Family Financial Management
Annie’s Project
January 23, 2007
Coweta Oklahoma
Organize Household Records
It isn’t necessary to keep track of every penny that is spent by the entire household.
It is necessary to know where all of the important papers are located and they are accessible and secure.Bad ideas are a shoe box in the bedroom closet
or the top dresser drawer.
Important Records
Some of these records will be needed to prepare the income tax returns and need to be accessible.
If the home is damaged or destroyed, these records will be valuable so they need to be stored safely.
In the event of a death, these records will be necessary to settle the estate.
How To Get Started
MOTIVATION – the first HARD step.Pull out all of the papers and begin to sort
them.Discard any unnecessary papers (shred)Decide who will take the lead on keeping
these papers organized and safe.Schedule a regular time each week to work
on the family records.
Where to Keep the Records Home Safe
Should be fireproof Burglarproof Hard to be torandoproof
Safe Deposit Box
Investment Certificates Bonds
Deeds Mortgages
Contracts Insurance Policies
Automobile Titles Appraisals
Household Inventory Will / Trust Documents
Home File File Cabinet or a Sturdy Box
Items that are replaceable and used frequently
Insurance Policies Guarantees
Warranties Education Records
Financial Statements Health Records
Copies of Household Inventory
List of Safety Deposit Box Contents
Tax Payments Canceled Checks
Home Safe
A home safe should be used for frequently needed items that need to be protected from fire and theft. Income tax returns from previous yearsDurable powers of attorneyAsset and property records
Your Wallet
Your Wallet is a mini-storage location Personal ID Driver’s License Credit Cards Medicare or Health Insurance Card Blood Type Organ Donor Card Special Medication Information Name and Phone Number of Family Physician
Personal and Family Records To KeepNames, addresses, and phone numbers of
relativesNames, addresses, and phone numbers of
advisorsLocation of valuable recordsLocation of safe deposit box and keyLocation of CD’s, computer discs, video’s,
photo’s of home inventory.Computer passwords and file names
Personal and Family Records To Keep
Location and identification of valuablesInsurance policiesHealth recordsEducation recordsEmployment records
Property Information To KeepProperty deedsMotor vehicle recordsEquipment warranties, guarantees, and
instruction booksRecords of your home purchase and
improvementsBurial plotsOther property purchases and improvements
Household Inventory
Reasons for a household inventory:Amount of insurance to purchaseBasis for filing insurance claims or tax lossesEvidence of ownershipValue of possessions – net worth statement
Financial Information To KeepEarnings recordsAccount records from financial institutionsCredit and debit card informationPersonal tax returnsRetirement benefitsNotes and money owed
Financial Accounts
Current FilesBank statements and cancelled checksBills to be paidCredit card statements
Permanent FilesCredit recordsPension or retirement informationContracts, notes, debts Investments
Legal Records To Keep
Official certificates Birth, marriage, death, etc.
Current estate planning information Wills, trusts, list of non-titled property
• Advance Directives and Powers of Attorney
• Social Security Card
• Passport
How Long To Keep RecordsTax Records IRS Says at least 3 – 6 yearsConsider keeping them 7 to 10 years
Bank Statements7 years
Cancelled Checks1 year unless it is for a home improvement then keep it
for 6 yearsCredit Card Statements
1 years unless it is for a deductible expense or for a major purchase, keep much longer
Get Started
Make a plan Get organized Replace missing items
Complete inventoryUpdate at least annuallyMake an appointment with YOURSELFSchedule regular weekly sessions Stick to it