Fin Records Mini

8/17/2019 Fin Records Mini

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Copyright, 1996 © Dale Carnegie &

FINANCIAL RECORDS:

GETTING ORGANIZEDMINI-LESSON

INDIANA DEPARTMENT OF

FINANCIAL INSTITUTIONS

CONSUMER EDUCATION


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INTRODUCTION

This mini-lesson includes learnin o!"ec#i$es%

!ac&round in'orma#ion% discussion (ues#ions%an ac#i$i#)% and sources o' addi#ional

in'orma#ion*


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O+,ECTIES

Learners .ill:

/ Discuss ad$an#aes o' record &ee0in*

/ Es#a!lish a s)s#em 'or main#ainin 'inancial

records*


4/18

1ee0 #he Records S#raih#

Do )ou !elon #o #he accumula#e and 0rocras#ina#e school o' 0ersonal 'inancialrecord&ee0in2 This mini-lesson .ill hel0 )ou

!rin order ou# o' chaos% #o &ee0 .ha# )ou needand #oss #he res#*

3ersonal documen#s% household records% andim0or#an# leal 0a0ers accumula#e con#inuall)* Arecord&ee0in s)s#em .ill hel0 )ou orani4e #heim0or#an# in'orma#ion concernin )our house-hold 'inancial a''airs and &ee0 #rac& o' )our

0ersonal 'inances and hard-#o-re0lace documen#s*


5/18

More Fac#s

Ano#her !ene'i# is #o ha$e all )our #a5 records anddocumen#s in a desina#ed s0ace so )ou can

0re0are )our #a5 re#urns in a shor#er #ime .i#h

more accurac)*An im0or#an# !ene'i# o' &ee0in orderl) records is#ha# )ou can documen# 0a)men#s .hen re(uired%such as #o 0ro$e 0a)men# o' child su00or#%

medical !ills #o insurance com0anies% or #o o!#ain.arran#) co$erae* Also )ou can documen# losses'or 'ire damae or #he'# 'or insurance claims*Record&ee0in can hel0 )ou sa$e #ime and mone)

.hile i$in )ou 0eace o' mind*


6/18

Se##in 60 a Record 1ee0in

S)s#em

Se##in u0 a record&ee0in s)s#em includes 'our

s#e0s:

7* Ga#her and orani4e 'inancial in'orma#ion*

8* Decide .here each #)0e o' record should !e

&e0# - in a home 'ile or sa'e de0osi# !o5*

9* Orani4e #he records )our home 'ile and 0lacea00ro0ria#e records in a sa'e-de0osi# !o5*

* Re$ie. and discard unneeded records*


7/18

S#e0 7: Orani4e Financial In'orma#ion

Orani4in im0or#an# 0ersonal in'orma#ion .ill

ma&e mone) manaemen# easier 'or )ou and 'or

o#hers .ho ma) !e res0onsi!le 'or handlin)our 'inancial a''airs*

;hen )ou orani4e 'inancial 0a0ers% #he 'irs#

s#e0 is #o loca#e all o' #he documen#s and rela#edin'orma#ion such as 0hone and accoun#

num!ers*


8/18

Ga#her In'orma#ion

Ga#her in'orma#ion in#o ca#eories :

/ 0ersonal 0a0ers such as !ir#h% marriae% and dea#hcer#i'ica#es% di$orce decrees% ado0#ion 0a0ers%

0ass0or#s% ci#i4enshi0 0a0ers% mili#ar) ser$icerecords<

/ au#omo!ile and o#her #i#les<

/ cer#i'ica#es o' de0osi# or !an& sa$ins cer#i'ica#es<

/ lis# o' insurance 0olicies and #heir num!ers<

/ 0ro0er#) records% #i#le and deeds<

/ records o' home im0ro$emen#s<


9/18

Ga#her In'orma#ion

• leal 0a0ers% leases and con#rac#s

/ co0) o' household oods in$en#or) .i#h 0ho#os or$ideo

/ names and addresses o' )our 'inancial ad$isorsand 'inancial ins#i#u#ions

/ co0) o' 'inancial 0lans% ne# .or#h s#a#emen#s

/ lis# o' chec&in and sa$ins accoun#s !) 'inancialins#i#u#ion

/ 0a0ers 0er#ainin #o $alua!le 0ro0er#) such as

"e.elr)% sil$er.are


10/18

S#e0 8: Decide ;here #o S#ore =ourFinancial Records

Financial records can !e &e0# ei#her in a home

'ile or in a sa'e-de0osi# !o5 a# a 'inancial

ins#i#u#ion* Ac#i$e records and #hose o' limi#ed$alue can !e &e0# in a home 'ile* Consider usin

a sa'e-de0osi# !o5 #o s#ore records #ha# .ould !e

di''icul# #o re0lace% The 3ersonal Financial

In'orma#ion Record should !e re$ie.ed annuall)and .hen #here are ma"or chanes such as

marriae% di$orce% or dea#h o' a 'amil) mem!er*


11/18

S#e0 9: Orani4e and S#ore Records 1e0#a# >ome

The 'inancial records and documen#s )ou &ee0 a#home can !e orani4ed in#o >ome Record&ee0inCa#eories and addin or dele#in ca#eories as

needed* Selec# a con$enien# 0lace such as in #he &i#chen or

home o''ice area #o &ee0 im0or#an# household'inancial documen#s* A 'ile ca!ine# #ha# is 'ire and

.a#er resis#an# ma&es ood sense* Or )ou cansim0l) use an ine50ensi$e card!oard !o5 #ha# holds'ile 'olders* 1ee0 i# hand)* S#ore du0lica#es o'im0or#an# household 0a0ers in a sa'e 0lace ou#side

o' )our home*


12/18

;here Records are 1e0#

A# leas# one o#her 0erson should &no. .here

all im0or#an# records are &e0# and ho. #he) are

orani4ed% so #ha# in an emerenc) #ha# 0erson

can loca#e in'orma#ion (uic&l)*

The in'orma#ion should include a lis# o' i#ems in

#he sa'e-de0osi# !o5 and .here #he &e) is

loca#ed*


13/18

S#e0 : Re$ie. and Discard 6nneeded

Records

=ou .ill accumula#e man) 'inancial 0a0ers o$er#ime so i# is im0or#an# #o &no. .ha# and ho. lon#o &ee0 #hem* =ou can also se0ara#e 0a0ers in#o

ac#i$e and inac#i$e 'iles*

3ersonal records #ha# 0ro$ide documen#a#ion o'e$en#s such as !ir#h% marriae% di$orce% dea#h%

mili#ar) ser$ice% ado0#ion% na#urali4a#ion% andmedical records should !e &e0# 0ermanen#l)*3ersonal s#a#emen#s such as 0re'erred 'uneralarranemen#s should !e da#ed and a co0) 0ro$ided

#o a close 'riend or rela#i$e*


14/18

Re$ie. and Discard 6nneeded

Records

Ta5 records such as 'ederal and s#a#e income #a5es%

i'# and es#a#e #a5 re#urns should !e &e0# a# leas#

si5 )ears* The IRS has #hree )ears 'rom #he #ime o'

'ilin #o assess addi#ional #a5es* The #ime 0eriod

can !e e5#ended ho.e$er% i' )ou su!s#an#iall)

underre0or#ed income or 'or a 'raudulen# re#urn*

For #a5 0ur0oses% 0a0ers documen#in home 0urchase and im0ro$emen#s should !e &e0# as

lon as )ou o.n #he 0ro0er#) or are rollin o$er

0ro'i#s in#o ne. 0ro0er#)*


15/18


Records

>ousin and in$es#men# records such as #i#les%deeds% #rus# areemen#s% .ills% re#iremen# 0lanareemen#s% and 0o.er o' a##orne) documen#s

should !e &e0# as lon as #he areemen#s are ine''ec# * In$es#men# 0urchase and sale recordsshould !e &e0# 'or ? )ears a'#er #he #a5 deadline'or #he )ear o' sale*

Consumer 0urchase records% such as recei0#s and.arran#ies 'or ma"or 0urchases should !e &e0# aslon as )ou o.n #he i#em or un#il #he .arran#)e50ires*


16/18


Records

To a$oid s#orin unnecessar) 0a0er% once a )ear

)ou can decide .hich records #o &ee0 and .hich

#o #hro. ou#* 1ee0 records in ac#i$e 'iles #ha# )ou

re'er #o reularl)% such as curren# !an&

s#a#emen#s% canceled chec&s% !ills% recei0#s% and

#a5 deduc#i!le i#ems* O#her records% such as las#

)ear@s #a5 and !an& records% can !e s#ored in aninac#i$e area*


17/18

DISC6SSION 6ESTIONS

7* Lis# reasons .h) ha$in a record&ee0in s)s#em isim0or#an#*

8* Sues# ca#eories 'or orani4in household records anddocumen#s*

9* ;hich records should !e &e0# in a sa'e-de0osi# !o5 and.h)2

* ;h) sa$e in'orma#ion a!ou# home 0urchase andim0ro$emen#s2

B* >o. lon should #a5 records !e sa$ed2


18/18

ACTIIT=

Ga#her and orani4e )our 'inancial in'orma#ion*

Re$ie. and u0da#e as necessar)* 3lace one co0)

o' )our 'ilin s)s#em .i#h )our records a# homeand ano#her in )our sa'e-de0osi# !o5* +e sure a#

leas# one o#her 0erson is 'amiliar .i#h )our

s)s#em and &no.s .here #he records are &e0#*

Gi$e s#uden#s a co0) o' our Brochures*

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