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Getting and staying organized

One good way to start taking charge of your money is to get organized. If you adopt a system for keeping track of important financial papers, it will be much easier to stay on top of your financial situation at all times.

The first step is to find all your important papers and put them in one safe place, such as a filing cabinet or a file box. Here's a list of things you should keep safe. Which ones apply to you?

Print form

Information Applies to me
Bills to be paid—keep these together in order of due dates  
Bills paid—in case you need them for tax purposes or for some other reason  
Checking account—save your bank statements for at least six years  
Government assistance—payments from Social Security or other government programs  
Insurance—this includes medical, life, car, and homeowners' or renters' insurance policies  
Loan records—student loans, car loans, lines of credit, etc.  
Credit card records  
Receipts for major purchases (for example, wheelchairs or computers)  
Product warranties  
Savings accounts  
Investment accounts  
Income tax returns (indefinitely) and paycheck information (for six years)  
School—keep information about courses, grades, scholarships, and financial aid  
Employment info (starting and ending dates, salary records, and employer contact information)  

Some records are difficult to replace, such as your birth certificate, Social Security card, and car title. You may want to keep these very important records in a safe deposit box at a bank or a fireproof security box. (The charge for renting a safe deposit box varies according to the size of the box; a small one may cost about $30 a year.)

Set up a filing system that helps you find things easily. You can use file folders with clearly marked labels to remind you of what's in them. Keep these folders in alphabetical order in a filing cabinet or box.

Use a calendar—electronic or paper. Each month, write in important dates, such as when your SSI payment comes (if applicable), when you get paid at work, and when to mail bill payments. Remember to look at the due dates for bills and count backwards at least five days so you can mark the calendar with the mailing dates. Electronic calendars may have alarms you can program to remind you of specific dates.