February is a great month to focus on paper management. Now that the New Year is underway, it’s time to purge old files. At this time of year, who isn't motivated to organize next year’s tax records more effectively. If you have been procrastinating on getting papers under control adopt some ideas from this short list of tips and tricks. Even small improvements can make a big difference in finding what you need.
WHERE
- Designate a home for every type of paper you want to keep
- Realize that there are three kinds of files: archive, reference and current
- Keep important papers (permanent) in a safe place, away from all other papers if necessary, so that they are easily found
- Store archive files in a safe, dry place out of the way of daily life
WHEN
- Purge paper files at least once a year
WHY
- Use a filing system that works for you, research ideas on the web then choose one that fits your style
- Group similar files together in a way that is meaningful to you: lifestyle, banking, career ... organize alphabetically within each group
- Make the system simple
- Know why you are keeping papers
- Know your tolerance for keeping/throwing out papers
- Intentionally create a streamlined mail processing system that you will complete every day
- Best practice is to use file folders, hanging files, and labels - if these feel comfortable to you
- Use color coding only if it is time effective
HOW
- Keep a year-round folder at the front of a file drawer where tax related info (or a copy) is filed for quick organization at tax season
- Reduce how much paper comes into your home
- Use a cheat sheet – write a list of what’s where and keep this in the front of your file drawer
- Use file folder rubber bands to designate files that are inactive/older
- Write the file name (and contents) on the front of the file folder as well as on the tab
- Ensure that someone else knows your system in case of emergency
- File papers where you would look for them
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