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Tip of the Month for December: Don't Leave Your Finances Cold!
from the ABA Education Foundation
Account for Your Spending: Keep Receipts and Data Secure
Keeping track of your receipts, paid bills and other important financial documents is very important. Taking time to organize these documents is just as important as developing a budget or setting financial goals. If you want to dispute a charge on a statement, keeping bills and documents organized will allow you to find the receipt or statement right away, and it might even save you money.
Late or missed payments often do not have anything to do with not having money; but a lack of organization. Failing to keep track your finances can cause you to forget about a bill or have to pay a bill twice because you couldn't find the receipt, and makes discovering identity theft more difficult. Use these tips to help sort out your finances and make your life a lot easier.
Start Filing
- Develop a system to file important documents and receipts.
- Share your filing system with other household members.
- Designate a time once a week to file.
Bill Paying System
- Select a bill pay system that is right for you.
- Keep all of your bills together in a central location.
- Designate one day of the week as your day to pay bills.
- Record paid bills immediately and store invoices and receipts.
- Utilize free online or electronic bill pay, offered by many merchants, banks and utility companies.
Securing Personal Information
- Make sure bills arrive as expected.
- Secure mailboxes with locks to protect mail.
- Shred bills or documents that contain personal information.
If you have questions or comments, e-mail the ABA Education Foundation.
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