The lack of organisation in your financial life can critically harm your livelihood. Late and unpaid bills especially if you live alone, being short on cash, lack of school fees, and other things that are required for a daily living can be really hard to deal with. Being financially organised comes with discipline, the way you make and spend your money matters a lot. According to The balance, an American website focused on simplifying personal finance topics and news, living frugally means being in control of your finances, which can sometimes feel like a full-time job, especially when life gets busy. But achieving this requires knowledge and intent. Didier Honore Abimana, a student and professional photographer, says that being organised is all about planning and managing your daily expenses ahead. “One needs to plan his daily expenses by making a list of items he uses every day and estimate prices for each item. If there’s an approaching occasion like a birthday, a wedding, a baptism that one needs to attend, you also plan ahead and spare some money for the gifts, the transport fares, and other improvised expenses,” he suggests. Review your budget monthly. Abimana also adds that having your finances in order calls for being specific on the things you want and not buying things randomly or spending on things randomly. “One needs to know what they need and not what they want, that will facilitate their financial life. Another source of income is also important.” A lot of people think being financially organised is restricting themselves from everything. Ange Uwase a financial adviser disagrees, saying that one can enjoy their income without restriction and still be financially organised. “It all comes down to planning; nowadays people are wise, they have bank accounts and voluntary accounts where they can save the money they don’t want to use. If a person works this way, it’s easy to separate money for expenses and that to be saved,” she says. She also points to first attending to needs before spending on wants. According to Uwase, surviving in Kigali requires to always plan. Managing your finances well can help a lot in affording a decent lifestyle. “It’s not about having a higher paying job but a well-organised mind on spending.” Matutina Tumushabe a business owner says that being financially organised benefits a lot and makes life way easier. “Being financially organised helps in knowing what you have, and it also teaches you that there are things you can live without because they are not important at that moment,” she says. Also, being financially organised helps you not waste a lot-you know what you need most and what is not. So you spend on the needs that are most important, and you also get a better sense of control of your finances because you have planned for everything and nothing can come unexpected, Tumushabe adds. “Being financially organised can be hard for a lot of people because of the emotional attachment they have to their finances, but when you are able to control everything and plan for it, it can work.” Steps to an organised financial life According to Investopedia, a financial website, a lack of organisation can harm your finances as much as being short on cash. Losing bills will lead to late fees, and not keeping track of your checking account balance can lead to overdraft fees. The site shared a few steps on how to have an organised financial life: Review your budget monthly Even regular bills can change from month to month. Revise your budget as the bills come in and adjust other expenses to make up for it so that you don’t accidentally overdraw your bank account. Adjust as needed To save $100, you might exchange two dinners out for a bike ride with a packed lunch. Or, dial down a budgeted night out and go to a free concert in the park instead of a pricey restaurant. Keep bills in one place Keep the bills near your desk or wherever you normally write checks or pay bills online. A simple file cabinet or a couple of folders will do the job. Pay bills the day you get them If you have money available in your bank account and you don’t have other debit cards or bill pay charges coming through that could cause an overdraft, pay your bills as soon as you get them.
