Some suggestions for getting household finances organized
BLACKSBURG, Va., Jan. 18, 2006 – Keeping household finances organized is important and the beginning of the year is a good time to start.
Here are a few suggestions for getting organized from Celia Hayhoe, Virginia Cooperative Extension family resource management specialist at Virginia Tech and a Certified Financial Counselor.
Designate an area to pay bills, such as a kitchen table or desk.
Have all the necessary supplies: 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.
Put bills in a specific place as soon as they are received. Having a small filing cabinet or at least a drawer makes it easier to avoid misplacing the bills. Each time you check the mail, place all pending bills together in that place.
Plan to sit down and pay bills at a specific time. Set aside a few days per month, for example, the 1st and 15th of each month, to pay your bills.
Always record paid bills immediately to lessen the chance of mistakes. Record these in your check register or computer software program. After paying each bill, place paid invoices and receipts into a folder. Mark your copy of the invoice with the date paid, check number, and the amount paid.
If there is information for taxes on the bills, receipts and bank statements, be sure to save them.
Always reconcile your checking account when the statement from your financial institution arrives. Keep checking account statements in a folder in case you need the information when it is time to prepare your taxes.
Contact: Michael Sutphin
Communications and Marketing
College of Agriculture and Life Sciences
Virginia Tech
(540) 231-6975
msutphin@vt.edu