4 Steps To Follow In Organizing Your Finances
By Bruce Taylor
Maybe a shoe box under the table commode or a drawer stuffed full of receipts and papers has been enough to get you by in the past, but if you're serious about getting ahead with your home loan, it pays to get organised.
Make sure your records are stored somewhere secure and preferably fire-proof, such as a safety deposit case or safe. You may choose to invest in a filing locker with labelled brochures, or buy a lever-arch file with clearly marked file dividers or an expandable accordion data file to store your essential statements.
Keep a copy of your debt application and approval papers in your file. Banks generally charge you a fee if you want a duplicate of documentation related to your financial loan, so beat the banks and keep your own on file. You should also file copies of private documents like birth and marriage documents, your will or any powers of attorney.
You should create a master list of where everything is registered and give a copy of the list to your associate, a family member or your financial broker in case any of these people need access to your files in an hury.
Once your filing is sorted, have a look at other ways you could get organised. Maybe it's time to consolidate your. Having several distinct cards can add up in both spending and the amount you are paying in interest, so merge your cards into one with a lower interest rate.
You could use the extra cash to put towards making your home financial loan repayments.
At last, organise your expenses. For one month, try keeping a inventory of everything you spend. This will help you determine a weekly or monthly spending calculation, and helps you to find areas where you could cut back on your spending and use the extra cash flow towards clearing your home loan debt.
When getting organised, it helps to create a system for paying your drafts. Keeping on top of your bill payments means that you won't be hit with any late fees, and your credit history won't be stimulated by any missed payments. A blemish on your credit entry history may mean the difference in getting approval for a debt in the future.
Getting organised when it comes to your cash is required if you want to get ahead. You can save time, effort and even money just by putting a few simple systems in place. So, what are you waiting for?
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