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Day 27:Â Taking A Few Hours To Organize Financial Documents – File Store Trash
Here’s my system for organizing financial documents and other important paperwork. I like need to keep things simple!
File – (In an accordion-style pocket folder – alphabetically w/ 2 copies – extra copy at my office)
Critical Documents (Wills, Insurance Policies, Car Titles, Tax Returns, Etc.)
Important Documents (Bank Statements, Investment Account Documents, Etc.)
Store – (In medium-sized plastic tubs – stacked neatly in a closet – sorted once every year or so)
Paperwork (Letters, Bill Stubs, Warranty Information, Etc.)
Kid’s Stuff (Report Cards, Art Work, Awards)
Trash
Junk Mail, Bill Stubs From Closed / Unimportant Accounts, Etc.
–
I sort through my documents and I file critical and important documents, using an accordion-style pocket folder. I make two copies of all critical documents and I keep one set at my office. As for how long to keep certain documents – that’s why I use the plastic tubs – I can put two or three years worth of documents in a tub and store the tub in the top of a closet. I don’t have to worry about throwing away documents, because the space these tubs take up is minimal. Every year or so, I can filter through the oldest documents and dispose of the documents that I’m sure I won’t need anymore – receipts for products I no longer own or bill stubs from closed or unused accounts.
Jim over at Blueprint put together a list of important documents and how to replace them if they’re lost.
Click here for my simple solution for organizing product manuals.
Have ideas for organizing, filing, and storing important documents? Leave a comment and let us know.
Click here to read all of the 33 Days And 33 Ways To Save Money And Reduce Debt posts.
Observant readers will note that this series has taken much longer than 33 days. I can assure you, I am blogging as often as life permits.
Thanks for the tips! Something I found useful when organizing and filing is putting each month’s receipts (not including bank statements, credit card statements and the like) in its own envelope. This way, no more rummaging around in a folder/folders searching for a receipt from 6 months ago. Just go to the envelope with that month’s receipts and you’ll have it right there.
I didn’t do it for money, but I did this at work today. It’s going to make work a lot smoother. 🙂
I noticed that a lot of people have filing systems, but no one ever mentions fire-proof safes. They come in all different sizes, and they will not burn. Something to think about.