Everyone is busy these days just trying to keep their heads above water financially. But when we are too busy to take care of the tasks we need to tend to it can end up costing us more money. Here are three tell-tale signs you many have trouble in your finances in the near future.
1. Your Personal Finances are Disorganized – If you are receiving overdue bill notices or if your check book is unbalanced or you are always filling your taxes late these can be signs that your finances are disorganized. This type of behavior can lead to poor credit, bounced checks, and even a possible tax audit. To get your personal finances organized come up with a filing system for bills that need to be paid along with a similar filing system for your receipts. Then start tracking all your spending of cash, checks, and credit card usage.
2. Robbing Peter to Pay Paul- Are you not paying one bill so you can pay another? Or do you take a cash advance out on one credit card just to make the minimum payment on another credit card? If so, you need to cut back on unnecessary spending and start paying down those bills that are do. It is also very helpful to make a list of creditors that you owe money to. Also, write down all your bills and when they are due. This will help you plan your spending and let you know what bills are coming up.
3. Don’t have an Emergency Fund – What would happen if you lost your job and couldn’t find a new one right away? Or maybe have an unexpected medical expense, what would you do? If you have an emergency fund with 3 to 6 months of living expenses in a separate savings account you would be better prepared for these events. Start saving a little each month and build an emergency fund while giving yourself piece of mind in the event of a money emergency.
If you can relate to one or more of these signs it is time to take action before your personal finances get into trouble. A little planning now can help out a lot in your financial future.
And if you would like more information about your personal finances please visit http://www.thebankruptcyalternative.org . Sign up for our free newsletter and receive a special report on how you can save $100 a week and give yourself a $5,200 a year raise.
By: Mark Erickson – Debt Relief Counselor and Owner of The Bankruptcy Alternative
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