Barbara O’Neill, Ph.D., CFP®
Extension Specialist in Financial Resource Management
Rutgers Cooperative Extension
Deluged with financial “paperwork” (investment account statements, tax records, and important correspondence such as a certificate of deposit (CD) rollover notice)? You are not alone. Many people report having difficulty managing their financial records and physical symptoms of stress because they feel disorganized. What to do? Make the time to clear the clutter and develop an efficient financial record-keeping system that works.
Organizing financial records may not be the most exciting way to spend a day, but the rewards are worth it. With organized records, you can find documents easily, handle tax disputes with confidence, document ownership of specific assets, potentially save money on taxes (e.g., capital gains tax calculations), and help others handle your financial affairs, if necessary.
Consider the following eight small steps to get your financial house in order:
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