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My Financial Organization…..or Lack Thereof

By Chrysa | 3 Comments

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It’s that time of year when our thoughts may tend to linger on financial organization, or our LACK of financial organization. We are sitting right between the season of New Year’s resolutions and Tax-Time. At the New Year, we may make hopeful money-related resolutions like “I’m going to keep all my receipts this year” or “I’m going to review my financial plans and make some important changes”. Once tax time rolls around we might start thinking….”I really should have kept those receipts organized” or “I think I need to make this income line on my return BIGGER next year.”

I totally skipped the money-related resolution thing this year and I’m not sure if that was such a great idea. We haven’t even started looking at our taxes yet. A big part of the reason for that is that since I’m self-employed we always end up owing taxes and I really don’t want to pay any sooner than I absolutely have to. The other reason that we haven’t done anything is that I am not organized. I know that I really SHOULD be organized, but I’m not. Right now I just have some messy file folders on my desk that are full of receipts in no particular order (are they even all from this year?) and all of the W2s, 1099s and other year-end paperwork we have received in the mail over the last couple of months is tossed willy-nilly into a drawer of the dining room hutch.

Needless to say, I am reconsidering my “organization” system and realize that it may be time to make a two-month late New Years resolution to get my financial paperwork in order.  So, that's it – I resolve to:  Keep all financial paperwork all in one place – none of this some upstairs/some downstairs business.  Keep receipts organized and in order, divided by business vs. household, etc.  Review end-of-year statements as they come in to ensure accuracy (especially important for 1099s).  Start next year's tax return EARLY.  Sure, I don't have to pay early, but it is at least good to know where we sit and how much we owe and be prepared.

So do you think I can do it?  How about you….are you organized?  Go ahead and tell me how organized you are…I won't be ashamed! (Well, not TOO ashamed.)

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Filed Under: Thrifty Tips

About Chrysa

Chrysa is the founder and owner of ThriftyJinxy.com, a site dedicated to living a fabulous life on a frugal budget. Her approach is that by spending less on the boring everyday stuff, you can have more money to splurge on the things you REALLY want, whether it’s travel, fashion, electronics – you name it! Chrysa is married, has an 11-year-old nephew she dotes on, as well as three lovable cats and a big sweetie of a German Shepherd.

Comments

  1. CreationsbyJune says

    March 5, 2011 at 7:10 pm

    This year I was better. I had thrown all my receipts in notebook or one specific drawer so I could find everything. But then I still had to place in order and all of that fun stuff

    Reply
  2. Cake Mom says

    March 6, 2011 at 1:35 pm

    I can totally relate! I have a file cabinet with lots of room. It is so much easier to just set it down on my desk (and later lose it!)

    Reply
  3. RoseBC says

    March 6, 2011 at 2:02 pm

    I am also self-employed and what I did is make a box to put next to my desk that says “Taxes 2010” and just put in my documents, receipts and bills, plus checkbook registers and checkbook “carbon” copies … anything that I think may be needed. This year I started going through my box at the beginning of January since I wanted to know how much estimated tax I needed to pay January 15th. Surprisingly I was able to get it done pretty quick, discovered I had overpaid, and was able to do tax return and send it in earlier than ever before and have my refunds already! RoseBC at aol dot com

    Reply

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Hi! I'm Chrysa and I'm here to help you live a fabulous life on a frugal budget. By spending less on the boring stuff, you have more to SPLURGE on what you really love. Read More Questions? Email Me!

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