Week 9: Organize Your Files

This week's goals:

If you already have a filing system in place, go through your files and toss all useless or outdated information. Keep a shredder handy.

Gather up your papers!! This can be overwhelming, so go room by room and don't avoid stashes you've tucked out of sight. Immediately sort out the junk and toss it. Place the remaining "To File" papers in one location where you will file. Keep in mind that 80 percent of what we file is never looked at again; therefore, chances are it can be tossed. If there is a copy of the document filed in another place or if the information can be easily retrieved from the Internet, throw it away!

Set up a filing system. Set up your files in a "straight tab" format, so that all the tabs are lined up one behind the other. Color code your files based on categories and do not use "miscellaneous" for a category. Here are examples of categories you may want to create:

-Bank statements

-Credit card statements

-Pay stubs/work related expenses

-School information (one for each child)

-Home and auto insurance

-Health insurance

-Tax information

Start filing! Sort through all of your "to file" papers gathered in Goal 2 and separate them by category. Use broad categories so you don't have lots of files with only one or two items each. Each pile should have it's own folder.

When your files are set up, create a master page that lists all the files under each category.

Choose one storage space for your addresses and business cards.

Tips:

Keep a small tray on your desk for the files you are currently working on or keep them in the front of your top filing drawer.

If the information can be found on the internet, toss the paper!

The key to organizing addresses is to choose a system that will allow you to keep up with the changes.

Use a three-ring binder with inserts to store your business cards.

If you create a file for a large event or activity you are planning, remember to purge the file after the event has taken place.

Stay Organized!

Once a Month

File the papers waiting in your "to file" bin

Add any new addresses and phone numbers into your system

Every 3-6 Months

Go through your files and toss anything you don't need to keep.

Once a Year

Every January, clean out your file folders

Week 8: Organize Your Receipts and Taxes

This week's goals:

Gather up all of your loose receipts. Sort them into piles:

-Check card/ATM receipts

-Credit card receipts

-Receipts already recorded

-Tax deductible receipts

-Work related reimbursement

-Gift receipts

-Receipts of major purchases

Organize your tax papers by category such as:

-Income: pay stubs, W-2 and 1099 forms, proof of rental income, interest statements, and dividend statements

-Proof of expenses: credit card statements, bank statements, receipts

-Medical: include out of pocket expenses

-Donations: receipts for cash or non-cash donations

-Child care costs

-Real estate: interest statements from mortgage, tax assessments

-Tax correspondences: important letters from the IRS or your state revenue service

-Student loans: statements of loan interest paid

-Miscellaneous receipts: anything that might be needed for a deduction

Record the check card/ATM receipts in your checkbook ledger.

Take work-related receipts to work and file an expense report.

Put rebate receipts in your daily planner and place them on your to do list.

If you are trying to create a budget or track your expenses, sort your recorded check card and cash receipts by category, then record the amounts on your computer or in a notebook. Examples could be:

Food/groceries

Gas

Entertainment

Gifts

Clothes

After you record the amounts, you can toss the receipts. If you are not tracking your expenses, go ahead and toss the receipts.

Set up a small accordion file to organize the rest.

Tips:

Start a new habit: Clean the receipts out of your wallet or purse every week. Record any check card purchases in your checkbook ledger. Then toss or file the receipts. Place receipts that require action on your to do list. This will probably take less than 15 minutes. You'll also be albe to find a receipt when you need it, and you won't miss out on a rebate or return.

Keep a zippered pouch inside your purse for receipts.

Stay Organized!

Once a Month:

Remove all receipts from your purse or wallet and sort and file.

Toss all ATM withdrawal and bank deposit slips after you have recorded and checked them against your monthly statement.

Toss all credit card receipts after you have matched them to the statement.

Toss receipts from small purchases.

Every 3-6 Months:

Toss all gift receipts from any gifts you gave more than three months ago.

Once a Year:

Purge your everyday files of receipts from the previous tax year.

Week 7: Organize Your Bill Paying System

This week's goals:

Decide on a comfortable place to pay your bills. It could be your home office, but if you don't like your office area and don't want to spend time there, find a place you do like.

Set up this area with everything you will need to pay your bills: calculator, envelopes, stamps, pens, return address labels, computer.

Gather all bills and coinciding paperwork and decide on one place to keep it (preferably where you pay your bills). Store them in a file, a basket, or a bin. Make sure you have enough room.

Shred any payment books from loans you have paid off.

Schedule time in your planner when you will pay your bills. The best way is to pay them as soon as you get paid. That may be once a month, twice a month, or weekly. Call your creditors to see if you can change the due dates of your bill to coincide with your plan. If you cannot change the due dates, note them in your calendar and place them on your To Do list so you don't forget.

Implement an organized system for paying bills that works for you, whether it is handwritten checks, software, or online bill pay.

If you are comfortable with online banking, check with your bank to see if you can pay your bills online. This is fast and easy, and you won't have to waste envelopes and stamps. When the bill comes in the mail, you can enter the amount and date you want to pay it. This will guarantee that all of your bills are paid on time and you get them out of the way ASAP. Quicken is also a great computer software tool to use for bill paying.

Schedule time in your planner each week to pay bills and check on accounts.

Try this system: After your bills are paid, write or stamp "paid" on them and place them in a basket or folder until the end of the month. At the end of the month, punch holes in them and then file them in a large three ring binder. Use dividers to mark each category (electric, phone, vehicle, mortgage, etc.) This will keep everything organized and easy to reference.

Organize your bills in a large manila envelope with a small calendar in it. Each time a bill arrives in the mail, place the bill and return envelope in the envelope and mark the due date on the calendar. When the bill has been paid, cross it off the calendar. (Schedule pay days on this calendar too.)

Fewer bills mean less time spent on bill paying, so consolidate whenever possible.

Pay your bills on time. If you can't, write your creditor or vendor a letter describing your situation. Send them something every month, even if it is five dollars.

Save money on stamps by paying your bills online.

Here's a list to help you decide what financial items to shred or keep: ATM receipts-toss; college savings statement-keep the most recent; credit card statements-make sure they are correct, record expenses, and only keep the most current; Insurance policies and bills-keep most recent; mortgage records-keep as long as you own the property; Medical bills-keep for 3 years; Student loan statements-keep the most recent; tax records-file and save for up to seven years.

Learn to save even on the most modest salary.

Stay Organized!

Once a month:

File all bills and statements that you've paid. You may need to schedule this on your calendar. The longer you let it build, the less likely you're going to do it.

Balance your checkbook.

Every3-6 months:

Replenish your office supplies that are running low.

Shred and recycle any bank statements you no longer need.

Once a Year:

Sort your bills that need to be submitted for taxes.

File away bills from the previous year that you need to save. Shred the rest.

Set goals for debts you want to pay off.