How to Keep Financial Records Organized

Series Summary

Personal finance is the application of financial principles to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save and spend monetary resources over time while taking various financial risks and future life events into account. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies and income tax management. In this free video series, a registered financial consultant provides advice for managing money and taking care of personal finances. Discover how to live within a budget, how to improve credit scores and how to make more money. Find out how to lower bills, how to improve FICO scores and how to negotiate with creditors. Get tips on working with a budget and managing money in these free videos.

Video Transcript

"This is financial adviser Patrick Munro talking about how to keep financial records organized. It's important to keep your financial records in good shape because if you lose files, if you lose bills, resulting in a late on your credit bureau, that can be problematic and take months to fix. One of the best ways to use is a manual folio system. It's a book that has 31 days in it. You can take your bills once they come in and slide them into the various dates that would be approximately 10 days in advance of when the bill is actually due. This way you can sit down with your bills once a week on a regular basis just like having a workout and pay those bills, make sure they're put in the mail that day. Being organized to that level will definitely resolve in you having some benefits regarding that. Some people choose not the manual system but rather by paying their bills online. And in being that situation you can also get a way to track your bills. Be mindful though that hackers are out there looking for your identities so I tend to focus on the manual system more so. This is financial adviser Patrick Munro talking about how to keep your financial records organized."