3 Tricks for Organizing Your Financial Paperwork
Make a Big Impact With a Future Gift
It starts out innocently enough—an ATM receipt here, a bill there. Add in a monthly bank statement and a receipt you need for your business expenses, and before long you have a paper pileup on your kitchen countertop.
Have you considered the value to yourself and your family of staying organized? Smartly stored financial documents can help you at tax time and help others if they need to find something on your behalf.
These tricks can minimize the time spent searching for important papers.
Trick No. 1: Store Papers Upright
You probably have a stack of papers somewhere in your house right now. There are two problems with this: First, you can lose track of what is in that stack, and second, the paper on the bottom of the stack may be the one you need today.
It is time to remove the word “stack” from your vocabulary.
Store your papers upright instead. By turning your flat paper piles into vertical rows, you can easily flip through them and find what you are looking for. The best products for storing papers this way are hanging-file systems, standing storage containers (like magazine file holders) and pocket folders that you store upright.
Trick No. 2: Create a “Pending” Spot
Organizing is really about efficiency: finding things faster, eliminating clutter and managing the volume. Organizing is also about grouping similar tasks. For example, a “pending” spot allows you to deal with those items and act on them in a timely manner. Consider placing the pending file where you open your mail and check it weekly.
Trick No. 3: Never Save a Single Sheet
If it is just a single page, you should add it to your “pending” or “immediately act on” folder. A single brochure, a single financial statement…they should all have a home.
The Power of Organized Finances
There are smart ways to support organizations you care about, like WQED, without writing a check. As you organize your paperwork, we would love to help you take advantage of some tax-smart charitable giving options. For example, you can name WQED as a beneficiary of your retirement plan account.
To see how you can have an impact with your hard-earned assets, please contact Jui Joshi at (412) 622-1386 or firstname.lastname@example.org.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.