Storing financial and other important documents


Storing financial and other important documents

Hate to mention tax season in December but I'm curious how everyone keeps financial documents stored for the year. Do you have a filing or organization system that has proven to work well? What about longer term items like insurance policies, legal paperwork. I bought a little fire safe for my mortgage, marriage certificate, and life insurance paperwork but my brother feels important paperwork like that should be kept in a lockbox (like at a bank).


I use a tax preparer and I always have to scramble to figure out if I still have a receipt, or if I can find documentation for deductions. Appreciate any tips anyone might have for someone trying to get organized. 


Re: Storing financial and other important documents

I have a two drawer filing cabinet (old school, I know) that I've used for years. The top drawer contains the current year active obligations with dividers for each obligation (loans, CC's, etc.). At the front of the current year, I have a folder for receipts I need to keep for tax purposes. In the bottom drawer, I keep all of the historical paperwork. Each year when I prep taxes I move all of the current year documents to the corresponding historical folder. It sounds complicated but it's actually really simple and it keeps everything handy in a logical place for when we might need to reference or pull info in a hurry. 


I've long considered switching over to a digital system for just receipts but it hasn't been as easy as I thought it let go of the filing method I've perfected over the years. Smiley Very Happy

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Re: Storing financial and other important documents

Hi @Reeta, depends how skittish you are with online safety. I have a fireproof box for marriage license and Social Security Cards for the family, (passports as well). But regular paperwork (contracts, licenses, bills etc) are in a harmonica folder. Super 1960's. 


Lately our accountant has asked for everything electronically, so I started filing things under a google drive folder or on a secure server with the accountant. Ie: when I get my monthly utility bills emailed, I upload it straight to that folder.