Chapter 5. Strategies for successful cleaning of financial clutter
The best strategy for success in clearing financial clutter is for you to make the commitment and deliberately execute a plan of attack. It is only fair to recognize that each individual has their own style of organizing, but there are a few steps that most people follow to create a strategy for success.
How to
1. Purge, merge, and back up
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- A good filing system is critical and most files are now stored electronically, so it is advisable for everyone to get technical knowledge of how to create an electronic filing system that is secure and safe against identity theft
2. Designate a safe place
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- Designate a drawer or a safe cabinet for all paper documents that you decide to store for future use
3. Create a financial emergency kit
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- Think of a kit for evacuation in case of a fire or natural disaster
- You need to be able to recover the most important documents you need for your identity and financial well-being
- Many consumers keep copies off the premises in a bank deposit box as applicable
4. Prevent from identity theft
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- Clean out your wallet or purse and review your ID, debit cards, and credit cards
- Make copies of everything in your wallet and store in a secure place to reduce the risk of identity theft
Practice
There are several steps you can take to protect yourself and your financial records, think of paying it forward and discuss your strategies for success with a friend or a family member.
Congratulations! Now Test your knowledge about Cleaning financial clutter!
Would you like to review again? You can start over at Introduction.
To review the full module on Cleaning financial clutter, click here.
The Penn State Sokolov-Miller Family Financial and Life Skills Center hopes you have enjoyed this module in the MoneyCounts: A Penn State Financial Literacy Series. Please tell us how we can serve you better, leave us a feedback, ask a question, or request additional information at: finlit@psu.edu