Get Your Financial Life in Order: Some Useful Tips to Consider

Most people find the process of organizing and keeping their financial records difficult and boring at first. And this is precisely the reason why they tend to ignore this very important task.

However, failure to organize your finances will not do you any good. It can prevent you from moving ahead financially and may even put you in deep financial trouble in case you or your spouse would die prematurely or be seriously injured.

Don’t let this happen to you. You need to start organizing your financial records so that you will know exactly where to look for when you really need them, and keep track of your financial progress at all times. How do you do it? Here are some tips that may help you accomplish your goals.

5 Helpful Tips to Organize Your Financial Records

  • Make a list of all your financial accounts.
  • List all your assets, including your bank accounts (savings, checking, and debit accounts), homes and real estate, investment accounts (stocks, bonds, and mutual funds), education accounts, retirement accounts, pension plans, insurance policies, and other such assets. Include the contact information, address, account number, website address, user name, password, and other information necessary to access your account.

  • List liabilities and credit accounts.
  • To get a rough estimate of your liabilities, list all your credit cards, mortgage and personal loans. Include lender contact information, account numbers, and amount owed for each of your loans.

  • Paint a complete picture of your monthly bills.
  • It may seem trivial but you need to determine where your money goes. Make a list of all your household bills, membership dues, subscriptions and tax payments, and include other pertinent information including the company’s contact information, your account number and payment frequency. You should also include the website address, user name and password necessary to access your account.

  • Keep your records safe.
  • Put your files in a secure location (e.g. fire-proof safe, safe deposit box) to keep them safe.

  • Update on a regular basis.
  • Update your files by filing any new documents, statements and receipts. You also need to update them every time a major life event takes place (e.g. birth or death in the family, new job/home/business, moving to a new location).

To make this task easier, here is a sample financial inventory that you can use.

Having a detailed financial inventory can keep your financial life in order. Don’t worry if it seems daunting at first. You’ll surely appreciate what it can do for you.

Are you ready to lead a more organized life? Check out our book: My Journey to an Organized Life to get more tips on how to get started. If you seriously need help in organizing your personal and professional life, please call us at 410-329-3300 (MD) or at 770-733-1957 (GA), or send us an email at We will be more than happy to be of help.