Tips for Family Record Keeping

Organizing Your System for Personal, Family, and Financial Records

Two weeks ago we took a look at the initial steps to creating your family record keeping system.  In the last post of our series, we’ll discuss the final touches to organizing your system.

How can I organize my record system?

The easiest way to keep track of your family papers and business records is to set up a filing system.  Gather your important papers from throughout the house and divide them into three major areas:

·         Current Financial Records

Should include employment records, credit card information, insurance policies, family health records, warranties and guarantees, education records, bank statements, a household inventory, tax records and canceled checks. These headings may be used as a basis for your filing system.

·         Inactive Financial Records

Use to store the items from the current files that are three years old. Go through the current files once a year. Discard unneeded items and transfer others to inactive storage. A good time to make transfers is the first of the year, when you work on your income tax forms. File headings would be the same as for current files.

·         Permanent Records

Very Important Papers (VIPs), ones which should be kept safe – in a safe deposit box or in a fireproof (and waterproof) storage container.

What Are Very Important Paper (VIPs)?

·         Papers or records that prove ownership (such as real estate deeds, automobile titles and stock and bond certificates)

·         Birth, marriage and death certificates

·         Legal papers (such as divorce and property settlement papers)

·         Contracts

·         Household inventory

·         Wills

·         Advance Directives such as Living Wills or Durable Powers of Attorney for Health Care

·         Anything else that would be expensive or difficult to replace

Every family's file folders will be different.  You may refer to the guidelines from the Family Record Keeping series, but divide each area into categories that make sense to you.  A good record keeping system will allow someone who is unfamiliar with the system to locate important documents, maintain records and prepare reports in case of an emergency.

Source:

HE-445 (Revised), May 1998

Debra Pankow Family Economics Specialist

NDSU Extension Service, North Dakota State University of Agriculture and Applied Science, and U.S. Department of Agriculture cooperating. Sharon D. Anderson, Director, Fargo, North Dakota. Distributed in furtherance of the Acts of Congress of May 8 and June 30, 1914. We offer our programs and facilities to all persons regardless of race, color, national origin, religion, sex, disability, age, Vietnam era veterans status, or sexual orientation; and are an equal opportunity employer. County Commissions, North Dakota State University and U.S. Department of Agriculture cooperating. North Dakota State University does not discriminate on the basis of race, color, national origin, religion, sex, gender identity, disability, age, status as a U.S. veteran, sexual orientation, marital status, or public assistance status. Direct inquiries to the Vice President for Equity, Diversity and Global Outreach, 205 Old Main, (701) 231-7708. This publication will be made available in alternative formats for people with disabilities upon request, 701 231-7881.

Tracking # 635229

For a list of states in which the financial planners at The GenWealth Group are registered to do business, please visit www.thegenwealthgroup.com.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations to any individual. No strategy can assure a profit or protect from loss.

Third party posts found on this site do not reflect the views of The GenWealth Group and have not been reviewed by The GenWealth Group as to accuracy or completeness.