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spuddle - 10 Easy Ways To Organize Your Business Finances
Whether you are a new entrepreneur or a more experienced
business owner, taking control of your finances can feel like a
part-time job. Some simple tips can help you streamline your
time, organize your finances and reduce the stress of business
money matters.
1. Keep Your Bills in One Place
When the mail comes, make sure it goes in one place. Misplaced
bills can be the cause of unwanted late fees and can damage your
credit rating. Whether it's a drawer, a box, or a file, be
consistent. Size is also important. If you get a lot of mail,
use an area that won't get filled up too quickly.
2. Pay Your Bills on Schedule
Bill paying can be simplified if it's done at scheduled times
during the month. Depending on how many bills you receive, you
can establish set times each month when none of your bills will
be late. If you're paying bills as you receive them, chances are
you're spending too much time in front of the checkbook.
Although bills may state "Payable Upon Receipt", there's always
a grace period. Call the creditor to find out when they need to
receive payment before the bill is considered late.
3. Read Your Credit Card Statements
Most people take advantage of low interest credit card offers
but never read their statements when paying the bill. Credit
cards are notorious for using low interest as bait for new
customers then switching to higher rates after a few months.
Make a habit of looking at your 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 be beneficial in resolving the matter. If
not, try to switch your money to a more favorable rate.
4. Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your
account to pay creditors. In addition, 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. Consider
it as one fewer check to write, envelope to lick and stamp to
buy. Just make sure you record the deduction when the automatic
payment is scheduled or you run the risk of bouncing other
checks.
5. Computerize Your Checkbook
Using a software program is a handy way to organize your
finances. Whether it's Quicken(r), Microsoft Money(r) or another
package, these easy-to-use programs make bill paying and bank
reconciliation a cinch. Computer checks can be ordered almost
anywhere and fit right into most printers. Once the checks are
printed, all of the information is automatically recorded in
your electronic checkbook. Furthermore, many banks have direct
downloads into these software packages so when money is
deposited or withdrawn, the transaction is entered immediately
onto your computer. And, when it comes time to do taxes, it
couldn't be easier.
6. Get Overdraft Protection
Most banks have a service where, 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 either a
savings, money market, or credit card so the embarrassment of
bouncing a check will be avoided. Call or visit your bank to
learn about this convenient feature.
7. Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter
requesting that the account is formally closed. Not only will
this improve your credit score, it is a useful way to avoid
money from being scattered all over the place. Don't let
department stores and credit card companies lure you into
opening new accounts by offering favorable interest rates and
purchase discounts. It's easy for credit to get out of hand by
taking advantage of every credit offer that comes your way.
8. Consolidate Your Accounts
If you have several credit card accounts with outstanding
balances, try to consolidate them into one. Be careful and check
the balance transfer interest rates and one-time fees. Also,
make a list of all your open Money Markets, Savings, CDs, IRAs,
Mutual Funds, and other accounts to see if any consolidation can
be done. Keeping your money in fewer places eliminates all of
the guesswork involved and reduces errors.
9. Establish Automatic Savings
Create a link from your checking account into a savings account
that will not be touched. This can usually be done through the
banks and automatic amounts will be transferred over each month.
Most people will not put money into a savings account on a
regular basis. They may wait until a large tax refund check
arrives or some other event to actually deposit money into
savings, retirement or other accounts. If you establish an
automatic savings deposit every month, your accounts will begin
accumulating money faster than you think.
10. Clean up Your Files
Make sure your paid bills are organized in a filing cabinet.
Keep individual files for paid bills. Go through your files at
the end of each year and throw out bills and receipts no longer
needed for auditing purposes. Contact your local IRS office to
see how long records need to be kept for audits. Usually federal
tax return audits can be done three years back but cancelled
checks may need to be kept for seven. Consult the Internet for
auditing and records-keeping procedures for your state or region.
spuddle - 15 simple ways to save
15 simple ways to save
By webmaster:
Right now, when we're all feeling the pinch, it's important to make every penny count. Webmaster explains 15 simple ways you could get more from your money...
These days, it's fashionable to be frugal, Primark is the new black and everyone who's anyone has a wallet full of discount vouchers.
However, you don't have to live the life of a pauper to rein in your spending. Here are 15 simple ways you could help your hard earned cash to last a little longer.
1. Switch your energy supplier
If you've never switched your energy supplier or haven't done so recently, you could save up to £391 on gas and electricity this year.
One of the easiest and quickest ways to switch is by using an online service such as BeatThatQuote.com's utilities tool.
2. Go green
Being energy efficient will not only help the environment; it could also ease the strain on your budget.
Following simple measures such as using energy saving light bulbs and remembering to turn the lights off when you leave a room should help to reduce your energy bills.
3. Don't double up on cover
Before you take out a new insurance policy, ensure it doesn't overlap with your existing cover.
For example, an ‘all risks' addition to your home insurance policy will usually cover your belongings when you take them out of the house, so if you have this in place you're unlikely to need additional handbag insurance.
4. Lower the price of your premiums
Most insurance companies save their most competitive deals for new customers.
Therefore, if you're about to renew a policy, it's crucial to shop around and compare a range of different deals.
5. Break bad habits
If you quit smoking, you could immediately save £5+ a day by not buying cigarettes.
Giving up may also mean your life insurance, private medical insurance and even home insurance premiums decrease. Typically, you'll begin to see savings after being smoke-free for a year.
6. Pay less interest on your plastic
If you have old, expensive debts, try shifting them to a 0% balance transfer credit card.
These clever cards eliminate interest payments for a set period of time, allowing you to beat down your balance more quickly and cheaply.
At 16 months, the Virgin Credit card currently offers the longest 0% deal on the market.
However, if you suspect you won't be able to repay what you owe within the offer period, you might be better off opting for a long term low rate deal or personal loan instead.
7. Plan less interest on purchases
If you find yourself facing unforeseen costs, a 0% purchases credit card could help spread the cost of your spending at no charge. You won't have to pay any interest on your new purchases while the 0% offer lasts.
However, always ensure you repay your debt before your 0% deal expires. If you don't, you'll face hefty interest charges once your time is up.
8. Make more than the minimum repayment
If you only ever pay the monthly minimum repayment (MMR) on your plastic, it could take you years to clear your balance – as I explain in this article.
However, if you maintain your repayments at an affordable level and do not let them depreciate over time, you'll repay your debt much more quickly and save a packet in interest.
9. Investigate your payment method
Investigate whether you could save money by opting for online billing with your energy or phone provider.
It can also be cheaper to pay certain bills by direct debit. Some companies, such as energy suppliers, offer a discount in return for the security of knowing when you'll pay them.
10. Bag a better broadband deal
If you haven't shopped around recently for a broadband deal, you may be paying more than you need to.
Assess your internet use. If you're not a regular downloader, sacrificing some speed and accepting a download limit could help you pinch some pennies.
It's also worth checking to see if it would be cheaper to combine your broadband package with your telephone or cable costs.
11. Claim what you can
Make sure you claim any state benefits or tax credits you're entitled to. You can find out more on the directgov website
12. Cut your travel costs
Before you jump behind the wheel of your car, think about whether it would be cheaper to use public transport or walk instead.
If you must use your car, there are simple steps you can take to drive down your car costs.
If you regularly use public transport, ensure you are claiming any discount you're entitled to.
For example, if you're a frequent rail traveller and are between 16 and 25 it is well worth investing in a young person's rail card. Despite the initial outlay of £26, you could save a third on all your rail fares for a year!
13. Don't waste food
One of the simplest ways to save money on your weekly food shop is to reduce the amount of food you waste.
Plan in advance what you'll be eating each week and make a shopping list. This should help you avoid buying more of what you already have.
14. Shop and save online
Shopping online is a quick and easy way to save on everything from clothes to cookware.
Smart sites called ‘shopbots' can scour the web for the lowest prices on the things you want, and there are often discounts codes and vouchers available online that you can't get in store.
15. Cut down on luxuries
Finally, the old methods are sometimes the best when it comes to saving money: cutting back on how many luxuries you buy yourself could help to keep more pounds in your pocket each month.
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