Organise Your Finance with a Budget Binder...
If you’re trying to get your finances under control and you want to be the boss of your (own) money, it can be a very daunting task. There is so much to consider and get organised. The day that I finally sat down to organise my finances, I wasn’t sure if I was even doing it right. I remember buying monthly tabs and adding my bank statements, but I knew that I had to be more organised than just that. Over the next few months, I developed a system that worked for our me. I now have a friendly Budget Binder (I call it My Finance Binder) where I keep all my login information, bill spreadsheets, budgets, and more. I thought today I’d walk you through my binder that I’ve had for 3 years to help inspire you that yes, it is possible to be organised in your finances!
When you open up your finances binder, the first thing you want is a list of your login information and passwords. There’s no way that I can possibly memorise all my login and passwords! for everything. This helps me to never have to click “forgot password” when I’m trying to pay a bill.
Debt Tracker
Track your debt by listing out every debt you have. Don’t forget your student loans, car loans, credit cards, and bank loans. As you payoff a loan, you can cross it off your debt tracker. If you wish to keep track of your debt payoff, then you can even include your debt thermometer in this section.
Financial Goals
Just like it’s important to set health and career goals in life, it’s equally important to set financial goals. Write down your money goals monthly and yearly to increase the likelihood of actually meeting your goals! For example:
Lets say your monthly goal is to save £1000 a month for the next 3.6years. So far you have saved £3400. And your bank interest rate is 0.20% AER. Now lets do the maths.
£1000 ( a month) + £3400 ( you already have) +0.20% AER+3.6 years = £45,574.30 ( including £174.30 interest rate).
Ledgers
Directly after my financial goals, I have monthly dividers to help keep the rest of my binder organised. Need to order some super quick? I recommend these dividers. If you prefer to track your expenses by hand, place your checking and savings account ledgers behind each month’s tab. Your goal is to know where every penny is going. Tracking your spending and savings helps you know exactly how much money you have at all times.
Budget
I like to keep my budget behind the monthly tabs. It’s easy to find throughout the month in case any changes need to be made. Making (and trying your very best to stick to) a budget each month is going to be your number one way to save money each month. Don’t overlook it! If you need to learn exactly how to budget ( ask those that are good at it).
Bill Payment Log
To ensure that you won’t miss a bill payment, always write down your monthly bills, the amount due, when you pay it, and the confirmation number. You’ll have peace of mind knowing that you don’t owe anyone money. Behind budgeting, this is the most important organisational tool!
Monthly Check-In
I have a love-hate relationship with checking in at the end of every month to see how I have fared financially. I love it when my month was on point and I made good decisions that will benefit me in the long run. Yet I hate it when I know that I spent too much and lived frivolously. No matter how your month was, it’s always best to reflect on your finances. Make time to celebrate what you did right and note any areas that need improvement. Then, set a few goals for the upcoming month! The most successful people are those who are intentional!..
