Tips

01.

Check Data and Ask Questions

 

With more and more of our information captured in electronic form and stored by other entities, we need to understand that there is no one who cares more about our information than we do. Therefore, with a critical eye, we should always check our financial data and not be afraid to ask questions when something doesn’t make sense.

This includes bank records, credit card records, investment records, and information associated with our regular bills.

I recently had a situation where one of the banks I deal with made a mistake and was going to turn one of my accounts over to the state.

They told me about the situation in a letter that I received in the mail.

Three things here…

  1. If I didn’t sort and review my mail quickly, that letter could have ended up in a pile somewhere in my house, leading to an unwanted outcome due to lack of action.
  2. The bank made a mistake that didn’t make sense.
  3. If I didn’t keep track of my bank records, I wouldn’t have had the information needed to correct the situation.

Over the years I have had multiple situations where banks and service providers made mistakes with my financial records. In each case, properly managing my own records and asking pointed questions helped me avoid financial issues.

 

02.

Both Spouses Should Engage in Finances

Often one person in a marriage handles the finances and the other person is unaware of what’s happening. This can lead to stress in a relationship.

In general, it’s best for both people in a marriage to be actively involved in the finances, so they can have discussions based on facts.

With both people actively engaged in money management, they can work together as a team to keep their finances under control, minimizing associated stress.

03.

Don't Procrastinate

It’s very easy to put things off, especially tedious things that we don’t want to do.

Most of us have experienced times when we get the mail after a busy day and set it on the counter thinking that we’ll deal with it later. Then a busy day turns into a busy week, and before you know it, we have a pile of mail on the counter.

Now it’s Friday, and we’re having people over for dinner, so we move the pile from the counter to the den where we, unfortunately, forget about it.

Just like that, important information gets misplaced, resulting in problems.

Get organized in a way that makes tedious things as simple as possible. For instance:

  • Address mail as soon as it’s received.
  • Make sure that you establish places for key documentation to be stored so you can address it and file it ASAP, without letting it get caught in a pile of papers.
  • Use a laptop or tablet computer instead of a desktop. If you can sit on the couch or someplace comfortable, you are more likely to get computer work done than if you have to go to a separate location that may be less comfortable.