I recently read a Bureau of Labor statistic that said, on average we spend twenty-two hours a year reading, sorting and paying bills. That's a big chunk of our valuable time! Here are a few suggestions for some time efficient ways to help deal with day-to-day money management.

Before we begin, let me share a couple of more interesting statistics:

Most of us have at least four different accounts with various financial institutions

CardTrak.com says that Americans paid $16.3 billion in credit card late fees in 2007

Andrew Caplin of New York University found that people who plan and budget are 39 percent wealthier than less organized people.

So, what can we do to become more organized with our finances? Make the time to set up a day-to-day money management system and then work that system faithfully.

1. Begin a management system that will fit into your lifestyle. If your system is too complicated you won’t use it. A good organizational system doesn’t have to be complicated it just has to work. You can use file folders, envelopes or a more sophisticated computer software. Make sure it is something in which you’re willing to invest your time and energy.

2. Start keeping your important receipts in something that is easy to use and saves you time. Start dividing your receipts into categories: Taxes, warranties, rebates/reimbursements, ATM or banking, credit card purchases, etc. Your best bet is to organize them at least weekly so you can keep up easily and efficiently.

3. Find a convenient way to pay your bills on time. File folders with numbers for each day of the month may work well. Or, a large wall calendar with each bill listed on its due date and then marked off when it is paid. You may want to use the automatic bill payment option offered by many companies. Another on time method is to pay your bills as soon as they arrive.

4. Have a special folder for frequent flyer miles, dining bonus points, gift cards, etc. It’s a waste of money to earn the extras or receive a free gift and then allow them to expire. You’re literally throwing away money.

5. Shred your statements, receipts, expired papers, etc. as soon as you are finished with them. Shred, don’t throw away any papers that have personal data on them. Don’t allow boxes of outdated information to pile up and gather dust. It creates clutter and clutter creates frustration.

6. Purchase a file cabinet specifically for your financial paper work. This is an easy way to stay organized and an out of the way method for storing important documents.

7. Stop the unsolicited credit card applications. You can go to 1-888-5-OPTOUT to stop those unwanted credit card offers.

Time truly is money especially when you’re paying late fees or forgetting to submit that rebate offer. A little time management can make dealing with your day-to-day finances much easier and more profitable.

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Ready to conquer self-sabotage? You’ll want to read Sharon’s book, How To Give Yourself The POWER To Succeed –
How To Give Yourself The POWER To Succeed