Get “$” Fit Challenge- October

Files, Files, All Disheveled, How Will There Be Order?

PeaceBecoming unorganized and disheveled is easy; however, this is one thing you do not want to be when it comes to your financial documents. Your financial documents should be treated as sacred. HA! How funny does that sound? It is however, very true.

Did you know there are various time limits for keeping documents? Think of these as financial rules of the road


Use a record keeping system. By the main definition it is, at its simplest, a systematic approach to retaining and filing documents in a way that makes them easy to find when needed. You can use online versions or create your own that works just for you.


Create folders for expenses, savings, banking, retirement, and taxes. Make sure they are clear and well organized, especially when it comes to your business. Taxes are one of the big things you want to keep track of. For taxes, you want to keep return for 7 years from the filing date. Taxes also have many other regulations.

For other documents, such as: investment statements- shred your monthly statements and keep the annual statements until you sell the investment, Loan Documents- keep until you sell the item the loan was for or pay off the loan, and Bank Statements- 1 year, unless needed for taxes. (Many banks archive several years of statements online.)

There are many other regulations for when things should be discarded.


Keep up with the most recent regulation changes. File your documents. This will pay off in the long run! We will try to keep you advised of changes in this blog.

Being well organized with your financial documents is one Smart Financial Strategy For Life!

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About Sara Seasholtz

Sara Seasholtz, CFP®, was voted one of "50 Most Influential Women in Charlotte" by The Mecklenburg Times in 2011, and has assisted her clients with their financial planning needs for over 40 years. Have a financial question? ASK SARA!


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