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What to Keep & What to Throw Away

What to Keep & What to Throw Away. Prepared by Eileen St. Pierre, Ph.D., CFA, CFP® Personal Finance Extension Specialist Leader Lesson Revised May 2012. Objectives. Organize your home office space Identify and inventory important papers Determine how long to keep important papers

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What to Keep & What to Throw Away

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  1. What to Keep & What to Throw Away

    Prepared by Eileen St. Pierre, Ph.D., CFA, CFP® Personal Finance Extension Specialist Leader Lesson Revised May 2012
  2. Objectives Organize your home office space Identify and inventory important papers Determine how long to keep important papers Set realistic goals for getting organized
  3. Organize Your Home Office Space Table, desk, or other flat work space Good lighting Comfortable chair Office supplies File box, drawers, or cabinet Telephone Wastebasket Shredder
  4. Inventory Papers Label folders and/or notebooks “Bank Statements” “Medical Records” Keep receipts in labeled envelopes “Prescriptions” Use digital camera to create household inventory Save to flash drive
  5. File Accordingly! Most frequently used files keep close at hand Household bills, credit card statements “Bury” less frequently used files Tax returns, educational records Use safe deposit box for irreplaceables Birth certificates, marriage records Keep in wallet Driver’s license, insurance cards
  6. How Long to Keep? Indefinitely Items in safe deposit box Multiple Years Tax returns, car titles, mortgage contract Minimum One Year Bank/credit card stmt, insurance policies Temporarily ATM/deposit receipts, credit card receipts
  7. Don’t Forget! Need to update records from time to time Changes in your family Change in medical history Update estate plan or retirement portfolio Set up an annual time to review records Beginning of new year, tax time, holiday Replace important records you may have lost Handout: Helpful Websites for Replacing Documents
  8. Setting Goals Short-Term (<3 months) Set up home office space Order a copy of your credit report Intermediate (3 to 6 months) Complete inventory of important papers Set up appointment with attorney Long-Term (one year or more) Reduce credit card debt File your own taxes!
  9. Wrapping Up Evaluation Form List of Resources eXtension.org. (2007). Organize Your Important Household Papers. Available at http://www.extension.org/pages/Organize_Your_Important_Papers Internal Revenue Service. (2011). Publication 552: Recordkeeping for Individuals. Available at http://www.irs.gov/pub/irs-pdf/p552.pdf  St. Pierre, E. (2012). GettingYour Records in Order: Organizing Household Records. OCES Fact Sheet T-4150. Available at http://pods.dasnr.okstate.edu/docushare/dsweb/Get/Document-6675/T-4150web.pdf
  10. Comments or Questions?
  11. Thank you!
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