Comments on: How to Organize Your Finances in Four Easy Steps http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/ personal finance that makes cents Sun, 20 Jul 2008 01:11:11 +0000 http://wordpress.org/?v=2.5.1 By: Weekly Roundup | Generation Y Finance http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-107999 Weekly Roundup | Generation Y Finance Sun, 09 Dec 2007 20:49:35 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-107999 [...] Get Rich Slowly: How To Organize Your Finances in Four Easy Steps [...] [...] Get Rich Slowly: How To Organize Your Finances in Four Easy Steps [...]

]]> By: Simplifiez vos finances avec un peu d'organisation | Zero Dette http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-107021 Simplifiez vos finances avec un peu d'organisation | Zero Dette Fri, 30 Nov 2007 18:53:43 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-107021 [...] ouvert les enveloppes ! Il est temps de trouver une solution. Cet article s’inspire du blog Get Rich Slowly (en [...] [...] ouvert les enveloppes ! Il est temps de trouver une solution. Cet article s’inspire du blog Get Rich Slowly (en [...]

]]> By: The Banzai Blog » Blog Archive » Organization is not control http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-103760 The Banzai Blog » Blog Archive » Organization is not control Tue, 06 Nov 2007 08:54:03 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-103760 [...] it may still require a degree of motivation, keeping your personal finances organized just isn’t that hard anymore. All you need is a basic software package such as Quicken or Microsoft Money. Better yet, [...] [...] it may still require a degree of motivation, keeping your personal finances organized just isn’t that hard anymore. All you need is a basic software package such as Quicken or Microsoft Money. Better yet, [...]

]]> By: Dadviser http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-96877 Dadviser Wed, 05 Sep 2007 07:35:41 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-96877 <strong>Personal Development For Dads Challenge #1 - Simplify...</strong> OUR lives are being held ransom by the inevitability of progress. As much as technology has the potential to help us streamline our lives, it has a far more persuasive ability to infiltrate our lives and distract our attention from where it would bes... Personal Development For Dads Challenge #1 - Simplify…

OUR lives are being held ransom by the inevitability of progress. As much as technology has the potential to help us streamline our lives, it has a far more persuasive ability to infiltrate our lives and distract our attention from where it would bes…

]]> By: Getting Started with Personal Finance http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-92985 Getting Started with Personal Finance Tue, 17 Jul 2007 22:11:35 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-92985 [...] How to Organize Your Finances in 4 Easy Steps [...] [...] How to Organize Your Finances in 4 Easy Steps [...]

]]> By: Andy http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79638 Andy Tue, 20 Feb 2007 18:11:11 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79638 I was interested in signing up on the DMA website so that I could stop the junkmail that barrages me at my apartment, but they charge you $1 for that privilege. I know it's only $1, but it's the principle of the matter that bothers me. Seems a bit like extortion to me. I was interested in signing up on the DMA website so that I could stop the junkmail that barrages me at my apartment, but they charge you $1 for that privilege. I know it’s only $1, but it’s the principle of the matter that bothers me. Seems a bit like extortion to me.

]]> By: Russell Heimlich http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79636 Russell Heimlich Tue, 20 Feb 2007 17:42:22 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79636 My system: I use Quicken also to track my finances but my bank, USAA, lets me download my financial information right into Quicken. To keep track of bills I use Google Calendar and mark down when the bill is due and when I paid it. This way I don't pay the same bill twice. As for filing paperwork, I save my credit card and withdraw receipts in an envelope so at the end of the month I can staple the receipt to the correct statement which I file in a binder. This way I can easily find it later if I ever need it. Staying organized with my finances has helped me out greatly. My system:
I use Quicken also to track my finances but my bank, USAA, lets me download my financial information right into Quicken. To keep track of bills I use Google Calendar and mark down when the bill is due and when I paid it. This way I don’t pay the same bill twice. As for filing paperwork, I save my credit card and withdraw receipts in an envelope so at the end of the month I can staple the receipt to the correct statement which I file in a binder. This way I can easily find it later if I ever need it. Staying organized with my finances has helped me out greatly.

]]> By: Greg http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79633 Greg Tue, 20 Feb 2007 16:43:56 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79633 I have been using Quicken for about 18 months and was amazed at how just having better visibility on my accounts has made me a better saver. Nothing makes me happier than to see Quicken's net worth graph creep upwards. I have been using Quicken for about 18 months and was amazed at how just having better visibility on my accounts has made me a better saver. Nothing makes me happier than to see Quicken’s net worth graph creep upwards.

]]> By: rob http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79576 rob Mon, 19 Feb 2007 22:49:28 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79576 But don't lenders take into account open credit when they are assessing you for a major loan (mortgage)? Aka - You are considered to have debt/payments as-if those credit cards were fully maxed out. Surely that balances the hit to the credit score. But don’t lenders take into account open credit when they are assessing you for a major loan (mortgage)?
Aka - You are considered to have debt/payments as-if those credit cards were fully maxed out. Surely that balances the hit to the credit score.

]]> By: Sketchee http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79575 Sketchee Mon, 19 Feb 2007 20:52:49 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79575 Suze Orman says to never close a credit card account as that will be credit you once had and now no longer had. I don't know how "temporary" this effect is, however Suze Orman says to never close a credit card account as that will be credit you once had and now no longer had. I don’t know how “temporary” this effect is, however

]]> By: J.D. http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79573 J.D. Mon, 19 Feb 2007 20:16:12 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79573 I understand your concern. I was worried, too, back when I first discovered them. After further research, I came to the conclusion that the site was working *with* the government to make this happen. (There are links from the FTC site to OptOutPrescreen.) I cannot guarantee this is not phishing, but there is more to indicate that this is genuine than just about any other site I've seen. I gave them my info last year and haven't experienced any problems. All the same, it is very very wise to be wary. I understand your concern. I was worried, too, back when I first discovered them. After further research, I came to the conclusion that the site was working *with* the government to make this happen. (There are links from the FTC site to OptOutPrescreen.) I cannot guarantee this is not phishing, but there is more to indicate that this is genuine than just about any other site I’ve seen. I gave them my info last year and haven’t experienced any problems.

All the same, it is very very wise to be wary.

]]> By: Princess_Manners http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79572 Princess_Manners Mon, 19 Feb 2007 20:06:29 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79572 Great post, JD. Just one thing--OptOutPrescreen.com *requests* your SSN. While it's not required, they say in red type something to the effect that giving it would be helpful. That rang my phishing alarm bell. Great post, JD. Just one thing–OptOutPrescreen.com *requests* your SSN. While it’s not required, they say in red type something to the effect that giving it would be helpful. That rang my phishing alarm bell.

]]> By: Adam http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79570 Adam Mon, 19 Feb 2007 19:43:23 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79570 My wife and I use Quicken to track our finances. We just got in the habit of entering our receipts as soon as we get home with them. Since I usually run Linux, we have the Quicken on her desktop that runs all the time, so it's sort of like our financial kiosk. My wife and I use Quicken to track our finances. We just got in the habit of entering our receipts as soon as we get home with them. Since I usually run Linux, we have the Quicken on her desktop that runs all the time, so it’s sort of like our financial kiosk.

]]> By: Tom H. http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79568 Tom H. Mon, 19 Feb 2007 19:17:57 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79568 I was a little uneasy about submitting my social security number and date of birth to the OptOutPrescreen.com site, so I did a little more research on them. I found some links from a few .gov sites, so I felt a little more comfortable. Then I noticed that the SSN and date of birth aren't required, so I left them off. I don't know whether that will make them less effective in screening my junk mail (the FAQ suggests that is the case), but I feel better not sharing my SSN/DOB with them. Call me paranoid. I was a little uneasy about submitting my social security number and date of birth to the OptOutPrescreen.com site, so I did a little more research on them. I found some links from a few .gov sites, so I felt a little more comfortable. Then I noticed that the SSN and date of birth aren’t required, so I left them off.

I don’t know whether that will make them less effective in screening my junk mail (the FAQ suggests that is the case), but I feel better not sharing my SSN/DOB with them. Call me paranoid.

]]> By: ispf http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79566 ispf Mon, 19 Feb 2007 18:56:09 +0000 http://www.getrichslowly.org/blog/2007/02/19/how-to-organize-your-finances-in-four-easy-steps/#comment-79566 J.D., Great post! I would suggest one small change though. Where you say "cancel accounts you no longer use", you should specifically say "bank" accounts, ie., something that conveys "cancel bank account, but NOT your credit card accounts". My understanding is that closing credit card accounts will reduce the the average age of your credit history and can bring your credit score down but closing a bank account does not have the same effect (I personally wouldnt close any). There are several threads on fatwallet finance forums that discuss this and here are a couple of them - http://www.fatwallet.com/t/52/634740/ http://www.fatwallet.org/forums/arcmessageview.php?catid=52&threadid=658167 Also, I recently came across this article on a relatively new blog (which I found through your blog, btw :) ) which says that 15% of your score is based on the length of your history! http://creditpro.wordpress.com/2007/02/05/top-7-credit-score-secrets/ So, while cancelling unused bank accounts can reduce clutter, cancelling unused credit card accounts may have a negative side effect of impacting your credit score! J.D., Great post!

I would suggest one small change though. Where you say “cancel accounts you no longer use”, you should specifically say “bank” accounts, ie., something that conveys “cancel bank account, but NOT your credit card accounts”. My understanding is that closing credit card accounts will reduce the the average age of your credit history and can bring your credit score down but closing a bank account does not have the same effect (I personally wouldnt close any). There are several threads on fatwallet finance forums that discuss this and here are a couple of them -
http://www.fatwallet.com/t/52/634740/
http://www.fatwallet.org/forums/arcmessageview.php?catid=52&threadid=658167

Also, I recently came across this article on a relatively new blog (which I found through your blog, btw :) ) which says that 15% of your score is based on the length of your history! http://creditpro.wordpress.com/2007/02/05/top-7-credit-score-secrets/

So, while cancelling unused bank accounts can reduce clutter, cancelling unused credit card accounts may have a negative side effect of impacting your credit score!

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