Important Topics:
Organizing Your Financial
Life
Most people keep their personal financial records in less than good conditions. Many files consist of
bundles of old ATM statements, receipts showing groceries bought two years ago, and credit card
statements that were already paid. However, if a situation were to arise where you needed an important
document that you slid in with all the other junk, not only would it be stressful digging through the
paper, it may not even be found until it’s too late.
There are a few simple steps to take when it comes to organizing financial records and important
documents. The most important step, however, is to set aside time to accomplish this task. Make sure
the time is when nothing big is happening before or after, and everyone who needs to be present can
participate.
Give Yourself Some Space
You should allow yourself ample space, such as a dining room table or the living room floor with the
furniture pushed against the wall. Make sure you have enough organizing supplies like sticky notes, file
folders, bins, hanging folders, large envelopes, three-hole punch, etc. Trash cans and shredders are useful
to have in order to dispose of unwanted paper and papers that may have private information on them.
Also, be sure to have a place to put the organized papers, like a filing cabinet or storage bin.
Gather and Organize Papers
The next step is collecting all the papers that deal with your finances. Start sorting the papers into piles
like “bank statements” and “utility bills”. If you have items from two different companies within the
same industry, like statements from Wells Fargo and Bank of America, these can both be put under bank
statements or under the company name, whichever you prefer.
Continue this until everything is divided into neatly organized piles. Use labels or notes to mark the
name of the category to avoid confusion. When you begin organizing the papers, be sure to put all the
“paid” items away first. Only keep what happened within the last year and that you may need to provide
for record, such as a rent receipt or a big ticket item warranty. Do not keep receipts for items that you
paid for, the bank cleared, and the item itself is gone, like groceries. Organize the rest of the “unpaid”
items in the envelopes or file folders.
Mark Your Calendar
Now you need to sort the piles into when you will pay what because some bills may have due dates at
the beginning of the month while others have due dates during the middle of the month. Many open
stacking files have four compartments, one compartment for each week of the month, or one with
twelve spaces for each month of the year. Also write down when everything is due in a planner or on a
calendar so you don’t forget to make a payment.
During the Month
Within your organized files, you should have a category for each life area you spend money. Once a
week take your receipts, records, and scribbled notes and write down where you spent ALL your
money. By the end of the month, you will have a tracking sheet that lets you know exactly how you are
spending. Once you know this, you will be able to modify it if it isn’t allowing you to live within your
means.
Student Money Management Center | 237 Nebraska Union | Lincoln, NE | 68588-0461
http://www.unl.edu/smmc | smmc@unl.edu | 402-472-9093
1
Important Topics:
Organizing Your Financial
Life
Useful Tools to Organize Your Financial Life
Shredders
Store
Target
Walmart
Office Depot
Office Max
Staples
Name of Product
Aurora 6-Sheet Strip-Cut Paper Shredder
Royal Consumer PX70MX Shredder
Office Depot Value™ 505SB Strip-Cut Shredder
Office Max 8-Sheet Diamond-Cut Shredder
Staples 6-Sheet (SPL-638X) Cross Cut Shredder
Price
$16.99
$39.97
$29.99
$25.00
$39.99
Name of Product
Studio RTA 2-Drawer Vertical File Cabinet
Rolling Two-Drawer Filing Cabinet,Wood
Office Depot® Brand 2-Drawer File Cabinet
Office Editions 2-Drawer Vertical File Cabinet
Office Designs Vertical File Cabinet 2-Drawer
Price
$89.99
$69.87
$34.99
$39.99
$49.99
Name of Product
Hanging File Folders 6 pk. - White
Office Depot® Hanging Folders Box of 25
OfficeMax Hanging Folders 25/Box
Staples® Poly Hanging File Folders 20/Box
Price
$10.99
$10.99
$6.99
$11.98
Name of Product
InterDesign Swing-Top Wastebasket- White
Steel Rectangular 38-Liter Step Trash Bin
Durable Polyethylene Wastebasket, 7 Gallons
Rubbermaid 13 Quart Wastebasket, Black
Rubbermaid® Plastic Wastebaskets, 7 Gallons
Price
$19.89
$74.83
$6.79
$4.99
$6.79
Name of Product
Casio Adhesive Label Printer - KL-60-SR
Perfect Label Maker
Brother P-Touch PT-1280 Personal Label Maker
Brother PT-80 Label Maker
Price
$19.99
$19.99
$24.99
$29.99
File Cabinets
Store
Target
Walmart
Office Depot
Office Depot
Staples
File Folders
Store
Target
Office Depot
Office Max
Staples
Trashcans
Store
Target
Walmart
Office Depot
Office Max
Staples
Label Maker
Store
Target
Office Depot
Office Max
Staples
Student Money Management Center | 237 Nebraska Union | Lincoln, NE | 68588-0461
http://www.unl.edu/smmc | smmc@unl.edu | 402-472-9093
2