Fiscal
Fitness And Your Financial Records
Resolve to get your financial health in
order for the New Year. Here are some tips to tone up your record keeping
skills and your bottom line. |
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Exercise Your Financial Options
The New Year is the perfect time to get
in shape, financially as well as physically. Build the financial muscle you'll
need to shoulder the big-ticket items later on, like a new home, or college
education for your children. Take stock of where you are, and where you want to
be. Know how much money is coming in, and know exactly where it goes each
month. And after you've crunched the numbers, make a realistic budget and stick
to it. The
Consumer's Almanac will help you organize your expenses, and manage your credit
with monthly calendars and worksheets. Also check out the "ballpark estimator" to find out
how much you'll need to save for retirement. |
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Other Resources
This is just a brief overview. For more
Information on getting your financial House in order, check out these resources
on the World Wide Web: Publications Available:
Web Sites*:
*If
you click on these links, you are leaving our web site. Please bookmark us
before you leave so you can return easily. We are not responsible for the
content of these web sites. |
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For more information on
other popular consumer issues check out our Consumer Focus
Archive. |
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Trim Down Your
Files
Sure, it's virtually possible to have a
clutter-free home office if most of your records are maintained
electronically…but you still need to keep unpaid bills, credit card
statements, current bank statements, appliance manuals and warranties, health
benefit information, insurance policies, and of course, income tax information
for at least the last three years. You can toss those moldy-oldie salary
statements though, as well as expired warranties and any other out-of-date
records taking up space.
What's Your Record-Keeping IQ?
You can waste a lot of time and suffer a
lot of anguish if you can't find important documents or household records when
you or your family needs them. A system - electronic or otherwise - for
personal records is essential. How you organize and maintain it is your choice.
The critical thing is to know where the information or documents are located.
Ask yourself the following questions to assess your situation. Then take action
to close any glaring loopholes that may exist in your financial record keeping
system.
Do I:
- have a well-labeled record system
that someone else could easily follow?
- review my active records annually and
discard or update information?
- have another family member who can
access my electronic records, or find hard copies in case of emergency?
- have a list of important contacts and
data such as tax preparers, brokers, insurance reps, creditors, employers, bank
and credit card account numbers, etc.?
- know where all my legal documents are
located? Should I consolidate?
- have a back-up plan should my
electronic files be erased, or my hard copies destroyed by fire or
theft?
- need a safety deposit box for legal
papers, contracts, deeds, wills, etc?
- have an updated household
inventory of major possessions?
- need to upgrade my home office, using
software for banking, tax preparation, net worth calculations,
etc.?
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Bulk Up Your
Portfolio
Now,
while you're organizing your records, why not calculate your net
worth, and plan for retirement? "
Get the Facts on Saving and Investing" , from the SEC, is a
good start. Then check out publications on savings bonds, annuities,
40l (k) plans, women and pensions, as well as trust funds and wills.
It's all here for the clicking on money page. |
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