Funding Your Future: Organizing your finances

As you are doing Spring cleaning to get your home in order, it’s a great time to make sure your finances are tidied up as well. Financial expert Rachel Langlois of Cyprus Credit Union Shares some tips for what to keep and what to toss when organizing your finances.

Organize Documents

  • 1 in 4 have lost or forgotten about important financial documents
  • Only 40% could locate them at a moment's notice

 

What to shred:

  • Documents with personal identifiers, such as Social Security or account numbers
  • Utility bills
  • CC statements & Receipts (unless needed for warranty)
  • Brokerage statements (unless needed for tax purposes)
  • Paycheck stubs after one year
  • Supporting tax documents older than 7 years (IRS has 3 years to audit)

What to keep:

  • Tax Documents = 7 years
  • Keep in one place, scan for digital copy
  • Keep loan & insurance policies as long as valid
  • Receipts for capital home improvements (until you sell the home)
  • Receipts for large purchases, for insurance

Update Documents

  • Estate planning: wills, trusts, the power of attorney
  • Update beneficiaries
  • Take a video of home possessions

 

Review Accounts

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