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End-of-Summer Financial Cleanup

broom hanging on wooden wall

This time of year, families all over the community are cleaning up their homes – preparing for the school year and coming winter. This year, add your finances to your cleaning list to boost your financial future. Here’s how to do it in 5 simple steps.

  1. Get Organized. Buy whatever organizing tools you need to consolidate your receipts, statements, and finances. Be sure it’s a system you can and will use.
  2. Label Everything. If you’re doing everything on a computer, use a clear naming system. If you are using file folders, break out the label maker. By clearly identifying your system, you’re more likely to use it.
  3. File Everything. Again, if you’re using a computer, keep things simple and organized. If you’re using paper and file folders, store them away in an actual file cabinet or file drawer. Whatever method you choose, you’re going to want to create a file folder for your insurance information, taxes, warranties, Social Security cards and statements, as well as information on your cars, home, and more.
  4. Buy a Shredder. You’re going to need it for old statements, outdated receipts, and anything that could be used to steal your identity and ruin your credit. Be sure to hang onto statements and receipts for up to five years for tax purposes. Better yet, scan everything and store it all on a password-protected hard drive.
  5. Use Online and Mobile Banking. Once you have a login and password, you’ll have the option of skipping paper statements and choosing E-Statements to reduce clutter and the chance of identity theft. Plus, Online and Mobile Banking make paying bills easier with Bill Pay, as well as taking your banking on the go with Text Banking and Telephone Banking.