New Year Financial Tips for Better Organization in 2016!
At Strategic Tax Preparation, we’re often asked for tips to become (and STAY!) more financially organized. The new year is a perfect opportunity to implement new systems, declutter, and take control of your finances. These new year financial tips should help you feel much more relaxed and de-stressed in coming months.
Plan a designated work area in your home or office strictly for receipts, invoices, and other documents. Begin a filing system based on 12 months, then break down with individual folders for categories like utility bills, bank statements, etc.
Often this is the biggest hurdle which causes our clients to feel overwhelmed or frazzled! A new, organized filing system that’s easy to use and won’t cause you to feel backlogged is a great way to start the new year.
Another easily manageable tip is to begin a spreadsheet for your personal expenses. Start with a monthly budget (don’t forget your savings!) based on your income, then break down the budget into categories like mortgage payment, utilities, groceries, vehicle expenses, etc. If you’re comfortable using a computerized spreadsheet, you can add formulas that calculate your remaining budget each time you log an expense. Even updating this spreadsheet once or twice a week is an easy way to manage a multitude of receipts and stay ahead of your finances.
Just one more new year financial tip – remember, your IRS Form 1099-Misc. for small businesses is due by Jan. 31! We can help you fill out this form – call Strategic Tax Preparation today to get started.
Happy New Year! We send our best wishes for a happy, healthy, and prosperous 2015.