Get statements and receipts in the mail much? That was a trick question. Listen up, it’s time to get up off the couch and tackle that pile of bills and receipts setting up camp on your coffee table. It’s the only way to win the paper (and email) war, and become king or queen of your finances. Here’s how to do it:
1. Pick your system.
However you get your bills and statements, you need a place to stash them. Set up electronic or old-school manila files for each account or category (bank, credit etc.) and get your filing on.
2. Know what to trash.
If you don’t need it, get rid of it ASAP. Here’s a basic guideline for what to keep:
Credit card statements: 45 days
Bank records: One year
Taxes: 7 years
Paycheck stubs: 1 year
Receipts: 1 year for major purchases
3. Read your statements.
Check your bills and statements for bunk charges and mistakes.
4. Shred your info.
Keep crooks and identity thieves out of your business by shredding any paperwork with your social security number or other personal info.
5. Keep at it.
Pretty much every day, there’s gonna be new paperwork in your mailbox and inbox. Sort the keepers from the throwaways within a few days to save yourself from a paperwork pileup.
Keeping good records is the key to watching your spending and catching account slip-ups. You wouldn’t want to put that that shiny credit score of yours at risk, would you?
For more great info. on credit, check out WhatsMyScore.org.
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