Keeping track of your finances is obviously important and to stay organized and on top of your household budget, it’s vital that you find a way to stay organized that works best for YOU.
Think of your household as a business. Do you know your monthly income off the top of your head? How about your mortgage or car payments? If you don’t know these numbers then you need to get organized.
Binders are all the rage and an easy way to have a paper record of your finances. Some people have multiple binders for household budget & receipts, investments and bank statements but again, find a method that works best for you.
You can add plastic sleeves inside the binder to hold your bills, calculator and pencils, checkbook, receipts, 3-hold punch or statements. This is a great solution if you have cramped living quarters or don’t have a separate place to keep your bills.
Some might consider binders to be too bulky but they’re a great way to keep the massive amounts of paper organized. You just never know when you might need to pull a receipt or look up how much your electric bill was last month.
If you’re not a fan of binders, there are plenty of reputable computer programs available that will connect to your bank account via the internet and update your finances automatically. Of course, you still need to enter the checks you write manually so the balance is accurate but for the most part the work is done for you in terms of updating your balance.
The downside is these programs are not free and you have to feel comfortable allowing this transfer of financial information to be done online. It also requires you to login at least once per week so you know what your balance is and what checks or automatic payments have posted to the account.