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CERTIFIED PUBLIC ACCOUNTANTS • SINCE 1977

 

Get In Check With Your Finances

Just like with your routine check ups to the doctor and the dentist to make sure you are on track with your health and not thrown a curve ball with an ailment looming, a trip to an accountant can offer the same peace of mind for your financial health.

Just like with your routine check ups to the doctor and the dentist to make sure you are on track with your health and not thrown a curve ball with an ailment looming, a trip to an accountant can offer the same peace of mind for your financial health. 

Many times you can tackle your finances on your own, but it’s good to know you can call on someone when you have questions or concerns. Whether you are driving your financial planning or you are allowing others, it is still wise to keep your finances organized and updated so that it is easier to understand and to tackle when an issue may arise.

The first step in setting up your best plan is to be consistent in maintaining good spending and earning habits. This can be already the first roadblock for many. You have to look at your earning versus spending strategy. Now that you have this in place, here are five ways to keep the course.

    1. Keep a thorough and detailed filing system. Divide it up into bills, pay stubs and receipts, for example. You will want to highlight dates and sort in a system you understand so that later if you are questioning something it is easy to find.

    1. Mark it on the calendar, and set a reminder! Find a day each week or month, to make payments and verify what you spent. Double-check your statements to make sure there hasn’t been a mistake and take note of expenses that are increasing. There are so many easy ways to set up bill pay online, which is fantastic, but that doesn’t mean you shouldn’t look over your expenditures.

    1. Make sure you are keeping up with your accounts. If you have inactive accounts, close them. If you have loans that can be paid off, pay them. Don’t add unnecessary clutter to your finances.

    1. Don’t fill out every credit card you are offered. With credit cards, it is tempting to spend money that you don’t necessarily have. Pay them off every month, or at least pay off the minimum amount. If you are disciplined enough to pay off your credit card balance at the end of the month, put a majority of your purchases on your credit cards, but look for cards that offer monthly rewards, such as discounts, cash back or gifts. In the end, you win!

    1. Figure out what your needs are, not your wants. Take control by establishing a budget before you buy anything. Make a list, establish your budget, do your research, and stick to it; whether that is for the groceries, back-to-school shopping or even holidays, like Christmas. When making big purchases like a house or a car, it is helpful to make a list of pros and cons and truly look at your budget, trying to imagine the expenses that come in addition to your monthly payment.

Choosing a plan of action can help you to succeed financially and create an understanding for you and a clearer path for your accountant to follow. These are your finances, your future, so understanding and keeping them organized is the best regimen that anyone can prescribe.


About JHM Certified Public Accountants
Since its founding in 1977, JHM Certified Public Accountants has grown to specialize in accounting, auditing and tax services to nonprofit organizations. Additionally the firm serves a diverse range of business clients throughout the Southeast Tennessee/North Georgia region, ranging from small start-ups to large corporations, with a significant concentration of clients in the construction, hospital, nonprofit / governmental and assisted housing industries.
 

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