You may not be thinking about financial organization in August. After all, it’s the end of summer, when most people are enjoying the last few weeks of barbecuing and backyard pool parties before the kids go back to school. But we’re here to tell you that August is a great time to get your monthly budget ready for the rest of the year. Let’s talk about four financial organization tasks to tackle this month.

1. Start saving for the holidays.

Before you know it, the winter holidays will be here, so get ahead of them with a specific holiday savings fund. Decide how much you plan to spend during the holidays your family celebrates, then think about how much you’ll need to put aside from each paycheck to minimize or avoid debt. Food and travel costs can add up too, so don’t forget to work those into your holiday budget. Read more on holiday budget tips.

Consider saving for the holidays with a Club Account to keep holiday money separate from your regular savings.

2. Budget for your child’s fall and winter activities.

Buying school supplies, unfortunately, isn’t the end of expenses for the fall semester. Parents and caregivers can expect a few other items to pop up at this time of year. Remember to budget for miscellaneous school expenses, including:

• Field trips, fundraisers and school activities
• Teacher appreciation gifts
• Birthday presents

While there are ways to shop affordably for these items, assorted costs can add up quickly, so it’s a good idea to think about building them into your monthly budget.

3. Organize important documents.

Start your own filing system so you can stay organized throughout the year. If you’re busy or just hate filing, designate an incoming paperwork drop-zone for when you don’t have time to sort immediately. Then, set aside some time each week to sort the pile. Paperwork overload? Get a shredder to help protect yourself from identity theft by ensuring your personal information isn’t available in your trash can.

When it comes to financial organization, keeping your important documents sorted allows you to access them easily and quickly. Make sure to sort and save important documents, including:

• Receipts for items related to potential tax deductions
• Monthly account and credit card statements
• Tax forms
• Letters from lenders

Not only does staying organized make budgeting and paying bills easier, but it’s also a big help come tax time.

4. Review your credit report.

You’re legally entitled to a free credit report every year from each of the three major credit bureaus. The official, safe way to obtain your free reports is through AnnualCreditReport.com. Reviewing your credit report regularly helps you catch fraud or errors quickly. For more about building credit, visit our Credit Education page.

If the idea of financial organization makes you want to think about anything else (and maybe go back to bed), you’re not alone. However, organization can be simple if you have the right tools and systems in place. Staying on top of your monthly budget, planning for miscellaneous expenses, organizing your important paperwork, and regularly reviewing your credit report will help you stay on track.

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Posted In:

• General Education
• Savings Education