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Home » Consumer Information » Debt Harassment

Record Keeping

Record Keeping | Attorneys for Orlando, Tampa, Fort Myers, Jacksonville and Miami

If you take after the general population, chances are you have mountains of receipts and important papers scattered on a desk or erupting from a shoebox. Organizing your financial records will save you and your loved ones from hassle and aggravation in the future. If this shoebox system is not cutting it, it may be time to develop a new storage system for financial data. Maintaining a structured approach could mean the difference between financial stability and debt.

Where to file your paperwork

  • Safe deposit box – safest of all storage options. You can rent a safe deposit box at most banks for somewhere in the range of $10 to $50 per year. You should use a safe deposit box to store documents and other personal items (i.e. valuable jewelry) that require storage in a highly secure environment.
  • Fireproof safe – alternative to safe deposit box. A safe allows you to keep extremely important documents in the comfort of your own home with the security blanket of fire and burglary protection. Be sure to purchase a high quality safe that will hold up to fire for at least four hours.
  • Filing cabinet – used to store documents that are frequently accessed (i.e. bank or credit card statements). Filing cabinets should be kept in a convenient location, but away from children or those who might decide to snoop.
  • Box in the attic – used to store items that are important enough to be kept and do not need to be readily available.
  • Trash – get rid of anything that is no longer useful to avoid clutter. However, be sure items containing personal information are completely destroyed to keep identity thieves at bay.

Records to hold on to

  • Personal papers
  • Insurance policies
  • Tax returns/receipts
  • Paycheck stubs
  • Banking records
  • Credit card statements
  • General receipts
  • Appliance instruction manuals and warranties
  • Retirement plans
  • Investments
  • Real estate documents
  • Debts
  • Details of money owed to you
  • All other important paperwork

Keeping all your important paperwork organized and readily accessible is an easy way to stay on top of monthly bills and other noteworthy deadlines. This enables you to evade late fees and missed payments. Coupling this with conservative spending habits is a recipe to shun debt or develop bad habits that could ruin you in the long run.