1. Use Mint.com to get your financial house in order. Track EVERYTHING using this app.
-Easy to set up
-Keep track of assets and liabilities
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2. Keep Bills in One Place
Even if most of your bills arrive electronically, you still need a place for those that come by mail. And yes, some still do. Property tax and homeowners’ insurance bills typically are paid on an annual or quarterly basis, so they generally arrive by mail. An occasional expense like a medical test may be billed the old-fashioned way.
-File the important bills so you’ll be ready for your accountant at tax time. This includes normal bills but also charitable donations, etc.
3. Pay Bills the Day You Get Them
This assumes you know your budget and are living within or below your means! Once you have those calculations you can decide whether to set your automatic billing to the minimum payment or to pay it completely off. Post your budget somewhere you see it so you modify as necessary.
4. Coordinate with Spouse or significant others who share your bills.
Don’t get caught off guard when one of you spent money from your savings and the other had to pay a bill with that! Coordinate. Consider giving each spouse or partner a monthly slush fun of say $500 each they can spend on themselves. Keep this money separate from bill paying accounts.
5. Every time you deposit a commission check, separate it into 3 accounts: Operations, Taxes and Savings.