If we truly want an organized life, it's important to have all of our important documents in order. But it can be overwhelming to know where to start. Here are some steps to help you get organized and stay on top of your paperwork year-round.
- Schedule an appointment with your accountant or financial planner to discuss the documents you need to keep and for how long. This will give you a better understanding of what you need to keep and what you can discard.
- Read the Internal Revenue Service Publication 552 to see how long you need to keep tax-related documents. This will help you determine what to keep and what you can throw away.
- Establish a location to store your documents. You can use a spare room, office, or bedroom. Choose a place that's easily accessible and that you can keep organized.
- List the supplies you'll need to organize your paperwork. This will include a filing cabinet or file box, file folders, hanging file folders, labels, and a shredder.
- Create categories for your filing system. This will make it easier to find what you need quickly. Categories can include bank statements, birth/marriage certificates, credit cards, deeds, home improvements, individual retirement account, insurance policies, investments, loans, medical records, pay stubs, pension plans, real estate, stocks, utility bills, warranties/owner’s manuals.
- Schedule a time to organize and set up your filing system. This may take a few hours, but it will be worth it in the long run.
- Insert file folders in hanging file folders to organize each category. For example, you can have a hanging file folder for deeds and file folders within that for home, vacation home, and rental property.
- As you work through the papers, discard dated information and shred documents with personal information. This will keep your information secure.
- Set aside time each week to file statements, pay stubs, etc. and establish a schedule to organize and discard important documents at least once a year. This will ensure that your paperwork stays organized.
- Once you have a system in place, you will no longer waste time looking for important documents. You'll know exactly where to find everything and can spend more time focusing on what matters most.
In conclusion, taking the time to organize your paperwork may seem like a daunting task, but it will save you time and stress in the long run. By following these steps, you'll be well on your way to a more organized financial life. To gain additional support and learn more about mastering the art of personal organization, register for my upcoming webinar, "Take Control of Your Life." Don't miss out on this opportunity to improve your organization skills. Click the link above to register now!
