Organizing your Files

by Debbie Vasen | More from this Blogger

13 Nov 2007 09:35 PM

Part of good money management is staying organized. Do you have a good filing cabinet? If not, head to your local store or yard sale, buy yourself a sturdy filing cabinet and some good files - and let's get organized!

Keeping track of old bills, receipts, warranties, product information, etc. will help save you money, time, and your sanity in the process. For some of us, this is simple... but for many of us, we have no idea how to get started.

The following is a list of folders you should definitely have in your filing system.

1. Budgets and other planning worksheets

2. Bank account information - have at least one folder for each account. These will include anything from checking accounts to investments.

3. Passwords - keep a folder with all your passwords in one place. For security reasons this folder should be hidden or filed under a "fake" name.

4. Credit card statements and agreements - ideally have one folder for each issuer.

5. Paid bills like utilities, phone, etc. You don't need to save these forever, but a years worth could be helpful.

6. Tax information - old tax forms and supportive documents

7. Retirement accounts - ideally have one folder per account

8. Insurance

9. Wills

10. Medical information

11. Home owner information 12. Sales receipts and warranty documents

13. Dependent information - kids or parents

Every year you should also perform a file clean up. Go through your files shredding and recycling paperwork you no longer need. Things to note during clean up:

1. Keep tax information for at least seven years. 2. Credit card and bank information for one year unless they are related to your taxes. 3. Paid bills for one year. 4. Insurance you will only need the most current policy information.

Keeping organized will make it easier to find the information you need and keep track of your financial history.

Related Articles:

*Have You Considered Separate Accounts?

*Throw your Checkbook Away!

*Four Ways to Track Your Expenses

Learn more about Debbie Vasen

Debbie Vasen is a published web content editor and writer, as well as a freelance writer for various print publications. In addition to blogging at Families.

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