Bills, Bills, Bills: Get Organized
BLACKSBURG, Va., Dec. 16, 2003 – So will you have time to relax after the holidays have ended? When the tree is taken down and children are contently playing with their new toys, will you be thinking about "what next?" Something lingers in the back of many people's minds—bills.
Now is a good time to get into the habit of daily organizing bills. You will experience less stress getting the bills paid every month and less last-minute rushing at tax time if you get the bills organized on a daily basis
"Pay attention to the kinds of information you will need for tax time and set these documents aside," said Irene Leech, Virginia Tech associate professor in the department of apparel, housing, and resource management. Having a small filing cabinet or a simple drawer is beneficial to the organizing process. Each time you check the mail, place all pending bills together in a designated file folder. Putting the bills together every day makes it easier to find them when you are ready to pay bills each month.
It is a good idea to designate a few days per month to pay your bills. Do all the bill paying on, for example, the 1st and 15th of each month.
Also, have a designated area to pay bills, such as a kitchen table or desk. Have all the necessary supplies available: your bills, checkbook, envelopes, pens, pencils, a calculator, postage stamps, and return address labels. Keep these supplies together in a drawer or a box at the place where you plan to do the work.
Always record paid bills immediately to lessen the chance of mistakes. Record these in your check or computer software register.
"If there is information for taxes on the bills, receipts and bank statements, be sure to save them," Leech said. After paying bills, place paid invoices and receipts into a folder. Mark your copy of the invoice with the date paid, check number, and the amount paid.
Keep cancelled checks and checking account statements from your bank in a folder until your bill paying date arrives, then reconcile your checking account. After that, keep the statements and cancelled checks together in a folder in case you need to find them when it is time to prepare your taxes.
Contact: Irene Leech
Virginia Tech
Department of apparel, housing, and resource management
(540) 231-4191
ileech@vt.edu
Contact: Michael Sutphin
Communications and Marketing
College of Agriculture and Life Sciences
Virginia Tech
(540) 231-6975
msutphin@vt.edu
Writer: Andrea Villarreal, senior from Chesapeake
Agriculture and Extension Communications intern
Virginia Tech
Department of English