What Are Some Ways to Save & Store Your Personal Financial Information?

Keeping an accurate record of your finances can help you save money. Areas in your budget that seem to drain money can be assessed and remedied. Test a wide range of ways to store and save your personal financial information to see which method works best for you. There are a multitude of free resources available online and through freeware.

Accounting Programs

Many people associate accounting software with complex bookkeeping. However, you can use the free version of software like Quickbooks to track your personal financial information with ease. Basic functions such as entering your bank account transactions, lists of expenses and income can be saved under the profile you create. Many software publishers also provide an online storage option to back up your financial data.

Spreadsheets

Use a spreadsheet to keep track of your personal financial information. Spreadsheets are simple to use and often come with the option of using a template. If no templates are available within the software, search online for a template download compatible with your spreadsheet software. You can save your spreadsheet to your computer and store the electronic file on an external hard drive for safe keeping. If you prefer physical storage, print copies of your spreadsheets and store them in a filing cabinet.

Old Information

Over time, file cabinets may begin to overflow with papers and folders. Remove old files including personal financial information you no longer need quick access to. Pack the files into a large storage bin with a lid so that it can be placed in an attic, basement or closet. Use storage bins that stack easily to maximize the space.

Third Parties

Employ a bookkeeper or certified public accountant to keep track of your financial data. Professionals can assess your information and help you organize how the data should be stored. Accountants can also help you create a financial statement and plan for taxes by grouping together files needed for tax season. Your certified public accountant or bookkeeper can keep copies of your financial records on hand in case you need to reference them at a later date.

References

• Bankrate.com: How long to keep financial records
• The Container Store: Document Storage Guidelines

Resources

• CNET: Quickbooks SimpleStart