Get Yourself Organized

When it comes to tackling your financial problems the first step in becoming successful is getting organized.  No amount of money or income potential will ever be a substitute for basic financial organization.  There are many options to choose, from software to websites, spreadsheets to just a legal pad.  Whatever your method of choice, the important thing is that it works for you.


If you are struggling in this area or your system consistently fails you, then you may need a change.  The key is to find something that meets your needs, you are comfortable with, and that helps you reach your goals.  Also, make sure you have a system to organize and pay incoming bills on time to avoid late fees and bank overdraft charges.  This is a huge problem for many and a very large source of revenue for banks and credit card companies.  In this case your time and preparation really is worth money.  So make sure you always make time for this vital task.


So here are some of the most available and widely used software and website options.  The most widely used software program is Quicken.  Although I personally don't prefer it, many people enjoy using it to track everything from small business income & expenses to investments and personal budget expenditures.  You can also sync it with your accounts to automatically download your info.  If you like the idea of that but don't want to pay for the software another good option is Mint.com.  It is a completely free website that has most the features as Quicken.  In fact it's owned by Quicken.  It automatically updates your expenses directly from your banks and other financial institutions.  It also allows you to track these expenses, set a budget, and see the overall trends of your spending.  I recently started using this and while I like how well it tracks income and expenses and gives you a good overall picture of your finances; I am not impressed with the budget capabilities and lack of cash-flow projecting.  You have to wait for a bill or expense to actually hit your account before it's on the radar and for me that's too late.  This is why I have used for several years and still prefer Microsoft Money.  I love the way you can set up your month-specific budget, project cash-flow for the pay period and track expenses by category.  Unfortunately, Microsoft discontinued Money and all related software in the Summer of 2009.


If budgeting software or online tracking is not up your alley, you might prefer a simple spreadsheet in Excel or Google docs.  Combined with bill pay with your bank or credit union this can be a very effective yet simple way to keep track of your budget.  If you are really old school you might prefer to use a simple legal pad or ledger.  Whatever your method of choice remember, if it works for you and meets your needs stick with it.