Last post: May 31, 2017
Setting up a financial calendar could help you to pay bills on time, avoid penalty fees, budget better and save for the future. Learn how here.
We all have different approaches to organisation. Some of us love to record everything down the smallest detail, from birthdays and addresses to dress codes, some people's diaries are full of every aspect of upcoming events.
Others amongst us prefer a more "free and easy" approach to organisation which allows us to seize the moment and avoid sweating the small stuff. We all have that one friend of colleagues who's addicted to Google Calendar invites or can't be 5ft away from their organiser, right?
But sometimes a little organisation is an undeniable Good Thing. The idea of creating a financial calendar may seem like the most boring and depressing thing ever to many of us, but the benefits such a project can reap over the long term are remarkable.
From paying your bills on time and avoiding nasty penalty fees, to budgeting better and saving for the future, keeping a financial calendar could seriously turn around your financial situation. By planning for upcoming outgoings, you can avoid living beyond your means and start putting your money to better work.
Key dates to include on your calendar include:
1. Bills
Even if you're set up to pay automatically, add any outgoings (such as rent, electricity and internet payments) to your calendar so you know exactly how much you have to pay every month.
2. Repayments
Most important of all, if you have loan repayments to make, ensure they're clearly noted in your calendar, giving yourself advance warning to ensure you always meet the deadline and avoid penalty fees.
3. Payday
It can't all be doom and gloom! Add your payday to your calendar to give yourself something positive to look forward to and to help you stay on top of savings.
4. Tax time
If you're self employed, make sure all crucial tax dates (including the end of the tax year, payments on account and tax return deadlines) are all clearly logged.
5. Future plans
What are you saving for? From a wedding to a holiday – or even an evening class, include milestones for positive things you're saving for in your calendar to keep your savings on track. Log how much you've saved each month and how much is left until you hit your target figure.
Have you used a financial calendar before? Which dates do you think are most useful to include? Share your budgeting and financial planning ideas with other readers below.
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