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How to organize your finances

Advance planning saves time, money, and worry

[January 5, 2012]

Ever been late with a bill payment because it got lost in a pile of paper? Could your next of kin make sense of your finances if something happened to you? Could you access your accounts and other critical documents if your home was destroyed in a flood or fire?

Organizing your finances and documents reduces clutter and frustration and assures that you're prepared for whatever life throws your way. You'll save time when you pay the monthly bills. You might even save money on late fees.

Here's a simple plan to get started:

Manage your bills

Gather all your bill-paying materials in one place. Use a file drawer, box, and so on. Include a schedule showing when recurring bills are due. File bills according to whether they're outstanding or paid.

Simplify more with STCU online banking and billpay. Take advantage of direct deposit and payroll deduction, too. You'll have less paper to file, access to years of electronic account history, and write fewer checks.

Tax documentation

Throughout the year, place records of donations, medical expenses, local fees and taxes, education expenses and other information in one spot. Add your W2s and tax documents when they arrive. That way, you'll be ready for income tax season.

Get a safe-deposit box

The credit union vault is the most secure place to keep key documents like original copies of your birth certificate, marriage license, and adoption papers, as well as contracts and leases, professional licenses, passports, titles and deeds, jewelry, rare coins, and other valuables. Be sure to include a copy of your household inventory, as well as your will.

[STCU has safe deposit boxes available in most branches, though we sometimes have a waiting list for new boxes. Call us at (509) 326-1954 or (208) 619-4000 to learn where the nearest box is available.]

Not interested in a safe-deposit box? Then invest in a fireproof safe.

Put important papers and contact information in a fireproof, waterproof container kept in a safe location where it's easy to grab in an emergency. Put as much of the information as possible on computer discs. Protect papers in plastic sleeves.

This grab-and-go kit should contain: Certified copies of birth and marriage certificates; a list of bank accounts and passwords; insurance information; contact numbers for family physicians and relatives; key military paperwork; proof of residency; and cash.

Use lists and photos to document everything in each room, including furniture, jewelry, electronics, appliances and tools. Remember to record model numbers and serial numbers.

Attach copies of receipts for major items, and the estimated value and history of special items. (It's worth noting, for instance, if Hemingway signed that first-edition copy of For Whom the Bell Tolls or if that baseball was a World Series home run.)

Keep one copy in your safe-deposit box or other secure location and another in your financial notebook.

Some day it may fall to others to sort out your finances. Save them countless hours of frustration by giving them a financial notebook or putting it in a safe deposit box they can access.

At a minimum, it should contain: A list of family members and their contact information; personal records, such as birth certificates; the location of important documents; insurance and health records; information about your loans and financial accounts; your latest 1040 tax form; your inventory of personal property; a list of your real estate holdings, vehicles and investments; and retirement planning documents.

Finally, make sure your notebook includes all your important estate planning documents, such as a copy of your will, advance directives, powers of attorney and letters of instruction.

Not interested in credit card or insurance offers that come to your home? You can opt out by contacting the Consumer Credit Reporting Industry at optoutprescreen.com or (888) 567-8688.

[Sorry, but opting out of pre-approved offers will also prohibit STCU from sending you any future special deals.]

Reduce paperwork even more by signing up for STCU electronic statements, which are more secure and convenient than paper. Sign up for e-statements at stcu.org or in any of our branch locations.

Once you've gotten organized, let key people in on your system. Don't forget to tell those you trust where to find your financial notebook. It'll give them peace of mind.