If you’re like most people, your personal financial records are most probably kept in less than “Good Accounting Practices” standards. For example, stashing old ATM receipts and hanging on to a stub showing what you paid for a pack of mints two years ago (cash, of course), might be filed with your paycheck stubs, credit card statements – paid and unpaid alike – as well as a few tax forms, a stray paper clip and a penny.
Anything from an old shoebox to a toolbox would do you for this method of personal financial tracking but you can do better than that.
Not to worry. Here’s how:
1) Plan for a few hours of “alone time” with your financial records. This is a dandy time to pack
kids off to mall, put up a pot of excellent coffee and a little snack (preferably chocolate), as a treat when you’re done.
2) Supply yourself with ample space, such as a large dining room table. Make sure you have enough organizing supplies close at hand: sticky notes, file folders, a tub to hold them with hanging file folders, large envelopes, a check file, ring binder/s and a three-hole punch if you like, an open stacking file, and an organizer/sorter. A trash can by your side is a must.
3) Get everything from everyplace – shoe boxes, check files, file folders, etc. 4) While enjoying your cup of coffee, make a game plan. Decide what you’re going to put where: e.g., checks and statements go in a specific file for checks and statements, credit card statements can be unfolded and placed in a file folder, etc.
5) Start sorting on table. Checks go here, ATM receipts go there, paycheck stubs go over there, paid bills go on other side, etc. until all “stuff” is divided into neatly organized piles. Use sticky notes to mark what-goes-where on table to avoid confusion.
