Financial documents are increasingly going digital, but you still need to keep these financial documents well organized for tax or other purposes. Take a look at some great ways to organize your financial documents, either on your computer or a cloud storage platform.
Use General and Sub-Folders
Think of your file folders as a tree. In the center, you have the trunk — the shared aspect of all the separate files — and from this trunk grow branches or sub-folders that you can organize accordingly. For example, you may name your main folder “Finances” and then add sub-folders named “Bank Accounts,” “Credit Cards,” “Investments,” “Loans,” “Taxes,” “Receipts,” or any other categories you deem appropriate. You can even get more specific in these categories with additional “sub” sub-folders if you need to.
Be Consistent with File Naming
You need to be able to find your files whenever you need to, so choose a naming system and be consistent. A “year-month-day” format, followed by the title of the document, is a good way to do this for your financial statements and documents.
Set Up Your E-Statements
Financial institutions love to send you electronic statements — or E-statements — rather than paper documents, but you need to make sure this is set up. Log in to each account and find the “Paperless” option for bank statements in the settings.
Scan Any Physical Documents
Even after setting up paperless bank statements, you may still find yourself with lots of physical documents — for example, historical documents or receipts from in-store transactions. Apps like Scannable and Genius Scan can achieve this with your smartphone. You may decide to set aside a pile of documents each week or month, ready to be scanned en masse. Just don’t let that pile build too high!
Build Your Toolkit
FileThis and Mint are great free tools that you can use to keep your finances and documents organized. You can also create bookmarks in your browser for all relevant financial institution websites so you can easily navigate between your accounts.
Reach Out to Our Team and Learn More
Take a look at our organizational courses or reach out to our team to discover more about organizing your financial documents.