I need to find a way to organize our paperwork better! Anyone have a good system down?
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We need a better system, too. Currently, anything we need to save goes in a box in our closet. We need a good safe.
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We throw most everything out. If it was paid, it gets thrown out. I cancelled as many paper statements as I can find. Even my tax statements I download from my online account and save a copy to dropbox.
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We have a filing cabinet. Super old school, but it works for me. I prefer hard copies.
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At the moment I shove everything into a spare drawer in the kitchen. Then when that gets full, I take the old stuff down to the closet! Not the best system...but I can mostly find what I need online anyway.
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The best thing to do is really file things right away; either throw them up, or put them away! We have a few big folders w/ tabs for different categories.
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Not sure it's the best, but I have a filing cabinet. I store in there all medical bills and EOBs, mortgage information, retirement and investment info (probably not necessary to keep this stuff), and our taxes.
For bills, I have a 12-pocket file binder that I keep each month's bills in for the year. Once I hit that month again, I throw out the old bill.
And on a day-to-day basis, I open mail as soon as I get it and throw out anything I don't need or want, and put things to be filed or bills in my "mail tray" in the living room. Then each month I pay the bills and file whatever I need/want to.
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I have a regular file for essential must save stuff.
For tax stuff, I have a simple system that has worked for me for the past 5 years when things have gotten a little more complicated. I keep one folder on my desk at tax time-January/February- to organize mail as it comes in. It has two pockets and Front/Back windows.
Front Window: master spreadsheet of what I need to enter at tax time
Back Window: W2sPocket #1: As I get tax related mail, I pop it into the folder. These are end of the year bank statements, mortgage, tax, retirement info. I paper clip them into those categories. Sometimes I circle the important numbers.
Pocket #2: Random deduction/reimbursement receipts that I may need but not sure
As I have time, I write total numbers on the master spreadsheet, I put a big check mark on the pages. Important numbers (usually interest/dividend/retirement totals) from the master spreadsheet are inputted in at tax time.
I keep track of donations in itsdeductible.com. So it automatically transfers it to Turbotax. I can double check with my master sheet so I don't have to keep flipping through my mail.
When I get my tax return, I put it in an archive Tax file box.
Hope this helps, makes sense. That's the first time I ever thought it through. I always get my taxes in within the first few weeks of getting my W-2 because it is all at my fingertips.
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