Easy Steps To Get Your Finances Organized1 min read

by | Individual Tax Planning

As we head toward the end of the year, when life can become even busier than the norm, thinking about organizing our finances can seem overwhelming. Some of your important papers may have fallen under the desk, be found in a book somewhere on a shelf, or underneath the holiday preparations. Here are four steps you can tailor to your own life. They will help you be more organized, and in the end, save time.
Space & Schedule. Designate a space for the papers. It may be a filing cabinet, a shoebox, or a file of scanned documents on the computer. Then schedule a time each week or two to pay the bills on time, scan or file the documents, and reconcile the accounts. You do not have to do this in the same particular manner as another might choose. It will work if you customize it for yourself.
System. What will your tracking system look like? You will need to decide how you will keep track of your financial world, both incoming and outgoing. You might use a computer program. Another might prefer pencil, paper and a filing system. Some will adopt a combination of all of these options. Use whatever makes sense for your home and schedule.
Safe. Most vital papers need to be stored in a safe place. Don’t leave them on the desk or even in a file. Your will, stock certificates, emergency contact information, power of attorney, and tax return should be kept in a safe, secure place. You might use a safety deposit box or buy a small locked safe box for your home. Your financial advisor may offer a storage service. Be sure your family or close friend(s) know where to find them.
Shred. In general any tax documents and their supporting paperwork, investment documentation, and real estate papers should be kept for seven years. Other monthly bills can be shredded soon after they are paid. Be sure to destroy any documents that contain personal information, such as birth dates.
Simons Bitzer would be happy to assist you in managing your financial affairs. Give us a call at 317.782.3070.

By Simons Bitzer



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