5 tips to do financial housekeeping

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There is no specific time for doing  good things for betterment of life. Here in this article I am sharing 5 tips which are helpful to you to do financial housekeeping.

1) Get rid on the unwanted stuff: 

If you are having more than one investments and cards related related then note them all and mark the least used account. Try to close such unused or least used accounts. Always try to keep this record and cross check it regularly including accounts, credit cards, debit cards and other investments. This record will help you to cross check your investments and invest in future properly. While closing your accounts and cards fix an interval of months so that you can utilize the credit score you have earned. Also mark this interval in your financial record.

2)  Clear debts: 

Carry forward of dabts in any form such as borrowed from a friend or a bank loan on credit card bill or anything else will burden you in future. Again create a systematic record of all the debts and assign a priority to pay back try to clear smaller debts in one go and decide percentage payment of each debt to pay them completely in coming months. For example if you have to pay rupees 10,000 to your friend which you have borrowed and a bank loan against gold or anything else or on EMI of some lacks and a credit card bill of rupees 1,00,000 then you must pay back to your friend at first as soon as possible. Then assign some percentage for the other two. It will help you to pay back systematically without any financial burden. Less debts means more money in hand and more relaxed financial life.

3) Examine your expenses in the specific span of time passed:

Always write down your all expenses so that you can keep an eye on the unwanted money spent. It is better to keep a diary and check it back monthly so that you can find the unnecessary money expenses you have done which you can avoid in coming months and thus do this quarterly half yearly as well as yearly. This will make you to decide your budget in specific intervals and lessen the unnecessary money expenses which will give you more saving.

4) Checking of credit card reports:

Check the credit card report at least annually this will make sure that credit history is accurate and there are no errors. In this report you will also find your credit score. For improving your credit score you can fix a strategic goal and at the end it will be helpful to you to get more benefits.

5)  Set your goals:

After reviewing all the investments and expenses in past interval of time you can have a knowledge of how much you can save and how much you can score credit points? After getting this answer you can decide how to save more money as well as to get more credit score. Clearing debits is also a definite goal.  You can create an emergency fund by doing a proper investment.

So keep on recording all money related activities and have systematic money goald to save more and to achieve more.

Thank you for reading till the end. 

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