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.
- Investments – 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