August 2025
Barbara O’Neill, Ph.D., CFP®, AFC®
Distinguished Professor and Extension Financial Management Specialist Emeritus
Rutgers Cooperative Extension
Many people have more free time during the summer than they do during the rest of the year. This includes school employees with 10-month contracts and people using their paid time off from work. Therefore, now is a great time to organize your personal finances. Below are ten organizational tasks to consider performing:
Create (or Update) a Spending Plan (Budget)- There are many tools that you can use including Microsoft Excel® spreadsheets, budgeting apps (e.g., YNAB, Empower, Rocket Money, and Monarch), and "paper and pencil" worksheets such as the Spending Plan Worksheet (PDF) from Rutgers Cooperative Extension.
Set Up a Bill Payment Calendar- Create a personalized calendar to see all your bills together and when they are due on one sheet of paper. Doing this can help coordinate bills with income as it is received and avoid late fees. A useful Bill Calendar worksheet (PDF) is available from the Consumer Financial Protection Bureau.
Automate Financial Transactions- Some ways to do this include scheduling automatic recurring bill (e.g., car loan) payments, setting up direct deposits or withdrawals, automating checking to savings account transfers, and creating text or e-mail alerts for overspending and automatic deposits and withdrawals.
Consolidate Bank Accounts- Reduce the number of e-mails, statements, and tax-related paperwork that you receive in the future if you have several bank accounts with relatively small balances. Consolidate them into one account with the most favorable terms and annual percentage yield (APY). Caveat: Be sure to remain under the maximum $250,000 account balance limit for FDIC insurance.
Set Up E-Mail or Text Alerts- Many banks and service providers offer free real time reminders for upcoming payment due dates, low balances, large purchases over a designated amount, or unusual activity. Alert messages for bills provide convenience and peace of mind and reduce the risk of late fees and missed payments.
Set Up a Folder System- The folders can be physical and/or digital. Use labeled folders for taxes, bank statements, insurance, investments, receipts, and bills. Store physical copies in a filing cabinet and digital folders on several devices and/or a secure cloud drive. Regularly update and purge outdated documents.
Create a Debt Repayment Plan- "Find" additional money to accelerate debt repayment and choose a strategy to systematically pay off debt. With the debt avalanche method, you apply extra cash for debt repayment to debts with the highest interest rate. With the debt snowball method, you focus on paying off the smallest balance first. The Utah State University Powerpay website is a good resource to develop a debt repayment plan.
Update or Create a Net Worth Statement- A net worth statement provides a snapshot of your financial health on a given day. It shows the difference between what you own (assets) and what you owe (debts). Tracking net worth over time helps you measure progress and stay motivated to improve your financial situation. Use this Rutgers Cooperative Extension worksheet (PDF) to get started.
Digitize Important Financial Documents- Download or scan digital copies of key documents to stay organized, reduce clutter, and access records quickly. Examples include tax returns, bank statements, and insurance policies. Going paperless also reduces the risk of losing documents due to misplacement, damage, or theft. Store them on a password-protected computer, external hard drive, or encrypted cloud service for safety.
Plan for Irregular Expenses- Make a list of occasional expenses such as semi-annual insurance premiums and quarterly water bills or use this online Irregular Expense Calculator. Once you have an annual total of their cost, divide that number by 12 and save monthly for quarterly, semiannual, or annual expenses.