Organization...

[sarcophagus]

This may be in the wrong forum...

I need some advice on organizing finances. I've tried using software and I hate it. I'm the pencil and paper type, bring on the calculator!!

However, my system is terrible, it worked for the first bit then i stopped using it. I now find myself writing every single detail in the same notebook in random places, which isn't any better.

How do you organize you finances? I need some Inspiration!!

[bg]

I have tried: quicken, notebook, ynab (you need a budget) and excel. My home brew excel spreadsheet and notebook works for me. My spreadsheet is still a work in progress, but I know where everything is, and if I need a feature, I add it.

[Mom23boys]

I know most of the people here use a software program. I have tried computer software, but the old fashioned pencil and paper works best for me. I can sit at the table with my calendar and write down our pay dates for the month and what bills are due when. I can then put each bill with a pay date. As I pay the bill, I mark it off for the month. I always plan a few months ahead.

[3pups]

I don't know if this helps, but I just use the calender and a highlighter. As soon as I get the bills in the mail I post them on the board next to my computer. I take the calender (also next to my computer and I write all the bills for the month on it and highlight them in pink. Paydays are highlighted in green, birthdays and anniversaries are in yellow and any appointments are in orange. It looks like a rainbow, but I can just look at the board and see which bills are do next and I write them out and mail them off. It might seem silly, but it keeps me from losing my sanity. I don't forget any bills, because I know it's been mailed if it's off the board! Good luck!

[3-boys-4-me]

I know most of the people here use a software program. I have tried computer software, but the old fashioned pencil and paper works best for me. I can sit at the table with my calendar and write down our pay dates for the month and what bills are due when. I can then put each bill with a pay date. As I pay the bill, I mark it off for the month. I always plan a few months ahead.

That's exactly what I do. Works best for me, less confusing.

[Seraph]

I used just about everything on the market and finally ended up with creating a spreadsheet in Excel. So far that's working best for me, but my husband keeps poking at me to write my own practical budget program.

[tbs727]

i use excel. that way I can use formulas and everything adds and subracts itself. If you PM me, I would be happy to email you a copy of my budget ( I will blank out my numbers)

[Fritzie]

I've used the Quicken program on one of our computers that
has since bit the dust so what I did to replace it was go to Rite Aid
and get a Ledger Cash Book and a peecee size Home Finances Organizer
for all the receipts. I keep it all in a bill organizer from Ross and my
calendar and calculator so everything is handy. Every month I
write out a budget on paper to go over with my husband then when
we get the paycheck as I pay the bills (with online banking) I mark
them in the cash book and file the receipts. I've also been keeping
all my grocery reciets and at the end of the month I tally up all the
totals. I record all income and savings too on the monthly page of
the cash book. Its been really fun looking back over the months to
see improvements. Since December 2005 we've paid off all our credit
cards plus we will pay off our Jeep by the end of this month and then
in about 3 more months our Honda should be paid off then on to saving
for a down payment on a house. Its been exciting seeing the progress
on paper!

[SammeyG]

Thank you sacrophagus for starting this thread. I am like you in this matter. I have got alot of useful tips in this thread. I think that I am going to try some of these tips. I am a pen and paper person myself so I think that I will try a ledger to see if that will work for. Thanks for all the tips.

[bee9984]

This is an article by David Bach. The article is called; Getting Your Financial Life Sorted.

I found this helpful there are two pages.

http://finance.yahoo.com/columnist/a...llionaire/3295

Page 1

Getting Your Financial Life Sorted
by David Bach
Utility Links

Printable ViewEmail this PageTuesday, March 28, 2006
Even in this era of Internet banking and easy-to-use financial software, you probably have a jumble of bills, various piles of credit-card statements, and a variety of financial accounts. Don't worry; you're not alone. But until you get your finances organized, you can't start creating financial security -- and ultimately reaching your financial dreams.


The good news is that it only takes motivation and a few minutes of your time to get started. To get organized, you need to find your "financial stuff." Get about a dozen hanging folders and a box of at least 50 file folders to place inside. Label the hanging folders as follows:


Tax Returns


Inside this folder, include eight file folders, one for each of the last seven years, plus one for this year. Mark the year on each folder's tab, and place in it all of that year's important tax documents, such as W-2 forms, 1099s, and a copy of all the tax returns you filed for that year.


As a rule, you should keep old tax records for at least seven years in case the IRS wants to audit you. I recommend holding onto them even longer, but that's up to you.


Retirement Accounts


This is where you'll keep all of your retirement-account statements. Create a file for each retirement account that you hold, especially the quarterly statements. You don't need to keep the prospectuses that the mutual-fund companies mail you each quarter.


However, if you have a company retirement account, you should definitely keep the sign-up package indefinitely because it tells you what investment options you have -- something you should review annually.


Social Security


Put your most recent Social Security Benefits Statement in this folder. If you haven't received one by mail, request it online at www.ssa.gov [http://www.ssa.gov/]. You should receive an updated statement every year so be sure to file the most current document.


Investment Accounts


In this folder, put files for each investment account you have that's not a retirement account. If you own mutual funds, maintain a brokerage account, or own individual stocks, each and every statement you receive should go in its own labeled folder.


I recommend holding onto all of these transactions for at least the past seven years as they may also impact your income taxes.


Savings and Checking Accounts


Keep your monthly bank statements here. Even though many banks now offer online access to these records, it's safest to also store printed receipts of used checks and your savings statements for the past three to seven years. If you ever have a dispute about any of your accounts or need to document that a payment was made, these printed records will help you.



Household Accounts


If you own your own home, this should contain the following file folders: "House title," "home improvements" (where you'll keep your receipts for any home improvement work you do, which may impact your future taxes), "home mortgage" and "utilities." Hold onto these records indefinitely; they will be invaluable should you decide to sell your home.


Credit-Card Debt


Capitalize the word DEBT on this label so that it stands out and bothers you when you see it. My hope is that this won't be one of your larger hanging folders.


Create a separate file for each credit-card account you have. Keep all your monthly statements in the files. You should hang onto these records for at least a year, but I recommend longer if you use your credit cards for business expenses or to track tax write-offs.


Other Liabilities


This covers any records dealing with debts other than your mortgage and credit-card accounts. This includes college loans, car loans, personal loans, etc. Each debt should have its own file, with each file containing the loan note and your payment records. Keep these records at least until the debt has been paid in full.


Insurance and Medical Records


This should contain separate folders for each of your insurance policies, including health, life, car, homeowners or renters, disability, long-term care, etc. Keep these records up to date every year with the most recent policies and payment history on file.


Family Will or Trust


This should have a copy of your most recent will or living trust, along with the business card of the attorney who set it up. You should review these documents every few years, or when a life-changing event occurs, such as having a child or getting married.


Children's Accounts


If you have children, this file should hold all statements and records pertaining to college savings accounts or other investments that you have made for your kids.


Spend an hour on this project, and you'll feel great about the progress you've made. You're working toward organizing your financial life, and that's a major step closer to achieving financial security.


Page 2

Getting Your Financial Life Sorted
by David Bach
Utility Links

Printable ViewEmail this PageTuesday, March 28, 2006
Even in this era of Internet banking and easy-to-use financial software, you probably have a jumble of bills, various piles of credit-card statements, and a variety of financial accounts. Don't worry; you're not alone. But until you get your finances organized, you can't start creating financial security -- and ultimately reaching your financial dreams.


The good news is that it only takes motivation and a few minutes of your time to get started. To get organized, you need to find your "financial stuff." Get about a dozen hanging folders and a box of at least 50 file folders to place inside. Label the hanging folders as follows:


Tax Returns


Inside this folder, include eight file folders, one for each of the last seven years, plus one for this year. Mark the year on each folder's tab, and place in it all of that year's important tax documents, such as W-2 forms, 1099s, and a copy of all the tax returns you filed for that year.


As a rule, you should keep old tax records for at least seven years in case the IRS wants to audit you. I recommend holding onto them even longer, but that's up to you.


Retirement Accounts


This is where you'll keep all of your retirement-account statements. Create a file for each retirement account that you hold, especially the quarterly statements. You don't need to keep the prospectuses that the mutual-fund companies mail you each quarter.


However, if you have a company retirement account, you should definitely keep the sign-up package indefinitely because it tells you what investment options you have -- something you should review annually.


Social Security


Put your most recent Social Security Benefits Statement in this folder. If you haven't received one by mail, request it online at www.ssa.gov [http://www.ssa.gov/]. You should receive an updated statement every year so be sure to file the most current document.


Investment Accounts


In this folder, put files for each investment account you have that's not a retirement account. If you own mutual funds, maintain a brokerage account, or own individual stocks, each and every statement you receive should go in its own labeled folder.


I recommend holding onto all of these transactions for at least the past seven years as they may also impact your income taxes.


Savings and Checking Accounts


Keep your monthly bank statements here. Even though many banks now offer online access to these records, it's safest to also store printed receipts of used checks and your savings statements for the past three to seven years. If you ever have a dispute about any of your accounts or need to document that a payment was made, these printed records will help you.



Household Accounts


If you own your own home, this should contain the following file folders: "House title," "home improvements" (where you'll keep your receipts for any home improvement work you do, which may impact your future taxes), "home mortgage" and "utilities." Hold onto these records indefinitely; they will be invaluable should you decide to sell your home.


Credit-Card Debt


Capitalize the word DEBT on this label so that it stands out and bothers you when you see it. My hope is that this won't be one of your larger hanging folders.


Create a separate file for each credit-card account you have. Keep all your monthly statements in the files. You should hang onto these records for at least a year, but I recommend longer if you use your credit cards for business expenses or to track tax write-offs.


Other Liabilities


This covers any records dealing with debts other than your mortgage and credit-card accounts. This includes college loans, car loans, personal loans, etc. Each debt should have its own file, with each file containing the loan note and your payment records. Keep these records at least until the debt has been paid in full.


Insurance and Medical Records


This should contain separate folders for each of your insurance policies, including health, life, car, homeowners or renters, disability, long-term care, etc. Keep these records up to date every year with the most recent policies and payment history on file.


Family Will or Trust


This should have a copy of your most recent will or living trust, along with the business card of the attorney who set it up. You should review these documents every few years, or when a life-changing event occurs, such as having a child or getting married.


Children's Accounts


If you have children, this file should hold all statements and records pertaining to college savings accounts or other investments that you have made for your kids.


Spend an hour on this project, and you'll feel great about the progress you've made. You're working toward organizing your financial life, and that's a major step closer to achieving financial security.

[bee9984]

I tried to edit my above post as it appears that I double posted it but when I tried I received a message stating that I only had 5 minutes to edit my post after posting and that my time was up....or maybe I misunderstood?

Anyhow, sorry about that

[pammy]

I'm usually the computer geek but for the ole finances I'm pen, paper and calculator all the way! It's my recent favorite pasttime, all spread out on the bed while something is playing on the tube. Hope you find something that works well for you soon.

[AmyBoz]

We use Quicken and like how it tracks everything for us.