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Blog: Minimizing Financial Clutter
 52 WEEKS TO FINANCIAL ORGANIZATION: #10 – Store Your Financial Documents Securely
I had an ulterior motive last week when I asked you to create your Un-Balance Sheet – a spreadsheet of your assets and liabilities, but without their current monetary values. I asked you to simply make a list of everything you OWN and everything you OWE, their account numbers, and the location of any documentation of those assets and liabilities (such as titles, deeds, notes, etc.).
My ulterior motive is no surprise: Gathering your asset and liability paperwork to make your spreadsheet gives you the perfect opportunity to store your financial documents properly. You need to have two types of storage for your financial paperwork. The first is a safe deposit box at a bank, or a fire-resistant home safe. The second type of storage is a file drawer or file box at home. Below is a list of assets and liabilities and where you should store the related paperwork:
ASSETS WHERE TO STORE PAPERWORK
Checking Account(s) Financial file
Savings Accounts(s) Financial file
Home(s) Deed in safe deposit box
Records of improvements to home in financial file
Vehicle(s) Title in safe deposit box; Purchase & service records in financial file
Investments-CDs/Stocks/Bonds/Funds/ Certificates in safe deposit box;
401K/Retirement Plans Statements in financial file
Life Insurance Policies Safe deposit box
LIABILITIES
Credit Card(s) Financial file
Accounts Payable (outstanding bills) Original note in safe deposit box;
Other paperwork in financial file
Mortgage(s) Payable Original note in safe deposit box;
Other paperwork & statements in financial file
Home Equity Line(s) of Credit Original note in safe deposit box;
Other paperwork & statements in financial file
Bank Loan(s) Payable Original note in safe deposit box;
Other paperwork & statements in financial file
Also keep in your safe deposit box:
· A copy of your Un-Balance Sheet
Additional things for your financial files:
· One key to your safe deposit box, with a note of the bank's name and address and the names of the people authorized to open the box.
· Photocopies of every document in your safe deposit box. Make a note on the copy as to the location of the original.
· A copy of your Un-Balance Sheet
Your Homework for this Week:
1. If you don't already have one, obtain a safe deposit box or a home safe.
2. Set up a financial file drawer at home.
3. Update your Un-Balance sheet with the new locations of your financial paperwork.
4. Give a copy of your Un-Balance sheet to your next-of-kin or personal representative.
5. Store your financial paperwork in your safe deposit box and financial file.
posted on: 3/15/2009 11:30:00 AM by Katherine Trezise
category: Finances
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