How to Organize Your Finances in 18 Minutes or Less
Today is the deadline for filing taxes. Will you be rushing to the post office before midnight or are you filing for an extension? Have you spent the past few weeks running around gathering paperwork? Did you wish you’d started earlier? Or better yet, did you wish you had an easy system for keeping your financial records?
Today I’m going to share a simple system for organizing your financial records, please don’t wait to buy a label maker to get started and do not overcomplicate the system by color coding, start with the basics. You may not fill all the folders in just 18 minutes, but you’ll have it set up and you can fill it as you locate the papers because now each important paper will have a home. Here’s what you’ll need to set up your system in 18 minutes: 10-15 hanging folders
25+ manila file folders
marker
18 minutes (uninterrupted) Step 1 Label each of the hanging folders with these titles Tax Returns
Retirement
Social Security
Investments
Bank Accounts
Household Accounts
Credit Cards/Loans
Insurance
Wills/Trusts
Children’s Accounts Step 2 Label the manila file folders to go inside each of the hanging folders Tax Returns 1999, 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007 then fill each folder with the tax returns, you’ll notice the file for the next year which leaves you room to grow. Retirement Name of each financial institution that has your investment (401K, IRA’s etc) keep the quarterly and year-end statements Social Security One file folder for each person with the statement that comes from the government Investments One file per investment account (that is not a retirement account) examples are mutual funds, CD’s, stocks, brokerage accounts Bank Accounts One file per checking and or savings account Household Accounts Home title (lease if you rent), home improvements, mortgage Credit Cards/Loans One file per credit card, loan, student loan, and anyone else you owe money Insurance One file per policy, health, life, car, homeowners, renter’s long-term care, etc. Wills/Trusts One file per will, trust or living will along with instruction on where to find important keys to other important documents and the lawyers contact information Children’s Accounts One file folder per minor who has accounts THAT’S IT! You’ve done the hard part, once you set this up in one filing drawer you now will be able to fill in the files as you find the paperwork. Imagine the peace of mind that comes with being able to find these documents when you need them. Have a clutter-free week, Jamie
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