Personal Financial Files
By Nancy Kruschke McKinney

Everyone should have a file cabinet or file box to keep bank statements, credit card statements, receipts, etc. If you currently have a pile of paper on the desk, kitchen counter, or tossed in a box, you may want to consider setting up some type of filing system.

Potential file folders to set up:

• Bank statements, deposit tickets, ATM receipts
• Credit card statements and receipts
• Investments (non-qualified)
• Investments (retirement)
• Bills (electric, gas, phone, cable, etc.)
• Insurance (auto, home, medical, etc.)
• Repairs (auto, home, etc.)
• Loans (auto, home, student, etc)

You may want to file receipts by type of purchase. Example: household, groceries, clothing, etc. This is only one potential way to set up your files. Find what works for you and remember-you can always change the file names as your needs change. The most important thing is to have a "home" to store these financial documents.

Check out the Personal Papers Retention List to see how long you need to hold on to each type of document.