Chapter 4. Which financial records should I review and how often?

It is to your benefit to constantly be reviewing financial records that you use on a regular basis (such as your bank's checking and saving accounts records).

 

How to

Make sure you consolidate your accounts and close unused accounts to reduce and hopefully eliminate fees, paperwork, and risk of identity theft. If you have accounts with multiple financial institutions or banks, re-evaluate your strategy and reduce the number of unnecessary accounts. Most consumers end up with one checking account and one saving account per person (two or more if married). It is a personal choice as to how many bank accounts you need, but remember that numerous accounts mean more fees and more hassle to reconcile. Also, your goal should be to clean clutter and focus on your investments as you reduce the risk of identity theft. 

Other documents that you would need to review periodically depend on your personal situation and financial needs. The most forgotten update is usually on records that require beneficiaries and accurate personal and contact information. Make sure you are on the right track and all your records are up to date.

 

Here is a list of possible records you might need to review, including, but not limited to:

 

Practice

Now that you know which records you should review and how often, think of paying it forward and discuss your strategy with a friend or a family member.

 

Congratulations! You can move on to Chapter 5. Strategies for successful cleaning of financial clutter

To review the full module on Cleaning financial clutter, click here.