How to Get Your Personal Finances Organized. There are many ways in which you can establish financial health in your personal life. These ways have one common ingredient: self-discipline. No method will work if you are not consistent in forming and maintaining good earning and spending habits. If you are serious about getting your personal finances in order, consider the following steps.
Steps.
1. Create an organized filing system. Divide your financial life into various categories: bills, pay stubs, and receipts, for example. Keep everything in chronological order so it can be accessed easily.
2. Clean up your bank and credit accounts. Don't let inactive accounts remain open. They just clutter your financial portfolio and could harm your credit.
3. Limit your bank accounts. Keep only those you need and actively use. Some people may need just one account. Others may prefer to break their finances into savings, checking, and emergency funds.
4. Limit the number of credit cards you hold. Maintaining several cards can tempt you to spend more than you would otherwise. Whatever cards you use should never carry a balance from one month to the next. Pay them off every month, or at the very least pay the required minimum amount each month.
5. Take control of your spending by establishing a budget. Make a list for grocery shopping, and stick to it. Keep all your receipts, and take note of each expenditure. Don't be one of those people who say, "I don't know where the money's gone!"
6. Put most of your purchases on credit cards. If you are comfortable carrying cards, and you are disciplined about paying them off every month, put your purchases on cards. There are two reasons for this:
The monthly statements will show you exactly what you've spent
Most cards offer monthly rewards in the form of discounts, cash back, or gifts. If you can find a card that gives you an instant discount every month, that's probably the most practical reward available (probably not the most "fun.") Just make sure that you don't purchase beyond your budget. Let that budget, not your credit limit, determine how much you spend.
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