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How to Organize Your Finances

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If you’re credit is stopping you from buying your own house, and you feel that you’ll be renting forever, it can be overwhelming, and often deflating. However, there are ways that you can help yourself get back on your feet, and once you’re there, stay there. One of these ways is to organize your finances – after all, it’s a lot easier to manage your debt if you’re on top of all your other commitments. Therefore, if you really want to get back on track and eliminate your bad debt, starting to take hold of your finances is a great start.

First Things First

The easiest way to keep track of your finances is to keep them all together. For instance, if you have a computer, set all your comings and goings up on an Excel chart. Things like rent, tax records, anything that has an impact on you financially. Not only does this help you keep track of all that you owe, it’s a visual reminder of when they should be paid as well.

Additionally, keep a Manila folder where you can store all your hard copy details as well. Some of the information you may want to keep track of includes:

	Bills and invoices
	Tax receipts and relevant tax forms
	Your credit reports and scores when you last had a report carried out
	A back up plan on how you’d deal with losing your job or anything else that affects your ability to pay your bills
	Your current bank details, balance, etc
	Any loans, credit card statements, store card invoices, etc
	How much you need to pay each month to get where you want to be
	Insurance forms and healthcare premiums

Basically, what you’re trying to achieve is clearing your debt and being able to move from renting your own home to buying one. To help you get there, knowing what you currently owe and what steps need to be taken to clear that will be easier if you can compare these two lists side-by-side at a glance. This is where having a spreadsheet or folder with that information can help.

Another trick you can use is to keep all relevant paperwork together in separate folders. So, for example, your tax reports can be in one; your bills can be in another; your credit payments in yet another. Keeping everything clear and separate like this allows you to manage all your payments far better, and will help you get back into good credit sooner than you think.

If you need help on arranging your finances, whether it’s simply to work out how to arrange a plan or more specialist information, we can offer expert advice and help with your long-term plans.

And when you get into one of our homes we actually have classes that are FREE where you can come and learn how to budget. This is just one of the many topics that we cover in our monthly classes.

Lori Jake
EZQualDreamHomes.com
Swiftcurrent Investment Group, LLC

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