Keeping up with your finances
When you’re getting back into managing your finances after an injury, it’s helpful to have some support at first. Having someone check your work or provide reassurance can give you confidence as you adjust.
Organize your mail and bills
- Have a designated place where incoming mail is always sorted. Organize your mail and bills according to category and then organize them by the due date.
- Keep financial records in a consistent location. Pick a quiet location, preferably free of clutter, to complete this activity. Develop a filing system in a drawer or a box. Create a tab for each bill type, then file your paid bills in the same location.
Set a regular time to pay bills
- Have a designated time when you pay your bills. Allow yourself time to go slowly. Take your time when reading over the bills, balancing the register, writing checks, and sending the bills out.
- Develop a template or chart of your common bills and include estimated charges to help develop a budget. Use your chart to make sure all bills were paid for the month.
- Organize each transaction in the check register, online banking, or financial software.
Double-check your transactions
- Try to mentally do the math and doublecheck your work with a calculator so you can continue to work your brain and keep it fresh with mental math. After each transaction write down check number, and date paid on the stub.
- When making a transaction in the community, try to get a mental total before you make the purchase so that you can get your money ready for the clerk.
- Always count your money before and after any money transaction.
Track you spending while shopping or dining out
- When eating out or shopping, remember to add tips and subtract discounts.
- Bring a pen and paper in your wallet or purse if mental math is difficult, so that you can keep track of purchases and their actual costs.
- When using the ATM, making a deposit or withdrawal, try to work on filling out paper transactions before you get in line to make the transaction smoother.
Tips for creating a monthly budget
Setting up a monthly budget is one of the best ways to keep your finances in check. Start by calculating your monthly income and listing all your expenses, including bills, fun activities, and savings goals. Ideally, your income should be greater than your expenses to help you stay on track.
Estimate and track fluctuating expenses
- If you don’t spend money on something monthly but want to account for it in your monthly budget, estimate how much you spend per year on an item and divide it by 12.
- If you are not sure what your expenses look like for a month, review your past monthly bank statement to see how you spend your money.
- Estimates can be used for the amounts that will fluctuate such as utilities. It is better to overestimate than underestimate to maintain a balanced budget.
- Include as much information that would be helpful to remember, such as website names, login information, passwords, and mailing addresses to keep everything in the same location.
Stay on track with bills
- Order your bills by their due date. Place a check mark or write “yes” in the last column as you pay the bill or after it is deducted automatically from your bank account.
- Print out a new copy of your budget at the beginning of each month or laminate a copy and use a dry erase marker.
- Schedule time each week to review your budget and that week’s spending to update and make changes if needed if you had unexpected expenses.