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Frugal Friday: Do Bookkeeping Often

Posted By Jessica Fisher On August 17, 2012 @ 1:48 am In Frugal Friday | 28 Comments

Regular bookkeeping can help you locate bank errors and fraud in a timely manner, reminds you not to overspend, and gives you a sense of security or accomplishment if you’re right where you’re supposed to be.

I spent all of my Tuesday working on bookkeeping. All day. I was spent when I lifted my weary body from the chair and my bleary eyes from the computer screen.

It’s not that we have such vast resources that bookkeeping is regularly a daylong project.

No, I’m blessed with laziness, instead. I had 7 months of receipts and statements to look over and file, 7 months of transactions to categorize in Quicken, 7 months of paperwork to weed through, and more than one uncleared check to hunt down. It was a mess!

Now, yes, I had kept up on deposits and bill paying. Since I use online banking, paying bills really only takes a few minutes each month. We weren’t late or overdrawn. But, I really hadn’t kept up on things like I should. And I was paying for it — in time and frustration.

When I sat down that morning, I estimated that I’d need only a couple hours to get it all sorted. I was wrong. I’m really thankful that it wasn’t tax time! That would have really stressed me out.

Instead, I learned a valuable lesson — with math, even.

7 hours of work ÷ 7 months = 1 hour per month

If I had kept up with my paperwork, the chore really wouldn’t have been a chore. Taking the math lesson a little further, I see that I really only need to spend an extra 15 minutes each week to keep all the books shipshape. A 7 hour chunk of time is hard to find, but I can easily find an extra 15 minutes in my schedule.

And as they say, time is money.

If anything, regular bookkeeping can help you locate bank errors and fraud in a timely manner. It also reminds you not to pay a stupid tax [4] every month due to overspending. It can also give you a sense of security or accomplishment if you’re right where you’re supposed to be.

Do your bookkeeping often so that you’re not a crazy lady come tax time!

Today’s Frugal Friday!

Time to swap ideas and inspiration for saving money.

How do YOU save money?

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  3. Recipes are allowed, but you must explain how it saves people money.
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