A simple way to organize financial records

A simple way to organize financial records
A simple way to organize financial records

It is very important to keep your financial records organized. It doesn’t mean that you have to keep everything. Make a filing system to organize the important documents. File what matters and shred the rest. Once you make the filing system habit, you will save lots of time when having to look up financial documents. You will also gain counter space. No more piles of envelopes and statements hanging around the house. Build an efficient filing system to keep track of your financial records.

The first step to a filing system is to gather all documents. This should include all paperwork, statements, bills and unopened mail. Have a pile of empty folders ready to label and fill. Take one subject at a time so there are no loose ends to get lost in the shuffle.

*Advisors – All contact information for important people who help with anything financial.

*Vehicle – Keep titles and maintenance receipts.

*Bank Accounts – Keep most current monthly statement. Shred as you replace.

*Bills Due – Any unpaid bill goes here.

*Contracts – Any legal agreement or work contracts.

*Education – Transcripts, certificates, diploma or other significant documents.

*Employment – Benefit handbook, paycheck stubs, evaluations and current resume.

*Estate Planning – Keep wills, trusts and beneficiary information.

*Healthcare – Health care plan information, medical receipts, reports and vaccination records.

*Home Maintenance – Receipts for repairs and service

*Insurance – Policy information for everything.

*Investments – Statements and savings plan information.

*Loans – All loan contracts or other documentation when you still owe money.

*Tax Records – All tax forms and supporting documents for current tax year and previous 3 years.

*Utilities – Keep current statements.

*Warranty – Current warranty documents. Discard when expired.

Invest in a shredder if you haven’t done so already. It is a perfect way to discard unnecessary paperwork. Once your new filing system is in place, it will be very simple for you to obtain any information at a moment’s notice. No more missed payments or lost information.

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