March 5, 2012
Spring Clean Your Financial Records
Save yourself time and money with these tips for better organizing your financial files.
Organizing paperwork is a pain in the neck. But it's better than wasting precious hours searching for tax-related documents or paying late fees. Here are a few good habits to adopt:
- Create files for income tax-related expenses like medical receipts, bank and mortgage statements.
- Balance your checking account every week to avoid overdrafts.
- Organize all monthly bills so you don't miss payment deadlines.
- File sales receipts, warranties and owner's manuals for major purchases.
- Maintain files for all insurance policies.
- Give copies of your will, living trust and other legal documents to a trusted friend or relative for safekeeping.
Bottom line: A little organization upfront can save hours later on.
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