With tax season in full swing, UGA’s Office of Gift and Estate planning offers some tips to organizing financial documents.
• Place four labeled folders near where you open your mail. Whenever you receive a financial document, immediately put it into the correct folder. Then process these folders regularly: bills, favorite causes, documents to keep and items to shred.
• Whatever files you create, labels you make or categories you establish they should all make sense to you (and to anyone else who will be using the system). If they don’t, you’ll soon find yourself back at the kitchen counter with a pile of papers.
• Personal financial management software is useful if you want to keep a detailed budget, track spending, complete your banking and bill paying online, or scan and store items electronically. Set aside time once every other week, at least, to file paperwork, enter data into your software, track your spending and complete other tasks related to your financial organization goals. If you just need a place to stash your bank statements or investment reports, try using a small file cabinet or three-ring binder. Keep all your financial paperwork in a central, convenient location so you’re not hunting every time you need to find something.
• Narrow solicitations and charitable requests to a few causes of greatest importance to you. Organize your charitable efforts annually and plan your giving over time.
