Simply daily and weekly tasks to manage your money - ToledoNewsNow.com: News, Weather & Sports for Toledo, OH

By Andrew Housser

Words like "budget," "financial plan" and "money management" can sound intimidating. Especially to those who have developed habits of paying bills late or running up credit cards, money can feel like an unmanageable problem.

But it doesn't have to be that way. Setting up some simple systems and a short checklist of things to do will help you get your money organized. By taking care of your money in just a few minutes every day or every week, you'll feel better about yourself and you will have more security.

Here's how to put your money chores on auto-pilot.

What to do daily

1) Track your spending

Keep your receipts and look them over at the end of the day. Write down everything you spend, either in a small notebook you carry with you, or using an app for your phone. Most people are surprised to find just how much they spend each day on small items. Writing it down -- just as writing down everything you eat when you are watching your weight -- will open your eyes to your real spending patterns. Once you know what you spend, you can make conscious decisions about what to do with your money, which will help avoid debt.

2) Deposit any cash or checks as they are received

Make this a habit. Otherwise, it can be too easy to let a check lie around too long to be valid or to squander cash.

3) Open all mail -- including every bill -- as soon as it arrives

Many people avoid opening bills so they won't get the "bad news." But this only makes the situation worse. In fact, avoiding bills can create the potential for paying late, which can wind up costing more if you have to pay extra interest and late fees.

4) Set up a bill-paying system

The easiest way to know you won't be late is to pay every bill as soon as it arrives. Some people have success writing checks right away (and subtracting them from the check register), then putting the mailing date on the envelope. Put the envelope in a visible place and mail it after pay day. Some people use a folder that stays on a certain spot of your desk, a basket on the kitchen counter or an online calendar. Whatever you choose, a simple filing system ensures you pay every bill on time. Choose what works best for you and then use it religiously.

5) Switch to cash

Studies show that people spend an average of 15 percent less when using cash instead of credit cards. And paying cash means you can't build up additional credit card debt.

What to do weekly

1) Review your spending journal

Put your spending into categories such as "household expenses," "mortgage/rent," "groceries," "snacks," "dining out," etc. You can add up spending with paper and pencil, use free or purchased software, or use a spreadsheet. Whichever way you choose, you will be able to see your spending patterns and spot areas for savings.

2) Update your budget

See how your actual spending tracks against what you've budgeted for the month. Checking your budget weekly allows you to adjust spending for the next week(s) to fit within your budget.

3) Check balances of checking and savings accounts

Go in person, check online or call your bank or credit union to stay aware of how much money you have and what bills have been paid. You can watch for fraud and see when balances are getting low to avoid overdrafts or bounced checks.

By setting aside just a few minutes every day, you can gain control of your money. Of course, you should do a few more involved tasks once a month or once a year, too. Stay tuned for a future article about when and how to do these budgeting tasks.