Get Organized Checklist

Do some financial housecleaning. The few days it takes to get your financial files in order will save you hours of wasted time spent hunting for important records, as well as give your family easy access to documents when they need them, especially in times of crisis. Besides that, getting organized can also help you make more informed financial decisions. And come tax season, you may save on the fees you'd pay your accountant to sort through piles of paperwork.

Establish a financial task center. Keep everything you need for your financial tasks in one handy place, such as a plastic box, desk drawer, or cabinet. Include a calculator, stapler, paperclips, envelopes, return-address labels, stamps, pens, pencils and highlighters. This way, everything will be at your fingertips when you’re ready to work.

Create an active financial files system. Set up a filing system to put all your incoming bills, credit card receipts, and other financial papers until you have time to deal with them. Label regular file folders, accordion file pockets, or an expandable file with these categories:

• Bills to pay

• Credit card & check card receipts

• Checking and savings account slips & statements to be balanced

• Financial information to review before filing

Set up a permanent financial records system. Using the sample system below, or one like it, label accordion file pockets with broad financial categories, such as Property & Casualty Insurance and Retirement Investments. Next, label regular file folders with subcategories that fit your situation, and file them into the accordion file pockets. For example: Create a Property and Casualty Insurance accordion file pocket. Then file regular file folders labeled Vehicle Insurance, Homeowners insurance, and Personal Liability Insurance etc. in that accordion pocket.

Personalize your labels so you’ll be able to easily find what you’re looking for. For example, make separate files for each of your loans, and separate IRA files for you and your partner.

As you file your financial papers into your new system, weed out old documents, such as expired insurance policies that have no possibility of claims, outdated mutual fund annual reports, and records from vehicles you no longer own. At the same time, take out valuable and hard-to-replace documents and put them in your safe deposit box, including the deed to your home, birth and marriage certificates, and your home inventory. An exception: Don’t put your will in your safe deposit box. That’s because many states limit access to safe deposit boxes after death. Instead, keep a copy at home and your original will with a family member, or with your attorney or other advisor.

Keep your financial files wherever it's most convenient, such as in a file cabinet, desk drawer, or portable plastic file box.

Sample Financial Filing System: