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Money Management Shortcuts
5 Steps to Help Busy Parents Stay on Top of Their Finances By Cara J. Stevens
4. Set up a System When you get the mail each day, immediately separate the bills and put them in a designated place. "It is so important to put things in something that looks nice and that's organized and divided so you don't end up throwing things all over the place," Hirshman says. Plus, if it's not out of sight, it's not out of mind and you're less likely to miss a payment.
Set up your system so that everything is organized and has a place. For example, if you pay your bills biweekly, separate your bills in a double pocket folder so that you file the bills into what you will be paying this next round and then what gets paid at the end of the month, Hirshman says.
"I am definitely a procrastinator," says Evie Klein, an architect and at-home mom in New York City. "I turned my paperwork management into a game where I never touch a piece of paper twice." Klein pays all her bills online as they come in and then files them away.
"Filing is one of those dreaded organizing tasks that no one likes," Smallin says, so she advises her clients to minimize the amount of paperwork they have to file. "Most people make extra work for themselves without realizing it. For example, you don't need to hang on to the top portion of a bill unless you are using it as a tax deduction."
For bills that you do need to save, use file folders or an accordion file with monthly January through December tabs, so that if you are ever audited you'll have easy access to your bills with minimal filing hassle. At the end of each year, simply bundle the file with your tax return, and you'll have your documentation.
If you have th time and knowledge to manage long-term investments yourself, that's great, but if not, ask for professional assistance. "Hiring a financial advisor is like cleaning your bathroom," Hirshman says. "It's not that you don't have the skills or capability to do it, but when you don't have the time or the inclination, you can hire someone."
