Quick Tip: Personal Finance

There are many methods of keeping track of bills and payments, but here's one suggestion:

Get a calendar and mark monthly payments on the day they are due for the whole year. If you know the amount, or that the bill is consistently a certain amount, write that figure down for each month too. If not, just write in the name of the bill. Don't forget quarterly, semiannual, or annual payments, such as income taxes, IRA fundings, property taxes, homeowner's insurance, car insurance, license plates, life insurance, and any subscriptions you may have. Noting paydays with a "P" or a "$" or the like can also be helpful.

When payments are mailed or otherwise paid, you can cross them off the calendar.

Once you put this into practice, use the calendar from the previous year to fill out the next one and so on. You may also want to keep the old calendar(s) for a time to serve as a record of your overall finances.

If money is close, by keeping a separate bill calendar, you can look ahead to see if you will have the money needed until your next pay period.

It can also serve as a means to keep track of where your money is ultimately going. In other words, it can become a budgeting tool as well as a method of financial record-keeping.

This way can also alert you that a payment is coming due when you fail to receive a notice. Like it or not, the fact that you didn't receive your billing makes no difference to your creditors.

If you're not currently keeping track of bills in some way, try giving this a chance. It's quick and easy, and it will help you get a grip on your financial situation.