The 7 Benefits of organizing your financial records

Here are the benefits of having organized financial records:

1. Less chaos and more peace of mind
   Not being able to find something you need and know you have- somewhere- is frustrating.
2. Identity and Financial Protection
   Having your records organized will allow to monitor and more quickly recover from identity theft and fraud.
3. Ownership Protection
   Warranties, owner manuals, deeds, receipts and titles easily located.
4. Income Tax Support
   Having your tax documents organized will get your refund quicker. Since you don’t lose time procrastinating and experiencing task avoidance syndrome that searching for a years worth of tax records at filing time. Not having organized documents is a reason that many people due a refund either file late or not all. Also, you are prepared if audited.
5. More Time
   Time saved not looking for stuff. A British study shows a 60 year old person will spend over 3,680 hours or 153 days looking for lost items in the lifetime. Paperwork was the 4th most searched for item in list of top 20.
   Good records provide facts necessary to shorten the time it takes to do almost anything. Easily resolve an issue, file insurance claims, collect government benefits, apply for a loan, prepare income tax returns or find something when you need it.
6. More money
   Quickly provide proof of agreements made and costs paid or incurring late fees.
7. Emergency preparedness and resilience
   ​In the event of an accident or emergency, good records support personal information, financial and health history and ownership. Provide medical professionals information that may be critical to your care or the care of a loved one.

Other Links:

• https://toughnickel.com/personal-finance/Organize-finances
• https://www.bankrate.com/finance/personal-finance/how-to-organize-your-financial-paperwork-1.aspx
• https://www.thesimpledollar.com/a-fresh-start-how-to-organize-all-of-your-financial-documents-in-a-filing-cabinet/
• http://www.seniorcitizensguide.com/articles/nenj/organizing-financial-documents.htm
• http://www.smead.com/hot-topics/financial-statements-1019.asp