{"id":3498,"date":"2020-01-20T15:37:00","date_gmt":"2020-01-20T20:37:00","guid":{"rendered":"https:\/\/www.lendvious.com\/blog\/?p=3498"},"modified":"2020-02-10T01:47:15","modified_gmt":"2020-02-10T06:47:15","slug":"tips-for-organizing-your-financial-records","status":"publish","type":"post","link":"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/","title":{"rendered":"Tips for Organizing your Financial Records"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Financial Records have a way of piling up on you. Stacks of unopened bills, financial statements, insurance policies, investment papers, receipts, pay stubs, tax returns, et al.&#8211;a multitude of documents you don\u2019t know what to do with or how long to keep. Sound familiar? Quite likely, because most of us suffer this obvious consequence of not organizing financial records. We all could use some cleaning up and regular maintenance to keep financial documents in good shape. And the sooner the better, because mismanaging financial records can lead to significant consequences. So here are some simple tips to help you organize your financial paperwork.<\/span><\/p>\n<h2>5 Tips to Organize Your Financial Records<\/h2>\n<ul>\n<li><strong>Gather them all. <\/strong><b><span style=\"font-weight: 400;\">Collect all your bills, paperwork, and unopened mail. The fundamental rule is to always look at your documents before you file them. This is important so that you can avoid potential problems that could lead to losing money. So always read your financial statements and take a thorough look at your bills before you decide what to do with them. Get in the habit of having a well thought out, <a href=\"https:\/\/www.lendvious.com\/blog\/5-smart-year-end-financial-planning-strategies\/\">year-end financial strategy<\/a> to stay on top of things.<\/span><\/b><\/li>\n<li><strong>Create an effective filing system.<\/strong><span style=\"font-weight: 400;\"> It\u2019s always helpful to file regular bills and financial records by the month or by the account, whichever works for you. However, if you choose to do it by the account, make sure you arrange them in chronological order within each file so that they are easy to retrieve if and when you need them.<\/span><\/li>\n<li><strong>Safeguard your tax papers.<\/strong><span style=\"font-weight: 400;\"> Documents required in case of an audit and financial records that support your claims of income have to be kept safe. The IRS can audit you for up to 3 years after you file your returns, and can pursue underreported income for up to 6 years. This means that it\u2019s sensible to keep your tax documentation for a period of 7 years. The best way to organize these records is to file each year\u2019s papers separately. This can make retrieval easy and help avoid confusion.\u00a0\u00a0\u00a0<\/span><\/li>\n<li><strong>Find a safe place to keep the records.<\/strong> <span style=\"font-weight: 400;\">While filing cabinets seem to offer the easiest solution, safety deposit boxes can also provide additional safety to important records. Wherever you decide to store your records, make sure you separate them using file folders or tabs. This can make it considerably easy to locate them in the future.<\/span><\/li>\n<li><strong>Back-up computer files.<\/strong><span style=\"font-weight: 400;\"> If you\u2019re one for paperless storage of financial records, here\u2019s a thumbs up to you! You\u2019re not only making it easier for yourself, but also for the environment. However, if you have all your financial records organized on your computer, make sure they are secured with an effective firewall and also backed-up somewhere so that you don\u2019t lose them in any situation.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Most of all, remember that just because you\u2019ve come up with a filing system, it isn\u2019t necessary to keep every single document. Before you file a document, ask yourself if you have ever needed it or anticipate needing it in the future. This will help you decide whether to keep or dispose of it. And this, in turn, will make upkeep much easier.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Records have a way of piling up on you. Stacks of unopened bills, financial statements, insurance policies, investment papers, receipts, pay stubs, tax returns, et al.&#8211;a multitude of documents you don\u2019t know what to do with or how long <a href=\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":3503,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[2128],"class_list":["post-3498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-finance","tag-organizing-financial-records"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tips for Organizing your Financial Records - Lendvious<\/title>\n<meta name=\"description\" content=\"Financial Records have a way of piling up. While foraging through piles of papers isn&#039;t much fun, it&#039;s important to organize your financial records.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips for Organizing your Financial Records - Lendvious\" \/>\n<meta property=\"og:description\" content=\"Financial Records have a way of piling up. While foraging through piles of papers isn&#039;t much fun, it&#039;s important to organize your financial records.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\" \/>\n<meta property=\"og:site_name\" content=\"Lendvious\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Lendvious\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-20T20:37:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-10T06:47:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lendvious.com\/blog\/wp-content\/uploads\/2020\/01\/1.30.20.Blog_.Small_.2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"810\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dheeraj\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@lendvious\" \/>\n<meta name=\"twitter:site\" content=\"@lendvious\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dheeraj\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\"},\"author\":{\"name\":\"Dheeraj\",\"@id\":\"https:\/\/www.lendvious.com\/blog\/#\/schema\/person\/fdf8823b9f35e23732df789286fb4b36\"},\"headline\":\"Tips for Organizing your Financial Records\",\"datePublished\":\"2020-01-20T20:37:00+00:00\",\"dateModified\":\"2020-02-10T06:47:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\"},\"wordCount\":539,\"publisher\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.lendvious.com\/blog\/wp-content\/uploads\/2020\/01\/1.30.20.Blog_.Small_.2.jpg\",\"keywords\":[\"organizing financial records\"],\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\",\"url\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/\",\"name\":\"Tips for Organizing your Financial Records - Lendvious\",\"isPartOf\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.lendvious.com\/blog\/blog\/2020\/01\/20\/tips-for-organizing-your-financial-records\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.lendvious.com\/blog\/wp-content\/uploads\/2020\/01\/1.30.20.Blog_.Small_.2.jpg\",\"datePublished\":\"2020-01-20T20:37:00+00:00\",\"dateModified\":\"2020-02-10T06:47:15+00:00\",\"description\":\"Financial Records have a way of piling up. 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