Whether your applying to purchase a home or thinking about selling, there are many different reasons why having up to date household financial records can help save you time and money.
Check your current financial records income taxes, W2s, bank, investment and retirement statements, also insurance such life health and disability and see what is missing or out of date. Contact the record keeper and request new copies. Keeping accurate records will help you make important financial decisions.
How Long Should You Keep Records?
- 7 Years – Taxes/Credit Card Statements and Property Records
- ALL IRA contribution records
- 1 Year – Utility bills
- Indefinitely – Property records
Safely Dispose of Records
Make sure you dispose of your records properly.
- Digital – overwrite data or physically destroy storage medium
- Paper – Shred or incinerate
Record Organization Categories:
Keeping your records organized is just as important as accurate. Here are some great categories to organize your records.
- Health Records – Health insurance policies, bills, prescriptions, life insurance
- Financial Records – Bank statements, taxes and loans
- Home/Property Records – Mortgages, Deeds and property tax information
Knowing what records to keep and the proper way to store them can really make a difference when it comes to making important life decisions.
Kathleen Beck – Mortgage Lender
Sacramento, CA 95818
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