Having a system for paying and filling bills can help you track your expenses, monitor your investments, check the money you “save” and avoid missing due dates. Here are some tips to organize your bills and files properly:
Open bills as they arrive Don’t leave your bills unopened since we tend to forget it when its lying around somewhere. Mark the payment date on the envelope or log (the due date) on your calendar. Then put all pending bills in a bill holder – a filling tray, an envelope, or a basket – on your desk.
Use an “in” box Track your expenses by placing paid bills, receipts, or non-receipt cash payment, like phone cards, in an “In” box before filling them. Set a time and day to record these expenses in a notebook or in a spreadsheet in your computer.
Find space and time To prevent misplacing your bills, find a space for them together with other materials you need like pens, papers, calculator, and checkbook. When you designate a day each month to pay for your bills, you avoid making several trips to the bank or payment center.
Record your paid bills After paying your bills, record them immediately before filling them separately. This will enable you to track your expenses.
File away You can use white envelopes and label them on a monthly basis. You can also clip the receipts according to their category such as meals, clothing, gas, and groceries. Another way is to use a separate envelop for receipts that can be use for tax, insurance and long-term files.
Keep your records Organize files by labels and category each separator on the accordion files. You may categorized them as fixed expenses, which includes rent, tuition, mortgage, and loans; or variable expenses such as electricity, water, groceries. Don’t put to many items on miscellaneous category to avoid hiding your expenses. For filing purposes, keep only home bills within the last 6 months.
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