2019 is well and truly here. The holidays are over, the kids are back at school and if you haven’t already done so, then now is the time to look at your finances for the coming year.
A few things to be thinking of to get yourself organised are:
File all that paperwork
File hard copies into a folder, and save any electronic bills/receipts into a designated folder. Get everything in order so you can see what your expenses were last year.
Review your budget
This is really critical. Take the time, grab a coffee and review what your finances really were last year and update your budget where necessary for the coming year. Don’t forget to allow for the usual increase in utility bills and insurances.
If you found it a little straining on the back pocket at Christmas time, then consider setting up a Christmas fund for this year. It’s as easy as creating an extra account with your bank, and can usually be done online if you use online banking. Then set up an automatic payment every payday into the account and Christmas will be financed.
Organise your accounts
Both Em and I have multiple accounts to help us keep organised with our finances. It’s a really simple way to separate your money into allocated accounts. We have accounts set up for things like bills, Christmas, an emergency fund, car expenses etc, all separate from our everyday account. We set up an automatic payment to go into these accounts every payday, and they slowly accrue over time. This kind of setup has been incredibly useful, especially when the unexpected happens and you need to replace a hot water system or fix the car.
Set some goals
Now is a great time to set some financial goals. Whether it be a holiday, new car, house deposit or a shopping spree, set up an account dedicated to your goal and organise some pennies to be added to it every payday.
Ugh……. yep, only a few months away. It’ll sneak up quickly so give yourself a head start and begin sorting out any relevant receipts and expenses now.
A great way to make it painless and less work at the end of the financial year is to record your expenses in a spreadsheet as you go. Schedule a few minutes each month into your diary to review and update your tax expenses. This setup helps me stay organised throughout the year and I don’t have to worry I’ve missed anything come tax time.
If you don’t have a spreadsheet for your finances or taxes, we have you covered. Check out our free financial and tax spreadsheets to help you get organised in 2019.
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