Get Organised in 2018

dottyanne

Old old old time user on this forum...havent been active for years and lots has changed....mostly for the better BUT I do have debts that I want rid of and I aim to clear a few in 2018. I will put up a new SOA and list my debts and outgoings to see what I can do and will try and post daily..every few days with any success, failures or general goings-on.

Heres to getting more organised in 2018 !:T

enjoyyourshoes

Suggestion to be organised and be financially astute:-

1.0 Reconcile bank account daily with all transactions from a/c

2.0 Accrue monthly for medium term costs (insurances, birthday, xmas, car repairs , tax etc)

3.0 Diarise all contracts/utilities 1 month before expiration setting yourself time to find next best deal and / or negotiate better deal

4.0 Start regular saver (HSBC/FD 5%) for a life goal

5.0 Throw as much at your debts as you can by reducing spending (work to why you spend over your income as this is the single most important thing you can do) and/or increasing earnings 9including selling all the stuff that may have got you into debt in the first place.

6.0 Prioritise your debts with most expensive apr first etc

Good luck with the debts, organisation and diary !

dottyanne

Will be doing an SOA shortly, I am pretty much on top of what is going out and do have enough to cover it...its mainly I want to clear some debt (as much as possible this year) and save more.

I check my banking daily and have a savings account...at one time i had accounts for different areas i.e. holidays, christmas etc and rather than it all go in one pot am thinking i may do this again - anyone else do this ?

off i go to start my SOA and list my debts

jwil

Good luck

beanielou

Happy shiny new diary

enjoyyourshoes

Checking bank balance is passive, it flawed due to timing issue.

You need to have daily reconciliation of main account, update with all daily transactions and at the start of each month accrual for medium term costs (insurance , car stuff anything thats annual or half yearly etc)

I had savings account with excel doc identifying sub savings within the one account covering clothes a/c, holiday etc. It was just one account earning healthy interest.

Mumoffourkids

Hi Dotty, I currently have two current accounts and eight separate savings accounts. My two current accounts are one for bills and direct debits and the other one is for general spending so things like food, petrol, and general spending.

My eight savings accounts are for Birthdays/Christmas, Car, House, Emergency, Holiday, Childcare (for school holidays), Clothes and Current wants. These are all with my the same bank as my current accounts and I can see them all online. This works for me as I have a standing order set up to go into each savings account weekly. This is because the bulk of my money comes in weekly as tax credits and child benefit.

I also get money fortnightly and monthly so it gets confusing sometimes but I love spreadsheets and have planned for the rest of this year so I can see any months when I might struggle and any months when I will have extra!

Good luck with your debt free journey by the way.