avoid any impulse buys. And for goodness sake, don't buy containers before you go through the organizing process. That, for sure, will result in unnecessary spending.
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