Three Signs That You May Not Respect Your Money

by Hank Coleman

People often do not know why they have money troubles in their lives. They may not but actually be in denial. A big reason for many people’s financial problems is that they do not have an adequate respect for the money that they make and have. They do not respect the money in their wallets, the statements and receipts needed to minimize their taxes and track their expenses, and the proper filing system to optimize their records.

Dollar Bills In Your Wallet

The two dollar billHow do you align the dollar bills in your wallet? Do you have them all facing the same way? Do you have them all in sequential order? If you respect your money, you take care of it even in your wallet or purse. Your dollar bills should all be in numerical order from largest to smallest and facing the same way. They should not be turned upside down. You will be surprised by how many mistakes you have accidently made by pulling out the wrong denomination of bills when making purchases. There is hardly any worse of a feeling of thinking that you have more money in your wallet than you really do because you paid a merchant with the wrong type of dollar bill.

Receipts In Your Pocket

I am constantly stuffing receipts in my pocket after I purchase something or buy a meal at a restaurant. I also have a bad habit of either leaving the receipts in my pocket for a long time or putting them on top of my dresser in a crumpled pile. I have several receipts that I should be saving in a folder for tax deductions. I could write off some of these expenses on my taxes like the parking receipts for business trips that I have taken and also the receipts for clothes and supplies that I have bought for work as well. But, I miss the opportunity because I have just old crumpled up receipts that can be barely read. Many people solve this problem by scanning their receipts and saving digital copies on their computer’s hard drive instead of keeping all of those paper copies. People who also do not take care of receipts may not realize where they are spending their money. Reconciling receipts can help you keep track of your monthly budgeting.

Your Filing Cabinet Looks Like It Threw Up

A messy filing systemI am very guilty of having a messy office and poor filing system. I have piles and piles of bank statements, investment prospectus, and other important files stacked up in my home office. I wait months on end before I clean up the piles. If an office or workspace is messy, it is a great indicator that your finances are messy as well. You need a filing system to help you manage your finances efficiently. A filing system can help you with keeping your tax records orderly, help you not miss due dates on your bills, and help you identify other errors when they pop up.

The more you show respect to your money, the more your finances will be in order. How do you show respect to your money? Is respecting money important? I’d love to hear your thoughts in the comment section below.

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{ 2 comments… read them below or add one }

Ron August 28, 2010 at 1:19 pm

I don’t carry a lot of cash, but when I do all bills face the same way. I don’t sequentially order them, though. And since I travel a great deal with my job, I have to turn in nice clean receipts so those are always in great shape as well. My files at work are in perfect order, but files at home are a mess.

Thanks for the reminder to clean up my personal files! I really could use a filing cabinet without broken drawers though … off to the yard sales, I guess.

Hank Coleman August 30, 2010 at 4:15 pm

@Ron – Thanks for leaving the comment. That pile of junk is actually on the floor of my home office. I need to go home and clean up. It is on my to do list, but it never gets crossed off.

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