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Set Your Records Straight!

Get Started on Good Financial Record Keeping

By Teri Brown

"If you are not eligible to exclude some or all of the gain on the sale, the sale is a taxable transaction," says Bartlett. "Without proper records to calculate accurate gain, you may pay additional and unnecessary taxes."

Bartlett also believes it is important to keep all of your mortgage and closing records, warranty paperwork and a sampling of your average utility bills. "Prospective buyers often want to know the average utility cost to maintain the home," says Bartlett. "Warranties associated with the home, such as those for the roof or the furnace, may be just the thing to make your house more attractive than another."

Dave Ramsey, New York Times bestselling author of the book, The Total Money Makeover (Thomas Nelson, 2003), believes there are certain files no one should scrimp on. "I keep what my wife and I call our 'love drawer'," says Ramsey. "The reason we call it that is that particular drawer contains all records and a detailed estate plan, and the fact I have gone to so much trouble is because I love my family. That drawer contains: all mutual fund, savings and checking statements; will and trust instructions; life, health, disability, homeowner's, car and liability insurance."

Having an easy-to-find file with all that information is one of the best gifts you can give your family if something happens to you.

Want to see more?

• Money Sense for New Families: 5 Tips from Financial Planners
• Airing out Your Wallet: Financial Spring Cleaning
• Get Organized! Keeping Baby's Health Records in Check
• Talk about it!