Step 1
Successful money management is a process. Take the first step.
Step 2
This quick quiz will help you find your starting point.
Step 3
Sorting out your paperwork will make record keeping a whole lot easier and set yourself up for success.
Step 4
Knowing where you are today can help you determine the best path towards helping you meet your financial priorities.
Step 5
Good credit is essential. Know how to check this.
Step 6
Determining your net worth sounds harder than it really is.
Step 7
It is time to ask yourself, is your debt too much debt?
Step 8
Identifying needs and wants keeps you focused on what matters most!
Step 9
Don’t just set goals, set SMART goals
Step 10
Develop time frames around your SMART goals and map them out.
Step 11
Paying off debt is a short term financial goal that will free up cashflow.
Step 12
Emergency savings make the difference between a financial setback and a financial disaster.
Step 13
Saving for retirement is a non negotiable financial goal.
Step 14
Make a commitment to stay on track.
Step 15
: Now you know what you need to do, here is how to start
Step 16
Find out where all your money is going!
Step 17
Identify your fixed expenses.
Step 18
Plan for your periodic expenses.
Step 19
Create your spending plan.
Step 20
Small changes can make big savings.
Step 21
Saving money on your groceries, is one of the fastest and easiest ways to improve your bottom line.
Step 22
Know where you want to be and how you will get there
Step 23
Give yourself some peace of mind by making sure your family is on some firm financial footing
Step 24
Commit to making informed borrowing decisions, and understand the costs.
Step 25
To stay motivated, acknowledge the benefits you will experience as a result of your efforts.
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Step 3:
Clearing out financial clutter
I know you are anxious to get started, but it is hard to get motivated when you are knee-deep in paperwork. Getting your financial house organized is a great way to begin on your path toward financial wellness. But before you bulldoze that pile, you should know that some things are worth hanging on to. The key is to know what to keep and what to toss.
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Grocery receipts and other nondeductible expense receipts and statements can be destroyed after they have been recorded for budgeting purposes. |
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Paycheck stubs should be checked against your bank account and filed away. |
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Generally, canceled checks should be saved for three years. Keep those related to your taxes and business expenses permanently. |
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Utility bills may be destroyed after recording; however, you may wish to hold onto these for a year to compare monthly costs. See my tip below. |
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Documents pertaining to buying, selling or improving your home should be kept as long as you own the home. |
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Receipts from major purchases should be kept as long as you have the item. |
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Credit card receipts can be destroyed once you have reconciled with your monthly statement. Additionally, credit card monthly statements can be destroyed on an annual basis. |
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According to the Inland Revenue (IRD) you should keep your individual tax return documents for seven years. |
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Finally, before taking out the rubbish, be sure that all identifying information has been destroyed to avoid any threat of fraud.
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My system that works very well for family finance record keeping is to have a ring binder with clear files in which are broken into categories. Eg Power, phone, credit card, rates etc and when the bill has arrived and been actioned, file in the ring binder. This makes for an easy system to keep filing up to date and at the end of the year remove from the ring binder and put in a large envelope or document box with the year written on and start a new year in the folder.
 Sorting out your paperwork will make record keeping a whole lot easier and set yourself up for success.
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