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Set Your Records Straight!
Get Started on Good Financial Record Keeping
By Teri Brown
Bartlett suggests that you hold onto records until you are sure they will no longer be needed for tax purposes. "For example, your mortgage papers should be kept for at least as long as you own your home," says Bartlett. "If you're having a problem with a credit transaction, you'll certainly want to keep the bills until the problem is resolved."
Ramsey believes that records of any disputes need to be kept forever. "You mainly need records as proof of a transaction being completed," says Ramsey. "For instance, it is smart to always keep a note mark paid to prove the debt is no longer owed. Or if a long, drawn-out affair has occurred around a dispute, the full record, almost a journal with supporting documents, should be kept."
Ramsey suggests keeping your checking and insurance records for about two years. You should keep your tax returns at least seven years, though Ramsey admits that he has all of his since he began filing – just for fun!
Get Organized!A key way to ensure your financial records are in order is to start a filing system. Bartlett recommends the following folder names, though she says they will vary depending on your individual tax and financial situation as well as your personal preferences:
- W-2s
- 1099s
- Personal property taxes
- Real estate taxes
- Automobile records (not necessarily for tax purposes)
- Mortgage
- Medical expenses
- Dental expenses
- Education expenses
- Un-reimbursed employee expnses (for example, un-reimbursed business travel expenses)
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