Organizing Tricks for Your Finances
Use these tips to help keep your finances organized, reduce clutter, and manage your money more efficiently.
With all the technology available today, you’d think that organization would be a cinch, but all that technology has also led to much more information. The sheer volume of information can be overwhelming, and organization is important, particularly when it comes to your finances. If you could use some tips to help you keep your finances better organized, read on.
File all financial paperwork that is currently relevant
Any paperwork that is related to accounts that are currently active should be filed in an organized fashion and in a way that is easily accessible. You should always know exactly where to look when you need to locate a piece of information, whether it's related to your health insurance, your mortgage, or your electric bill.
Keep track all of the different accounts you are currently using, as well as the information you need to access them. Zina Kumok at Mint.com1 says you should keep a running list of every financial account you have, including: bank accounts, health savings accounts or flex spending accounts, credit cards, 401(k)s, IRAs, mortgages, student loans, auto loans, home equity loans or lines of credit, personal loans, medical debt, auto insurance, health insurance, disability insurance, life insurance, taxes, etc.
You should know the account number, username, PIN, total balance, and beneficiary of each account. "For debt-related accounts, write down the interest rate, monthly payment, the total balance remaining, loan provider, loan term and any other relevant details," Kumok says. "If you can’t remember where to find all your accounts, check your credit report. It will list all credit-related accounts, even those that are closed."
Turn your paperwork into digital files for storage
Your filing system doesn't have to consist of physical storage. You can save space and reduce clutter by opting to scan all your important documents and store them digitally. There are plenty of cloud storage services that offer all the space you are likely to need for this information for free.
Keeping your files stored digitally not only reduces the amount of paper you have to keep track of in your home or office, but it enables you to access these files from a variety of devices, no matter where you are. If you need to look at something when you’re at the bank branch, for example, you can simply pull out your phone and find the information in question.
Organize your digital files
Having all of your files stored digitally isn't enough. You should be sure to keep the digital files organized as well. Use a relevant folder/file system and name documents so they can easily be located, whether you're browsing folders or searching your storage program.
File your warranties
Donna Freedman at MoneyTalksNews recommends starting a file specifically for manuals and warranties, or scanning them for electronic storage. "With manuals, you also have the option to download them from manufacturers’ websites and save them as PDF files, avoiding the need to scan them," she notes. "Then, toss the paper copies. Also be sure to toss or delete old manuals and warranties when you get rid of an appliance or gadget."2
Switch to paperless billing when possible
Scanning your paper documents isn't the only way to reduce clutter. It can also help to switch to paperless billing for accounts that allow you to do so. Make sure to keep your electronic bills organized as you would your paper bills. Use email folders to help you do so.
Take advantage of e-Statements and e-Tax Documents at your bank
Save time and money managing your accounts with paperless statements, notices, and select tax documents from Nevada State Bank. Get notifications when your e-Documents are ready, and view them on demand. Enrollment is free, and you don't have to wait for the mail to arrive.
Use money management apps
Finally, make today's technology work for you even further by taking advantage of one or more money management apps. Lifehack has a great list3 of 15 of them that can help you budget, plan for your future, etc. And don't forget to utilize features offered by your bank's mobile app. Nevada State Bank's app offers helpful alerts, which you can read about here.
The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank, a division of Zions Bancorporation, N.A. Member FDIC