The next step is to work out the best way to store your documents so that you can easily find your information when the need arises.
Financial documents can contain sensitive personal information, and with identify theft on the rise, it’s not advisable to simply throw them in the bin or out with the recycling.
Buying a shredder or using a document disposal company will ensure your details remain safe.
Many companies are also moving towards issuing financial documents electronically and by adopting this you can reduce the amount of paper you accumulate.
You can also turn your physical documents into electronic versions by downloading a document-scanning app such as CamScanner, Genius Scan or Scannable.
Use a system
Whether you choose to keep paper or electronic copies of your financial documents, how you store them is as important as what you keep, so having a filing system in place is essential.
Folders – whether physical or electronic – can be helpful. Label them with the timeframe the documents are to be kept for such as:
- less than one year
- one year
- five years
- keep forever
Apps can help here too, with several record-keeping apps – such as Evernote or Sign-N-Send.
Back it up
For extra security, online files should be backed up on an external hard drive that’s easily transportable or on a cloud-based solution.
And consider storing physical paperwork – especially that which is hard to replace – in a fireproof safe or offsite in a safety deposit box.
While you’re at it
Organising your documentation also presents the ideal opportunity to simplify your finances and review your financial commitments.
While you’re at it, why not take a look at your budget, check your insurance cover is adequate and shop around for a better deal on your utilities?
For help with simplifying your finances or any other financial matters, speak to your financial adviser or let us help you find an adviser and call 131 267.
Managing your money
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Check out these five hallmarks of a money-smart life.