Receipts, payslips, bills, invoices, superannuation, investments, insurances, mortgage, the list of financial paperwork we deal with on a daily, weekly and monthly basis is long and overwhelming. They key to putting yourself in control of this paper mess is streamlining processes and getting organised. You’ll never lose a receipt or miss a payment again.
Take an afternoon to go through all of your paperwork and file it away correctly. Use a binger, filing drawer or filing envelope and dedicate one pouch/file to each thing, and label it. Include taxes by year, insurances, healthcare, receipts, bills, bank accounts, etc.
Stick to the plan
Once you put a plan in place, make sure you stick to it and maintain it. If you have a desk or office at home, create a tray for incoming financial paperwork and file it away correctly each week after paying it, actioning it or following it up.
Pay as you go
As soon as you get a bill in your email or mailbox at home, pay it. If you can’t pay it, keep I on a desk in clear sight and mark in your diary or a calendar when it is due by. Get it paid as soon as possible then file it away.
Photograph, scan or email your paperwork
Reduce the mess of paper and digitise everything. Set up folders on your computer as you would in the real world and file all your digitised paperwork away. If digital isn’t your thing, consider digitising at least your receipts, and filing them on your computer. This way they never fade and you won’t lose them before tax time. Many retailers now offer to email you a receipt.
Just like spring cleaning, each year around tax time spend some time reading through all the paperwork you have collected and decide what needs to stay and what can go. Keep only the important documents you need and get rid of any unnecessary clutter and paperwork from closed bank accounts, loans or insurance policies.
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