Tips on Organizing your Finances
By WesBanco Bank, Inc. Team
Organizing your finances can seem like an overbearing task. But, when you can see the big picture of where your money is going, you realize you may need to make some adjustments that can benefit you in the end. It’s ideal to start organizing your finances at the beginning of the year, or prior to the New Year, that way you are better prepared and have a good overview of your anticipated expenses for the year. But, then again, it’s also better late than never. So, here are some friendly tips you can use to help jumpstart your budgeting and get your finances organized.
Create a Budget
If you don’t have a budget, start by writing down your expenses in order of due date. That way you have a pretty good idea of what to anticipate for the month. There are also plenty of financial management tools available online that can help you with setting up a budget and start establishing savings goals. But, remember, it is important to review your budget at least once or twice a month and make sure you adjust your expense amounts as some vary from one month to the next.
Have Two Bank Accounts
The easiest way to keep track of expenses is to use two bank checking accounts. One account for discretionary spending (groceries, going out to dinner, gas, etc.) and use the other account to pay your bills (utilities, rent or mortgage, car payment(s), car insurance, etc.). This way you can prevent yourself from accidentally spending your bill money on a night out that should have gone towards rent.>
Bank Technology and Financial Resources are your Friend
With all the technology available, it is easier than ever to organize your finances. Most banks offer online and mobile banking that provide real-time account balances for items that have cleared. Technology provides convenience and the most recent banking convenience is mobile deposit. Most can access the mobile deposit feature through their bank’s mobile app to deposit personal checks to your account so the funds are available sooner.
Set Alerts
Typically, you already know when your bills are due and they are usually all due at different times of the month. But, it’s important to remember that holidays may cause changes to those dates. Set alerts on your smartphone calendar to remind you when your bills are due. Or, even better, use the bill pay feature of your online banking account to make sure payments are scheduled in advance and set up alerts to make sure you’re reminded of your payment and to confirm the payment went through.
Keep your Bank Statements
Keeping your statements organized is important. Whether you prefer them to be stored electronically or printed and kept separate in a manila folder, this can help you to easily access them if you need to go back and reference something.
We hope you found these tips to be helpful. Now, go on and get your budget and finance organization on. Feel free to reach out to your personal banker at WesBanco Bank, Inc. or another BBB Accredited financial institution to assist you or to get more information. They are always happy to help.