- Bargaineering - http://www.bargaineering.com/articles -
Finances in 55 Seconds: Organize Your Financial Documents
Posted By Miranda Marquit On 07/25/2011 @ 12:05 pm In Personal Finance | 1 Comment
One of the ways to make things easier on yourself come tax time is to have your financial documents already organized. Happily, this doesn’t have to be a big production. Getting the framework in place doesn’t need to take very long, and once you have things set up, it’s fairly easy to keep with it.
Having a system for your financial documents  is a good way to help you access information that you need quickly, as well as help you get everything you need for tax purposes simply and easily. Whether you decide to go old-school, with a filing cabinet, or go high-tech with digital copies of your documents, here is how you can set up a framework for organizing financial documents in 55 seconds or less:
Of course, if your financial documents are a mess, it might take anywhere from 10 minutes to a couple of hours to organize matters so that everything is properly filed. Getting the framework up and going, though, doesn’t need to take a long time.
Obviously, those documents that you need to support your tax return should be kept with your tax return. You can keep hard copies of these items, or scan them to save them digitally. Experts recommend that you keep your tax returns for seven years before disposing of them. Many financial documents, including bank and credit card statements, receipts, pay stubs, and investment statements can be shredded when reconciled, or when new versions come to replace them. If you need them for warranties or or tax purposes, you can scan receipts and statements to save digitally, or keep in a special file for those items.
The documents that you need to keep longest are those related investment transactions, loan documents, vehicle records, titles, original life insurance and annuity policy documents, estate planning  documents and retirement plan documents. You should keep these for a long period of time — including hard copies, which should be kept in a safe place. You can scan them for backup, but the originals should be guarded carefully.
(Photo: jessica mullen )
Article printed from Bargaineering: http://www.bargaineering.com/articles
URL to article: http://www.bargaineering.com/articles/finances-55-seconds-organize-financial-documents.html
URLs in this post:
 Tweet: http://twitter.com/share
 Email: mailto:?subject=http://www.bargaineering.com/articles/finances-55-seconds-organize-financial-documents.html
 financial documents: http://www.bargaineering.com/articles/list-of-important-financial-documents.html
 estate planning: http://www.bargaineering.com/articles/estate-plan-essential-people.html
 jessica mullen: http://www.flickr.com/photos/jessicamullen/3678259367/
Thank you for reading!