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Spring is in the air and
families across America are cleaning out the garage, dusting
the cobwebs from the ceiling and spring cleaning the house.
While you’re at it, why don’t you take some time to spring
clean your financial records? Now is a good time to “conquer
the clutter” in your financial closet.
No one can tell you how long to keep your financial records.
Only you can decide which records and receipts to keep and
for how long. However, here are some suggestions that might
help you better organize your financial records.
First, you might consider keeping a written list of your checking,
savings account and credit card numbers in your safe deposit
box for family members in case they should need them should
you become incapacitated.
It’s also a good idea to keep a list of creditor names, addresses
and phone numbers for easy reference in case of a billing
error, or a lost or stolen card. Because of computer hackers
and fraud threats, you may not want to keep this information
on your personal computer.
You need only to keep credit card receipts, ATM transactions,
deposit and debit card receipts until you verify the transaction
on your monthly statements and then you can shred them. Always
remember that any financial transaction, receipt or account
statement should be shredded. NEVER throw them in the trash.
Another suggestion to decrease your paper clutter is to scan
some of your financial records and burn them to a CD. That
way you still have a copy of your records and can print them
as needed.
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You
also might consider getting a large box and marking it PERMANENT.
Items for this box might include:
Make
another box labeled CURRENT. You should review items in this
box every 3-6 years and decide whether to continue keeping
or shredding them. Contents might include:
Once
you’ve finished with your financial spring cleaning, there’s
just one more thing to do. Make a file for next year’s income
tax return. As documents and receipts come in that you will
need to file your taxes, toss them in this file. When it’s
time to file your taxes, you’ll have everything you need in
one place.
Remember, these are suggestions. It’s always a good idea to
consult your
accountant or attorney if you have questions on what financial
records to
keep.
CONSUMER TIPS is provided as a public
service by the Missouri Independent Bankers Association
AND
Community Bank of the Ozarks
P.O. Box 43
Sunrise Beach, MO 65079
(573) 374-5245
1-800-927-4314
www.cbobanker.com
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