With the overwhelming number of documents we handle these days, it simply makes sense to have an effective paper organization system to help ease the burden.
Papers and documents such as medical info, tax forms, birth certificates, our kid’s drawing, etc should all be appropriately categorized and organized.
Below is a video that explains an effective way to organize our documents;
Below are frequently asked questions about document/paper organizations;
What is the best way to store paper documents?
One of the best ways to store paper documents is at home in a safe or file box. While storing original copies of your vital documents in a bank safety deposit box is fine, storing documents you access often is better done at home.
How do you keep important papers organized?
- Go paperless with bank statements and bills: You could scan your documents and store them on a secured laptop or on a cloud service.
- Shred personal documents: You could shred personal documents that are no more important.
- Recycle your stacks of magazines and newspapers.
- Create a filing system.
- Put a recycling bag or bin near your front door.
- Create a “Take Action” station for papers that need to be dealt with.
- Store coupons in a binder.
How long should you keep your bank statements?
three to seven years
A good rule of thumb is to save any document that verifies information on your tax return—including Forms W–2 and 1099, bank and brokerage statements, tuition payments, and charitable donation receipts—for three to seven years.
What is the most common filing system?
Alphabetic systems are the most natural and common method of arranging files. However, even the simplest alphabetic system requires establishing, filing standards, including written filing procedures, cross-reference methods, and practices for filing duplicate name changes, etc.
What are the 3 types of filing systems?
Filing and classification systems fall into three main types: alphabetical, numeric, and alphanumeric. Each of these types of filing systems has advantages and disadvantages, depending on the information being filed and classified.
What papers should you keep and for how long?
To be on the safe side, keep all tax records for at least seven years. Keep forever. Records such as birth and death certificates, marriage licenses, divorce decrees, Social Security cards, and military discharge papers should be kept indefinitely.
Where is the best place to keep your house deeds?
You can store your title deeds in a safe deposit box at your bank or building society. This is a very secure option, but you will usually have to pay an ongoing charge for hiring a deposit box and possibly pay a fee every time you want to view the deeds
Is there any reason to keep old utility bills?
Generally speaking, hang onto bills and bank statements for at least two years, and insurance documents as long as they are valid. When it comes to tax-related paperwork like payslips, P45s, and so on, HMRC suggests keeping them for at least 22 months from the end of the tax year they relate to.
How many years of medical records should you keep?
In California, where no statutory requirement exists, the California Medical Association concluded that, while a retention period of at least 10 years may be sufficient, all medical records should be retained indefinitely or, in the alternative, for 25 years.
What are the four types of filing systems?
The most common filing systems are easy to implement and provide a means of effective file management. They are;
- Alphabetic Filing: Alphabetic filing is the most common filing system for less than 5,000 records.
- Numeric Filing.
- Alphanumeric Filing.
- Paperless Filing Systems.
What is the most common storage method for physical records?
Vertical drawer cabinets are the traditional storage cabinet for physical records.
How do you destroy papers without a shredder?
- Shred Them by Hand.
- Burn Them.
- Add Them to Your Compost.
- Use Multi-Cut Scissors.
- Soak Them in Water.
- Wait for a Local Shred Day.
- Use a Local Paper Shredding Service.
What are the most important documents to have?
- Birth certificates and adoption papers.
- Social Security cards.
- ID cards and naturalization papers.
- Marriage and/or divorce papers.
- Living will.
- Power of attorney papers.
- Proof of benefits and disability documentation.
What papers should I keep?
Tax returns and supporting documents (keep for at least three years, but ideally up to seven) Pay stubs (keep for at least six months, but ideally up to one year) Social security statements (keep current copies) Year-end retirement fund statements (keep current copies)
How long do you need to keep documents?
Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return. Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.
How do you destroy bank statements?
There are effective ways to destroy your important documents without shelling out cash for your own paper shredder. If you soak your documents in water, you’ll typically render them impossible to read. You can rip them up a little bit, drop them in a bucket or a trash bag, and just set the hose on them.
Is it OK to throw away credit card receipts?
Experts in financial services and shredding businesses state that the only receipts that are safe to throw away are those that contain no personally identifying information whatsoever. Credit card statements, credit card receipts, bank statements, receipts with your signature, as well as ATM receipts should be shredded and appropriately disposed of.
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