“Little organization of your financial life could be very good for your budget. Lack of organization can harm your finances as much or more than being short on cash. Not keeping track of your personal finance can cost you some additional charges. Money, or the lack of it, causes a lot of undue stress. Few people have a firm grip on their personal financial situation, and those who do rarely arrived at economic stability by chance. It takes a keen awareness of one’s lifestyle, some planning, and a little discipline. But anyone can get there with the right tools and the right attitude.”
Summer is here. Daylight stretches late into the evening and the daily grind loosens up as business slows down to let everyone soak up the sun.
Given the slower pace life seems to take over the next two months, it’s a good time for people to take a look at their finances and make sure they’re on track with their goals.
If financial organization has been a struggle for you throughout the year, now’s a good time to take another stab at it. Here’s a list of seven steps towards an organized financial life.
Step 1 – Make the decision
Choose to be organized and make it a priority. When people turn a should into a must, they’re more likely to follow through.
Step 2 – Have all the information
An individual who is potentially financially organized needs to assess where he/she stands. This includes knowing his/her monthly expenses, income, and overall net worth in order to produce a personal balance sheet, a cash flow statement, and any insurance coverage…