Organizing your financials can be easy and even fun with these helpful tips:

  • Keep it together... Designate one spot in the home for all things financial, including checkbook, postage stamps, and filed bills and receipts. A home office is ideal, but not necessary. Get creative — stock a bookcase in the bedroom with decorative boxes (including a colorful file box with top) in various sizes. Cover a file cabinet with fabric and let it double as bedside table. If space is an issue, consider a rolling cart with hanging files on top and storage drawers on the bottom. Keep it in the closet and bring it out when needed.
  • ...but know what to separate. There's no reason to keep your three-year-old tax return and last year's business receipts with the current year's pay stubs and bank statements. Pack a box or plastic tote with older files that you are less likely to access and store away in the attic, basement or closet (just make sure the spot is safe from theft or damage).
  • Cut the clutter. Consider paying bills online. There's less mail to sort, less paper to shred, less postage to buy. And while electronic-based filing systems and spreadsheets can be intimidating, they're a great space-saver; they also make it easier to back-up and safeguard information.
  • Protect yourself. Not only should you shred non-essential paperwork containing personal information, you should be routinely checking credit card statements, bank accounts and the mail for suspicious activity and signs of fraud. And though you're entitled to a free copy of your credit report every year, you need to request it first. Mark it as a "to-do" on your calendar every 12 months.
  • Set a time and a place for bills. Incoming bills can be an exception to the "keep it together" tip, since you are more likely to toss mail by the front door than trek it to a designated spot elsewhere in the home. Consider putting a basket or lidded box near the door but out of sight or reach to visitors. When you get the mail, drop bills in this spot immediately. Have a set time once or twice a month when you retrieve whatever bills have accumulated and bring them to your "financial center" for payment. As with your credit report request, it's not a bad idea to pencil in bill-paying time in your planner or calendar. We tend to stick to things that are scheduled in writing.
  • Know what you're worth. You shouldn't have to go digging through different files and hitting the calculator every time you want to consider your assets. Take an afternoon and create a simple spreadsheet that includes totals from every aspect of your financial life — from checking and savings accounts to retirement to investments. Set a date on your calendar each month or every other month to update the spreadsheet with your latest financials. Not only will this practice keep you more organized, it will force you to be in-the-know—and more goal-oriented—about your financial life.
  • Make it fun! Experts agree that the more jazzed you are about an organization system, the more likely you are to keep using it. Don't settle for bland manilla envelopes and dull green files. Shop around and incorporate color, design and personality into your financial records. Check out our shopping list for ideas on what and where to buy, plus get more tips for putting items to use.