by: Michael Saunders
In order to save money, budget for the unknown, and keep from going into debit, you'll have a very difficult time knowing what to estimate for these expenses if you don't keep good records. Record-keeping may be one of duller ways to spend a rainy Saturday, but it really pays big dividends when you need quick access to important financial information.
Personally speaking, I'm pleased to be able to say that I can find the receipt for any purchase - no matter how small - for the last year and bigger ones for much longer. This practice may not be the most of fun of activities, but I am organized. Having a good system that works for you for keeping records such as policies, receipts, and such can save time, money, and frustration.
How can you accomplish this feat? I'll tell you: Any way you want. A number of perfectly good record-keeping methods and products are available, so pick one you like - or choose parts of various ones and put them together. Here are a few guidelines to offer:
1. Keep all your stuff in the same place or general area, such as a desk, cabinet, or closet.
2. Have some way of breaking down the information by subject: bank statements separate from investment statements, credit card statements separate from utility bills, and so on. (continued...)
Keeping Good Records is Important to Your Financial Well-Being
About The Author
“I think, by 2018, there’s an opportunity for New Orleans to be viewed around the country, around the world, as a hub of entrepreneurship for the South,” says Tim Williamson, the CEO and cofounder of incubator The Idea Village, referring to the year the city will celebrate its 300th anniversary.