What to Keep What to Throw Away Prepared

What to Keep & What to Throw Away Prepared by Eileen St. Pierre, Ph. D. , CFA, CFP® Personal Finance Extension Specialist Leader Lesson Revised May 2012

Objectives • Organize your home office space • Identify and inventory important papers • Determine how long to keep important papers • Set realistic goals for getting organized

Organize Your • Table, desk, or other flat Home Office Space • • • work space Good lighting Comfortable chair Office supplies File box, drawers, or cabinet Telephone Wastebasket • Shredder

Inventory Papers • Label folders and/or notebooks – “Bank Statements” – “Medical Records” • Keep receipts in labeled envelopes – “Prescriptions” • Use digital camera to create household inventory – Save to flash drive

File Accordingly! • Most frequently used files keep close at hand – Household bills, credit card statements • “Bury” less frequently used files – Tax returns, educational records • Use safe deposit box for irreplaceables – Birth certificates, marriage records • Keep in wallet – Driver’s license, insurance cards

How Long to Keep? • Indefinitely – Items in safe deposit box • Multiple Years – Tax returns, car titles, mortgage contract • Minimum One Year – Bank/credit card stmt, insurance policies • Temporarily – ATM/deposit receipts, credit card receipts

Don’t Forget! • Need to update records from time to time – Changes in your family – Change in medical history – Update estate plan or retirement portfolio • Set up an annual time to review records – Beginning of new year, tax time, holiday • Replace important records you may have lost Handout: Helpful Websites for Replacing Documents

Setting Goals • Short-Term (<3 months) – Set up home office space – Order a copy of your credit report • Intermediate (3 to 6 months) – Complete inventory of important papers – Set up appointment with attorney • Long-Term (one year or more) – Reduce credit card debt – File your own taxes!

Wrapping Up Evaluation Form List of Resources e. Xtension. org. (2007). Organize Your Important Household Papers. Available at http: //www. extension. org/pages/Organize_Your_Important_Papers Internal Revenue Service. (2011). Publication 552: Recordkeeping for Individuals. Available at http: //www. irs. gov/pub/irs-pdf/p 552. pdf St. Pierre, E. (2012). Getting Your Records in Order: Organizing Household Records. OCES Fact Sheet T-4150. Available at http: //pods. dasnr. okstate. edu/docushare/dsweb/Get/Document-6675/T-4150 web. pdf

Comments or Questions?

Thank you!