Documents You Should Have In Your Financial Caboodle

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As you know, I view finances like I view my makeup kit. If you know me then you know I absolutely love makeup, hence caboodle! I feel your finances should be as glamorous as you are, so you should keep them groomed just as you keep yourself groomed.

Last month, we covered what I feel is the primer of personal finance, your credit. If you know anything about makeup then you know that a good primer makes your foundation last all day. Just as good credit makes personal finance a breeze. Now we will cover the foundation of personal finance; documents.

Your financial well-being hinges on maintaining the right documents in your financial caboodle, or portfolio. There are certain documents that you must have on hand and review from time to time, in order to maintain a clean financial caboodle.

Let me define personal finance: personal finance is your individual relationship with your money. It is the blueprint that defines the way you obtain, budget, save, spend and handle your financial resources. Some basic but major components may include your checking and savings accounts, any credit cards you have, and any consumer or student loans you may have. More advanced financialistas may have investment principles, income tax management, and much more, depending on what stage of your financial journey you are on right now. Let’s take a look at the documents that you need in order to keep your financial caboodle clean and in order.

With the ever increasing volume of documents, there are things that you should never throw away. I like to categorize mine to make it easy for my family to find everything in case I become incapacitated. These documents should all be kept in an easily accessible place in your home; I also recommend having a digital copy as well as either having a copy in a safe deposit box or with a close family member in case something happens to you and you cannot get to your copy. Review the list of documents in this series, gather them together, and indicate whether or not you have them  You can use a simple system like H-have, N-need, and X-this document does not apply to my household. Collect the documents you have and request the ones you need. This sets the foundation to your financial well-being.

My documents are categorized in nine categories, today we will go over two categories.

Category 1: Important Legal Documents that Apply to The Threadford’s

  • Birth Certificate(s)/Adoption Papers
  • Marriage License
  • Divorce Papers
  • Social Security Cards
  • Passport/Green Card(s)
  • Naturalization Documents
  • Will
  • Power(s) of Attorney
  • Mortgage or Real Estate Deeds of Trust
  • Vehicle Registration Copies/Ownership
  • Any other documents that are specific to your family. In this category I keep my children’s paperwork giving me legal custody of their children if something happens to them.

Category 2: Tax Statements

  • Previous 3 Years’ Tax Returns
  • Property Tax Statements
  • Personal Property Tax Statements
  • Other

I manage multiple family members documents, so I have these same categories for my mother and my mother in law. It can be a task to behold if you are not organized; so I would suggest a filing system that works for you. I want to hear from you;  what other documents would you recommend keeping in these two categories? Until next week, have a good one

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2 comments on Documents You Should Have In Your Financial Caboodle

  1. Rayshaun Bledsoe
    September 7, 2015 at 9:01 pm (2 years ago)

    In category 2, if you have sold real estate, maybe keeping the records from your sell. If you have purchased real estate, maybe keeping your closing documents in that category as well.

    Great read!

    Reply
    • tracie45
      September 7, 2015 at 10:15 pm (2 years ago)

      That’s a great idea for category 2! Thank you so much! I see you are a seasoned FINANCIALISTA!

      Reply

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