There are a number of ways you can organize records for purposes of making sure all financial data is in a few locations that can be quickly and easily accessed in order to know the data that should be used to periodically complete net worth statements and household budgets (giving-saving-spending plan), and to find current and past financial account information when needed.
1. Gather all the creditor billing statements (including utilities, etc.) that you have laying in piles on your tables and in drawers around your house. Make sure you at least have all the latest billing statements from all your creditors. For recordkeeping ease, put all billing statements in one filing system. Copy each billing statement creditors send you electronically each month. You may have to contact creditors to get copies of each billing statement so you have them all.
2. On a table, arrange each billing statement by day of each month on which payment is due from the 1st thru the 31st. When the payment due date fluctuates each month simply use the day of the month that tends to be the earliest ever requested by the creditor. For example, if your electric utility payment is generally due anywhere from the 12th to the 17th, then use the 12th as the payment due date for recordkeeping and budget (giving-saving-spending plan) purposes.
3. Once arranged in the above order, put all the bills in a filing system with tabs at the top of each folder / divider that shows the above noted day-of-the-month order for arranging records. The tab at the top of each folder / divider should be labeled with its own date from the 1st thru the 31st. as well as the name of one specific creditor’s billing statements that will be placed in that folder or behind that divider tab. When more than one creditor’s payment due date occurs on the same date then you should have that same number of folders / dividers with the same due date but different creditor names on them. For example, 1st-Home Mortgage, 1st-Car Note, and 1st-Cable subscription.
4. You only need days of the month recognized on folder / divider tabs when a payment is due on that date from at least one creditor. So, if the next date on which a payment is due is the 5th of each month, then your next folder / divider tab should be similar to 5th-MSUFCU Visa.
5. You should keep the billing statements for each creditor in January through December order during each billing year, so you know the last one received is always the one for which payment is due or payment has been made. Keep at least one year of consecutive billing statements and you can usually get rid of any billing statements older than one-year.
6. You should put a monthly recurring appointment reminder on your computer calendar or smart phone calendar that reminds you by email or text of each creditor’s payment due date at least seven days in advance of the payment each month to ensure you do not miss checking your budget and paying the bill on time.
7. When you get calendar email or text notification that a payment is due, immediately refer to the latest billing statement for that creditor in the filing system to either write a check and mail it, or use the phone payment option, or use an online payment option.
This recordkeeping system provided organization you need to identify (a) the consistency of each month’s payment due date for each creditor, (b) the amount due over the past year for each creditor, and (c) other data that will be helpful in charting your financial future via ongoing monthly budgets (giving-saving-spending plan) and periodic net worth statements. Without it or a similarly organize system you will make mistakes in timing and with money that will cost you dearly over the years by keeping you in financial bondage and outside of the wealth building process. Tune in to the next article to find out more about organizing other financial records.
Please pray for this ministry, email me with any questions, and contact me to speak at your business or ministry conference or workshop. May the LORD bless you richly as you follow His plan!
Proverbs 27:23-24, Isaiah 55:10-11, Luke 14:28-30, 2Corinthians 8:12, 20-21, 9:10
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