Are Your Finances Out of Sight?

Do you have some financial decisions that you still haven't completed? Does your budget seem to always get busted?  It could because it's out of sight.  What financial issue have you forgotten?  You think about it from time to time but it's often off your radar. Below are some examples of often forgotten items:

• Will - 70% of people die without a will.
• Life Insurance - If you have a wife and/or children, this is a must.  Your loved ones need to be covered in the event of your death.  Has your partner recently went back to work?  You need to get a policy on them as well. 
• Written Budget - Money that is unaccounted for gets wasted.  You need every expense on paper on purpose before spending your first dime.
• Credit Card Debt - Some folks just glance inside the envelope to see their minimum payment. They don't bother to open the statement and see the total amount they owe.  They also neglect to inspect what interest rate they're paying. 
• Irregular expenses - Those things that you don't pay for every month: insurance premiums, car repairs, home maintenance, medical bills and car registrations.
• Birthday expenses - Birthdays happen once a year.  You need to set aside money for expenses long before it gets here. 
• Christmas Expenses - Just like birthdays, this event happens once a year.

It's often the unseen issues that don't get addresses in our financial situation.  How do you address these "out of sight" issues?  Here are some tips:

1) Make a visual list.  Identify the things you haven't addressed and put them in writing in a list form.

2) Post the list somewhere you frequently visit.  I recommend bathroom mirror or refrigerator.  You may have another place that you see often in your day to day schedule.  Another blogger recommends using Google Calendar but it's really about what works for you.  If it's out of sight, it's probably out of mind.

3) Put a time limit on the decision.  Example: I will have adequate life insurance on my family in 30 days.

4) Create an online savings account.  Irregular expenses, Christmas, and birthday expenses can be handled through depositing regularly to an online savings account.  Whenever that event occurs, you withdraw the necessary funds from the account.  I highly recommend www.ingdirect.com.  The set up is simple and you can link the account to your checking account to make transferring money very easy.

What system do you have in place to remind you of important financial decisions? Please share your strategies in a comment.