Saturday, January 7, 2012

New year - Steps for updating your financial records

A new year is here and once again it is time for us to:
- shred unneeded old financial records
- update financial access information for those who are our executors or hold power of attorney
- finalize our budget and take a hard look at last year's results
- calculate our current net worth
- assess investment mix and make changes if needed
- locate/list everything needed to file our taxes

Do you do anything else to get your financial records and plans in order at the start of the year?


  1. I love doing this kind of stuff and probably do it once a month. I bought an inexpensive shredder during last year and shred as I go - as one bank statement goes in the front of the ring binder where it's filed, the oldest one gets taken out of the back - I aim to only keep the last twelve months of our personal stuff.

  2. @Fiona - Sounds like you have a great system going. I am doing the annual sweep of the files today as I have finished the rest of the updating. Our bank and other records are accessible online so I don't keep any of them which helps.

  3. Great idea, I need to get on that this week, spent last week getting the house, pantry and freezer in order. Thanks for the reminder!

  4. @Debby - I just checked out your blog and enjoyed it a lot.


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