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Important Papers

Important Papers. What to keep and where Organize Important & financial records. Why?. Save time Reduce stress Pay bills on time Proof of payment Dispute errors Document taxes. Get rid of that pile! It’s time to file!. Active Keepers VIP’s Discards. Active. Current bills

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Important Papers

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  1. Important Papers What to keep and where Organize Important & financial records

  2. Why? • Save time • Reduce stress • Pay bills on time • Proof of payment • Dispute errors • Document taxes

  3. Get rid of that pile!It’s time to file! • Active • Keepers • VIP’s • Discards

  4. Active • Current bills • Current projects • Current receipts – 30 to 90 days • Frequently used names, addresses, numbers • Anything you must access often or that needs attention soon.

  5. Organize Active Files • Keep active files in a convenient location. • Label by topic: bills due, kitchen remodel • Use 1-31 tabs to organize by due day. • Use month tabs to organize monthly tasks.

  6. Keepers • Tax documents (up to six years) • Home improvement, child care payments, and other tax-related expenses • Medical bills & insurance claims – to verify payment • Health and vaccination records • Warranties and owners manuals • Credit card statements - to verify accuracy • Reference papers and articles • VIP’s (require special storage)

  7. File Storage - keepersas individual as you are

  8. File tips • Hanging folders • Clear tabs, dark type or print • Tab on front of folder • Use staples not paper clips • Use colored folders to distinguish categories • Use three-ring binders • Electronic on computer, flash drive, or other electronic storage device

  9. Social security card Marriage certificate Birth certificate Adoption papers Citizenship records Military records Death Certificate Automobile titles Contracts Property deeds Mortgage Papers Investment certificates Savings bonds Passport Will Trust agreement Power of attorney Insurance Policies Advance Health Directive Household inventory Photo/video Serial numbers Legal Papers VIP’s (very important papers)

  10. Safely store VIP’s

  11. Replacing Valuable Papers • Birth Certificate – AR Vital Records • Death Certificate – AR Vital Records • Marriage Certificate – AR Vital Records • Divorce Record – attorney or AR Vital Records • Insurance Policies – insurance provider or AR Insurance Dept. • Social Security Cards – online or local Social Security Office • Drivers License – local revenue office • Property Deeds – County Circuit Clerk’s office • Passport – Postal Service

  12. Discard • Junk mail • School papers • Magazines • Catalogs • Expired warranties • Old receipts • Old cancelled checks (unless needed for tax purposes or proof of purchase)

  13. Organize discards:Shred, Trash, Recycle • Shred credit card offers, bank statements, etc. • The larger the trash can the more likely you are to use it.

  14. Attack the stack! % of what gets filed never gets looked at again. 80

  15. Ask yourself • Is this useful? • Is the information current? • How hard would it be to get this information again later? • Is this piece of paper helping me achieve my goals?

  16. Matching Game – match item in left to length in right Item: How long to keep: Discard after reading Permanently As long as you own it For tax time Long enough to verify on bank statement Until it expires Until the next statement arrives • Retail receipt – debit • Car title • Charitable donation receipt – cash • Passport • Utility bill • Newspaper • Birth Certificate

  17. A Fresh start Organize financial records for tax season and beyond

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