organize your financial records

How to Organize Your Financial Paperwork

filing cabinet sorting of business documents
even digital marketing strategists and seo experts need to have an organizer specially when they are already servicing seo for a lot of clients.

People hate organizing; especially paperwork. If you are one of those people who can’t ever seem to find what you need when you need it, then here is a quick system to try to keep your financial records handy.
To begin, get yourself either a good accordion folder, or dedicate one file drawer to your paperwork with about 12 hanging pocket folders and 50 or so file folders.  Label your pocket folders in the following categories:

  • Children – if you have children, chances are you have some money put aside for college (or intend to once you have your financial household in order); savings accounts in their names; or other investments.
  • Passwords – be sure to keep a list of all pertinent passwords and usernames for your accounts so that they can be easily retrieved in an emergency

Although quite simply to keep updated, this system does take a few hours to set up. Still, the time spent is well worth it when you consider how easily it allows you to get your hands on those important documents when you need them.

  • Pay Stubs – file copies of these away each payday. You never know when you are going to need a copy for a loan or other financial issue.
  • Tax Forms —  always keep a hard copy of your most recent tax forms (at least 3-5 years) available for reference
  • Retirement – inside this folder keep all of your records and statements pertaining to your retirement accounts. Keep a separate folder for each account
  • IRS – in this pocket folder keep seven files which contain all tax forms, W-2’s and pay stubs for each of the last tax reporting years
  • Social Security – keep your most recent social security benefits statement here (you should receive one in the mail every year), for your family to access in the event of your death. It clearly outlines what benefits they can expect should you die.
  • business loan SingaporeInvestments – in this folder keep records and statements from all investment accounts that are not part of your retirement savings. Should you want to invest but have limited cash, you can also resort to getting business loan Singapore
  • Savings & Checking – keep a copy of all of your bank statements and cancelled checks here
  • Household – in this folder keep files containing: your house’s deed or title; home improvements; warranties; mortgage information; and utilities.
  • Credit Cards – Separate your monthly credit card statements by card name. If you want to get best payday loan in Singapore just visit the office of a Singapore licensed money lender.
  • Misc. Liabilities – These files will contain information on all other debt you have accrued including student loans; personal loans; store credit; etc.
  • Insurances & Medical Records – keep copies of all insurance policies (health; life; disability; homeowner’s; car), including benefits statements separated by insurance type and carrier
  • Wills & Trusts – in the event something should happen to you or your spouse, having easy access to all personal wills and trusts will help make things easier for your survivors
How-to-qualify-for-a-loan

Do You Qualify for a Loan?

It’s time to borrow money for a new car, or even a house. But do you qualify for a loan? Before you head to the lender’s office to fill out an application, you should know what lenders are looking for in a borrower.

A Solid Your Credit History

The first thing a private loan company in Singapore will look at is whether or not you are a good risk for a loan. This entails running a credit check and seeing how you have handled debt in the past. A solid credit score is vital to containing a loan of any size.

The Ability to Repay the Loan

Lenders look at more than how much you make to figure out whether you can repay a loan. They also consider:

  • Your overall expenses: can you comfortably handle your bills each month?
  • Your debt ratio: do you have too much debt?
  • Your job security: have you been at your current job for at least two years?  Is your job safe?
  • Your savings: do you have the ability to make your payments for a few months in the event of an emergency?

Collateral

Personal Loans SingaporeHome and auto loans always require the borrower to put up the deed or title as collateral for the loan. That way, if you fail to make your payments, the lender can repossess the item purchased with the loan monies.

Outside factors That Could Affect Your Ability to Repay the Loan

There are a lot of things that could affect your ability to repay a loan: a job loss; illness; salary change; even the birth of a new child.  While you probably have little control over these outside factors, some lenders consider them when assessing a loan application.

When asking a lender to borrow money for a large purchase, be prepared to answer a lot of personal questions to determine your eligibility for the loan.  To ensure success, be vigilant about paying your bills on time (every month); paying off as much debt as you can; and establishing an emergency fund. All of these things will show the lender that you are a responsible borrower.