Whether you are a new to being an entrepreneur or you are an experienced business owner, taking control and maintaining your finances can make you feel like you are working a part-time job. Some simple tips can help you streamline your time, organize your finances and reduce the amount of stress that arises when dealing with money matters.
1. Keep Your Bills Organized
When the mail comes, make sure all of you bills go in one place. Misplaced bills are often the cause of unwanted late fees and can easily damage your credit rating. Whether you keep your bills in a drawer, a box, or a file, just make sure to be consistent. Make sure to provide a space that will allow for future bills, if you get a lot of mail, use an area that won't get filled up too quickly.
2. Pay Your Bills at the Same Time Each Month
Bill paying can be simplified if it's schedule the same times month to perform this task. Depending on how many bills you receive, you can set times each month to pay your bills so that none of your bills will be late. If you're paying bills as you receive them, chances are you're spending needless time in front of your checkbook. Remember that although bills may state "Payable Upon Receipt", there's always a grace period that you can take advantage of. Call the creditor to find out when they need to receive payment before the bill is considered late, this can give you extra time for paying the bill while not hurting your credit score.
3. Read Your Credit Card Statements Each Month
Many people take advantage of the low interest credit card offers that are available; however they never take the time to read their statements when paying their bill. Credit card companies are infamous for using a low interest rate as bait to attract new customers and then switching to higher rates after a few months of service. Make it a habit to look at your credit card statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can oftentimes help to resolve the matter. If not, try to switching to a card that has a better rate.
4. Take Advantage of Automatic Bill Payments
Most banks offer a way to automatically deduct money from your account to pay creditors; usually this can be done online. Additionally, the creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on-time each month. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of bouncing other checks and completely messing up your account.
5. Sign Up for Overdraft Protection
In most cases, banks have an overdraft protection service so that if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to a savings account, money market account or credit card so that if you run the risk of bouncing a check it will automatically be covered. This is one of the most important things you can do so please call or visit your bank to learn about this convenient feature.
This is just a small number of things that you can do to keep your finances organized, start with these easy tips and once you have accomplished this then begin to look for more ways to help keep you organized.
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