Does this sound familiar—your spouse asking you where you put that IMPORTANT receipt which they need in order to get the taxes done? Tax season can be stressful finding the necessary records from a year ago. Have you sworn to yourself every year during this time you will keep better records for next year? But, it never really ends up the way you hoped? There are also the questions of “How much and how long do I keep the records?” or “What records are necessary to keep?”
Just like other important records such as health information, keeping financial records are also a vital. They are a key to your credit standing, justification on your taxes and providing a continuing indication of your financial progress. A systematic plan of keeping important papers can save you hours of anxious searching and make it easier to cope with urgent situations. However, it is more than a matter of neatness and order. Legal and safety factors enter in as well. Legal documents which are difficult to replace should be kept in a safe-deposit box or left with your attorney.
Many records should be kept for long periods of time. Before tossing any papers out, review them closely. Anything that is permanent or semi-permanent should be kept. If you have received updated copies of records, it is a good idea to discarded older versions. If they contain any personally identifiable information such as birth date, Social Security Number, debit/credit card numbers, etc—be sure to shred or burn them.
Another consideration is ease of access and mobility of important records. Emergencies can arise quickly and there will not be enough time to think of and gather everything you want and need to take with you. By creating a “Grab-n-Go” bucket or box with copies of important papers, you can easily and quickly pick it up and leave with all the information you are going to need. Some of those important papers include: credit and banking information, driver’s license, birth certificates, insurance information including auto, health, medical and home, any important medical information such as medication and immunization records, household inventory list, usernames and passwords for accounts accessed on the web, extra sets of keys to auto, home, safety deposit box or safe, and enough cash to purchase fuel for vehicles, food, and lodging for several days.
Some key pointers for creating a home filing system, a list of records to keep, how long to retain and what papers to carry with you can be found in MontGuide #199611HR Your Important Papers: What to Keep and Where. This FREE MontGuide can be accessed online at store.msuextension.org by searching for the above title or number or by contacting our office if you would like a printed version.
To learn more, contact Janell at the Chouteau County Extension Office at 622-3036, janellb@montana.edu or in the green building next to the Chouteau County Courthouse at 1308 Franklin St in Fort Benton.
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Montana State University, US Department of Agriculture and Montana Counties Cooperating. MSU Extension is an equal opportunity/affirmative action provider of educational outreach.
