It is important to learn how to file bills into a system by type and dates to facilitate locating the documents at the time when bills are paid. When the documents are organized in this way, it is easier to determine if mistakes were made in billing and whether payments are up to date. It also relieves stress in knowing where to locate statements when you need them.
A Fool Proof System
Students can refer to the document file on a weekly basis or whenever they receive a paycheck to determine when bills should be paid. Since credit bureaus keep records of late payments, creditors will consider the timeliness of making payments when reviewing a credit report to determine whether to extend credit. Therefore, the sooner the student learns how to organize their documents, the easier it will be to build up a credit worthy credit report.
The student can begin by choosing suitable containers to store the records. Julie Morgenstern, author of Organizing Inside Out (1998), recommends containers such as “wooden file cabinets, portable file boxes, wicker or rattan boxes, or hanging pocket files.” These containers are durable and easy to store. The documents should be sorted according to type and then company, into a manila folder with a file tab containing the file name. The documents should be filed in order by date with the most current being on top.
Design the Interior
The storage boxes can be moved to an area of the house or apartment where students normally write out checks or do paperwork, so as to limit the work to that area of the house or apartment. This will reduce the possibility of the documents being lost or damaged. Students might consider decorating the area with an appealing piece of artwork, plant, or favorite colors to make the work area more attractive.
In keeping with the digital age technologies, some students may find it more convenient to store records online. Scanning the documents and saving them in Microsoft Word files would eliminate the physical storage space and the expenses in purchasing storage containers. However, the student should ensure that records can safely be kept on the hard drive of their computer and that there is a backup file.
Some students may find the idea of organizing the work area and documents to be a tremendous challenge, especially if this has been an area where they have failed to get under control. Therefore, organizing the work area first would motivate the student to take on the challenge of organizing the paperwork.
In conclusion, organizing the financial paper work and work area would make it easier for the student to manage payment dates on credit card statements, eliminate paying late fees, as well as to have a more organized home.
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