Finance
Ten Steps to Organising
Your Finances Now
By Aaron Crotty
G
etting your finances in order is
always a good thing. However,
most of us don’t do it until
we’re motivated by a life event
like an upcoming wedding, the birth of
a baby, a divorce, a financial audit, or
a natural disaster. Fortunately, getting
your finances in order is not a difficult
task, especially if you follow these 10
steps.
1. Make a commitment
The first thing that you need to do is
to make a commitment to get your
finances in order and be ready to
follow through.
2. Order a credit report
Most people don’t give their credit
reports a second thought until they
are denied credit. Your credit history
plays a big role in many areas of life.
Try to review your credit reports at
least once a year.
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3. Gather financial
paperwork
5. Analyse your insurance
coverage
When you gather your financial
paperwork, include credit card, phone
and utility bills, bank statements,
insurance and mortgage payments,
and any other financial debts and
obligations that you are required
to pay on a monthly or yearly basis.
Determine
what
your
financial
obligations are, so that you can make
arrangements to pay down debt and/
or reduce your overhead if necessary.
No one likes to think disasters like fires,
floods, tornadoes, and hurricanes will
strike, but sometimes they do. That’s
why it’s important to make sure you
have homeowner’s insurance if you
own a home, or renter’s insurance
if you rent (it’s inexpensive and well
worth it). Remember that flood and
disaster coverage aren’t always
included in regular policies, so talk to
your insurance agent to ensure you
have the right disaster coverage for
where you live.
4. Organise financial
documents
Once you’ve gathered all your financial
documents, sort them by name and
place them into separate file folders
labelled with the name of the company
and the year. Keep tax returns (if
applicable) in their own folders and
label them the same way.
After The Bell
Life insurance might be offered
through your place of employment,
but if it’s not, consider speaking to your
insurance agent to determine whether
or not you need it. Life insurance is
also a good way to ensure your debts
are covered should anything happen
to you.