It’s a new year which means it’s time to recommit to all kinds of goals from fitness to financial goals. While it can be easy to give up on resolutions that are vague like ‘I’m going to spend less in 2015,’ or ‘I’m going to cook every meal at home this year!’ making a resolution turn into reality requires a plan.
Below you’ll find simple to-dos that will help you organize your finances and help you reach your financial goals. Whether you’re planning to pay off a credit card, save up for a vacation, or create a bigger savings cushion, you can use these tips all year long. With a plan in place and a system to help you succeed in 2015, you’ll go from resolution to done.
How to Organize your Money & Meet your Financial Goals
Commit time each week.
We all love easy solutions, but there’s no replacement for time. Set aside time each week to go over spending, pay bills, and organize emails and papers related to your finances. I recommend setting aside a full day to get started and after that it should only take you 1-2 hours each week to stay on top of your finances.
With that first day you’ll set up a payment system, check account balances, update your net worth, and file and shred papers.
After that, you’ll only need an hour or so to double check spending, savings goals, organize your paperwork, and pay your bills.
Sign up for bill pay and use it!
Bill pay is offered for free as a part of the online banking service at almost all banks and credit unions. You stay in control when using it to pay your bills, just enter the payment amount and date you want the bill to be paid. No writing checks, no stamps, and no going from site to site to pay your bills.
Depending on the number of bills you typically pay, you should set aside about 30-60 minutes the first time because you’ll need to enter some basic information about the biller such as the address, your account number, etc..
Set up alerts on your phone.
Sign up for text alerts from your bank(s) and credit card company (or companies). Check your accounts online and see if they offer text alerts. It’s a great way to stay on top of payments as well as get fraud alerts on the go.
Going paperless is a great way to organize your finances. You can sign up to receive e-bills, which contain all the same information as paper bills but are delivered online, directly to your online banking account. It cuts down on paper of course, but going paperless also gives you more time. No need to sort and store bills and file or shred them. You’ll simply be able to pay online with a few clicks in bill pay. You can also sign up for reminders so you don’t forget to pay.
Set up automated savings.
No matter what your goals, setting up an automatic savings is a great way to ensure you meet your financial goals. Create a savings account online or at your bank and commit to a regular weekly savings amount. Start small (perhaps with $25 per week) and increase your savings amount each month. Before you know it you’ll have a hearty savings account you can use for emergencies or to fund a goal like a down payment on a home.
The Popmoney personal payment service allows you to manage regular payments easily and on the go. Send payments to your after school sitter, split payments for services you share, or send money to your college-aged kids.
What is Popmoney?
The Popmoney® personal payment service lets you send money to, or request and receive money from, friends, family or just about anyone, online or through your mobile device.
More than 2,300 participating banks, such as Citibank, PNC, SunTrust, and a host of community banks and credit unions offer Popmoney through online or mobile banking.
A list of participating banks is available at Popmoney.com. The service can also be accessed at Popmoney.com or through apps for iPhone and Android devices.
Disclosure: This is a sponsored post on behalf of Popmoney.