Taking control of the household finances can feel like a full-time job. There is no need to stress out however. Follow these simple tips, and you will find yourself organizing your finances, streamlining your time, and reducing the stress of household money matters.

Keep Your Bills in One Place
When your mail arrives, make sure it all goes in one place. Misplaced bills can be the cause of late fees and can severely damage your credit rating. Whether it's a box, a drawer, or a file, be consistent. If you get a lot of mail, use an area that won't get filled up too quickly. Make sure others in the household do the same.

Read Your Credit Card Statements
Make a habit of looking at your statement carefully to see what interest rate you are paying each month and if any transaction fees have been applied. Most people take advantage of low interest credit card offers but never read their statements when paying the bill. Credit cards are notorious for using low interest as bait for new customers then switching to higher rates after a few months. If the rate increases or a transaction fee appears on your statement, a simple call to the credit card company can often be beneficial in resolving the matter. If not, try to switch your money to a more favorable rate.

Set Up a Billing Schedule
Bill paying can be simplified if it's done at scheduled times during the month. Depending on how many bills you receive, you can establish set times each month to guarantee none of your bills will be late. If you're paying bills as you receive them, chances are you're spending too much time in front of the checkbook. Although bills may state "Payable Upon Receipt," there is always a grace period. Call the creditor to find out when they need to receive payment before the bill is considered late.

Take Advantage of Automatic Payments
Most banks offer a way to automatically deduct money from your account to pay your bills. In addition, creditors usually offer a lower interest rate when you sign up for this payment option because they get their money faster and on time. Consider it as one less check to write, envelope to lick and stamp to buy. Just make sure you record the deduction when the automatic payment is scheduled or you run the risk of over drawing your account.

Computerize Your Checkbook
Use a software program to organize your finances. There are many easy-to-use programs that make bill paying and bank reconciliation a cinch. Computer checks can be ordered almost anywhere and fit right into most printers. Once the checks are printed, all of the information is automatically recorded in your electronic checkbook. Furthermore, many banks have direct downloads into these software packages so when money is deposited or withdrawn, the transaction is entered immediately onto your computer. And, when it comes time to do taxes, it couldn't be easier.

Sign up for Direct Deposit
Most employers now have direct deposit. Even Unemployment Compensation offers direct deposit as an option to receive benefit checks. To set up, you only need a voided original check or photocopy so the bank can see the numbers at the bottom. It usually takes a few weeks to establish and is well worth the wait. On payday, the amount of your paycheck arrives in your account and is readily available. You still should receive a payment stub from your employer, listing the itemized deductions for that period.

Get Overdraft Protection
Most banks have a service where, if you run the risk of bouncing a check, the money will come from another source. For a nominal fee, the bank will link your checking account to a savings account, money market, or credit card. Call or visit your bank to learn more about this convenient feature.

Consolidate Your Accounts
If you have several credit card accounts with outstanding balances, try to consolidate them into one. Be careful and check the balance transfer interest rates and one-time fees. Also, make a list of all your open Money Markets, Savings, CDs, IRAs, Mutual Funds, and other accounts to see if any consolidation can be done. Keeping you money in fewer places eliminates all of the guesswork involved and reduces errors.

Cancel Unused Accounts
Whether it's a credit card or bank account, write a letter requesting that the account be formally closed. Not only will this improve your credit score, it is a useful way to avoid money from being scattered all over the place. Don't let department stores and credit card companies lure you into opening new accounts by offering favorable interest rates and purchase discounts. Credit can get out of hand if you take advantage of every credit offer that comes your way.

Establish Automatic Savings
Most people will not put money into a savings account on a regular basis. They may wait until a large tax refund check arrives to actually deposit money into savings, retirement, vacation, college, or other accounts. Create a link from your checking account into a savings account that will not be touched. This can usually be done through the banks and automatic amounts will be transferred over each month. If you establish an automatic savings deposit every month, your accounts will begin accumulating faster than you think.

Clean up Your Files
Keep individual files for paid bills. Make sure your paid bills are organized in a filing cabinet away from the rest of the house. Go through your files at the end of each year and throw out bills and receipts no longer needed for auditing purposes. Contact your local IRS office to see how long records need to be kept for audits. Usually federal tax return audits can be done three years back but cancelled checks may need to be kept for seven.