With a number of payments and debts to your name, it can be difficult to account for all of them. One of the ways to get around this, according to the likes of Robert Jain, is with a financial calendar. Not only will this help you get your finances in order, but you'll be less likely to run into difficulties moving forward. For those that would like to know how to build such a calendar for themselves, here's what you should know.
The premise of financial calendars is relatively simple. In essence, they provide daily and weekly reminders to those that have payments to be made in the future. These calendars are especially useful for those that use their credit cards often or rent out apartment space. Simply put, late payments will be less likely to occur if these calendars are adhered to. There are a few things to keep in mind before creating one of your own, which Bob Jain and other authorities on finance can expand on.
The first step to building a financial calendar is to include payments that you know you'll have to make on a regular basis. These can include anything from rent to student loans. Make sure that these are prioritized over payments that aren't based in routines, such as money owed to a family member for a shopping trip. This will help create calendars that are easier to follow, which will reduce the risk of missing payments.
You should also consult your family to see how their schedules apply to your finances. For instance, if you're a parent, there's a good chance that you'll have to pay out of pocket for school supplies every August. These aren't routine payments, but they are worthwhile enough to include on your calendar. You will be able to account for them when creating budgets in the future, which is one of the many reasons consulting your family members goes a long way.
Lastly, it may be in your best interest to double check the information on your financial calendar. The main reason for this is human error; it's entirely possible to be off on information listed on the calendar in question. You might have even missed a payment or two, which could have been disastrous otherwise. By checking your work, you can make corrections, which will only make your calendar that much more accurate.
The premise of financial calendars is relatively simple. In essence, they provide daily and weekly reminders to those that have payments to be made in the future. These calendars are especially useful for those that use their credit cards often or rent out apartment space. Simply put, late payments will be less likely to occur if these calendars are adhered to. There are a few things to keep in mind before creating one of your own, which Bob Jain and other authorities on finance can expand on.
The first step to building a financial calendar is to include payments that you know you'll have to make on a regular basis. These can include anything from rent to student loans. Make sure that these are prioritized over payments that aren't based in routines, such as money owed to a family member for a shopping trip. This will help create calendars that are easier to follow, which will reduce the risk of missing payments.
You should also consult your family to see how their schedules apply to your finances. For instance, if you're a parent, there's a good chance that you'll have to pay out of pocket for school supplies every August. These aren't routine payments, but they are worthwhile enough to include on your calendar. You will be able to account for them when creating budgets in the future, which is one of the many reasons consulting your family members goes a long way.
Lastly, it may be in your best interest to double check the information on your financial calendar. The main reason for this is human error; it's entirely possible to be off on information listed on the calendar in question. You might have even missed a payment or two, which could have been disastrous otherwise. By checking your work, you can make corrections, which will only make your calendar that much more accurate.
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For additional information regarding finance in general, don't hesitate to contact Bobby Jain.. This article, Robert Jain: How To Build A Financial Calendar has free reprint rights.