There can be a lot of paperwork handling your finances. Each month you will have bills to pay, every year you will file a tax return, you will have receipts for purchases and you will have important documents that deserve special attention. Having an organized system instead of just putting everything into a drawer or box can save time and reduce the stress of not being able to find something when you need it.
Most people end up using filing folders in a drawer to keep their financial records. If you do not have a drawer to use, buy a plastic storage bin. Buy a box of folders and label them for each type of expense you normally have and for other types of records you plan to keep - rent, utilities, auto, insurance, home ownership, family, employment, bank or credit union statements, retirement, medical and any other categories you consider useful. File folders are inexpensive so you may want to buy a box of them and create new folders when you like.
Once you have the files set up, you just put your receipts, statements and other information into them. There is a good chance that some of the folders will get quite bulky over time. When that happens, you can start a new one or better yet, toss out what you do not need.
There are only two general rules that apply here:
You can pay bills by mail or you can save money and pay your bills for free online. Paying bills online is safer and more convenient than sending paper checks. Plus, you can pay as many bills and as many payees as you like, there is no limit. Online bill payment lets you save time by paying your monthly bills automatically. Paying your bills online will also allow you to buy fewer stamps, and order checks less often.
BB&T offers OnLine Bill Payment at no charge with BB&T OnLine®, our free Internet banking services.
Accurate financial records, especially with your checking account, are a must. You need to know how much money is in your account before you write checks and you must avoid bouncing checks. This means you have to record each check and ATM transaction. This sounds simple, but it is easy to forget an ATM withdrawal or write a check and forget to record it. Recording each withdrawal and check is simply a habit you must develop.
And, you must reconcile your account each month. Your checking account statement has a form on the back. You may want to consider using personal finance software like Quicken . You can write checks with these programs, and they make balancing your account easier. If you use this type of software, do not forget to enter your ATM transactions and individual checks you write.
BB&T OnLine® is our free Internet banking service, which gives you secure access to your accounts and control of your money, 24 hours a day, 7 days a week, all from the convenience of your Web browser. Banking online with BB&T also gives you free and unlimited OnLine Bill Payment and the option of accessing your accounts through Quicken® and Quickbooks®