Get It Together: Organize Your Financial Records. Brought to you by NASA Federal Credit Union

Transcription

1 Get It Together: Organize Your Financial Records Brought to you by NASA Federal Credit Union

2 Seminar Objectives Learn: Benefits of getting organized Why some record-keeping systems fail How to develop efficient bill-pay system What records to keep, where, and how long How to take a home inventory What to have handy in case of natural disaster Where to go for help

3 How Organized Are Your Records? Ask Yourself: Do I have a well-labeled record keeping system that someone else could easily follow? Do I review my active records annually and discard or update information? Do I have another family member or close friend who can access my electronic records or find hard copies in case of an emergency? Do I have a list of important contacts and data, such as credit union and insurance representatives, brokers, tax preparers, creditors, employers, and credit card account numbers? Do I have an updated household inventory of major possessions? Do I know where all my legal documents are located, and would my loved ones be able to find them quickly? Do I have a back-up plan if my electronic files are erased, or my hard copies are stolen or destroyed by a fire or flood? Do I have a safe deposit box for legal papers, contracts, deeds, wills, and so on? Are my home office files updated, and do they include hard copies or software for important financial documents related to tax returns, net-worth statement, spending plan, and so on?

4 Benefits of Getting Organized Have more time, energy, space Find papers/receipts quickly Reduce/eliminate late fees Become clutter-free Find key documents in case of disaster Gain peace of mind

5 Costs of Not Getting Organized Zaps energy Wastes time Wastes money Increases stress Creates tax-time stress

6 Why Some Record-Keeping Systems Fail Not comprehensive Too complicated User isn t consistent

7 Preparation Materials you may need Envelopes, budget or bill organizers, shredder, file folders, hanging files, file cabinet, fireproof safe Spreadsheet or budget pages Computer software, if desired Storage containers or boxes

8 File Guide Examples of major categories: Auto Correspondence Credit cards Credit union accounts Employment Health Housing Insurance Investments Tax Warranties Owner s manuals

9 Develop Efficient Bill-Pay System Decide when, where Gather and keep all bill-pay materials in one location Organize, record expenses regularly Envelopes/boxes for receipts Spreadsheet Account book Quicken, Microsoft Money, or other software Balance checkbook monthly, or Check accounts regularly online

10 Organizational Tips Touch it once! Deal with it, file it, or shred it File regularly; color-code your files Reduce unwanted credit card solicitations Optoutprescreen.com or call 888-5opt-out Reduce unwanted catalogs Catalogchoice.org Put bills to be paid first at top of stack Mail bills 7-9 days before due date, or pay electronically 2-3 days before due date

11 More Organizational Tips Use direct deposit and payroll deduction Keep all tax records in one place Read disclosures, then toss Review all bills for accuracy Discrepancy? Call immediately Use online banking/bill-pay/ach

12 Benefits of Online Banking Reduce paperwork Check balances, view statements 24/7 Move money between accounts 24/7 Download account information 24/7

13 Online Banking with NASA FCU is Simple, Safe, & Free! ebranch Get real-time balances on all your Credit Union accounts Download account history to Quicken or Excel Transfer funds between your linked NASA FCU accounts on either a one-time or recurring basis, including making payments to a linked installment loan or mortgage Open and fund certificates Request to Skip-A-Payment on one of your installment loans Perform self-service account maintenance such as re-ordering checks, requesting copies of paid checks, placing stop payments, changing your address and phone, and more Communicate with us using secure Mobile Banking Mobile Banking gives you added control over your finances in the way that best fits your lifestyle and your mobile device. MobileApp: Use your smartphone to check account balances, view transaction histories, transfer funds, make payments, find ATMs or even perform personal financial assessments on the go with handy balance and expense graphs. MobileWeb: Use any mobile device with web capabilities to instantly access account balances, see detailed transaction histories, make NASA FCU loan payments, transfer money between your accounts or even locate your nearest branch or ATM. MobileText: Use your phone's text messaging feature to check account balances, view transaction history, or even transfer funds on the go.

14 Benefits of Automatic Bill-Pay Set up regular payments Make payments to creditors on time every month Make payments on the date you select Avoid late or missed payments Save time, postage costs, and check writing

15 Efficient Bill Pay System at NASA FCU Person-to-Person Payments Pay anyone, from your babysitter to the landscaper, conveniently and electronically. ebills Save time and paper by having your bills sent directly to your BillPay+ account. Gift Pay* Send personalized gift checks for all your gift giving needs. Expedited Payments* Make next day or second day payments quickly and easily. Charitable Donations* Send donations to charities electronically in anyone's name. Payment & Reminder Calendar See scheduled payments and set payment and personal reminders. enotifications Receive s and text messages with payment reminders and more! Enhanced Security Enjoy peace-of-mind knowing your transactions are more secure.

16 What to Keep, and How Long De-clutter: Don t keep records longer than necessary! Many people keep records too long, or can t find what they keep!

17 Get Rid of Unneeded Paper estatements Faster than paper statements Conveniently archived for more than 12 months so you can view past statements without digging through piles of paper More secure than paper statements because they're accessed using your account log in Environmentally-friendly Center Shred Truck* GSFC: 04/30/ :00 1:00 WFF: 04/30/ : MSFC: 04/30/ :00 1:00 LaRC: 06/19/ :00 1:00 JSC: 04/03/ :00 1:00

18 What to Shred Statements (credit, retail, gas cards) after payment is credited. Keep only for warranty or insurance purposes. Cancelled checks after balancing statement. Keep checks that document tax deduction. Monthly money market statements after getting annual summary or Credit card offers

19 Financial Documents Cash-flow statement* Net-worth statement* Personal property inventory* Estate-planning documents Financial notebook *Documents can be electronic with hard copy in Financial notebook

20 Disaster-Proof Important Papers Plan ahead in case you have only a few minutes to clear out of your home Identify single location for crucial papers and backup disks (fireproof box, or safe deposit box) Make certified copies of birth certificates to provide to government agencies Put papers in plastic covers Scan documents into a virtual lock box

21 Financial Notebook Blueprint of your finances Road map for loved ones Faced with leaving your home quickly? Grab your financial notebook!

22 What to Include in Financial Notebook Account information Credit union account numbers and contact information Brokerage account numbers and contact information Financial advisers and contact information of agent and company Estate planning/legal documents Wills, trusts Advance directives Powers of attorney Letters of instruction, funeral instructions Family information Family members and contact information Education records Employment records Financial documents Cash-flow statement Net-worth statement Spending plan (budget) Loans Tax records, including copies of tax returns Insurance and health records Copies of all policies (agent name, company, contact information) for auto, homeowners/renters, health, life, disability, long-term care

23 What to Include in Financial Notebook Inventories Personal property/household inventory Safe deposit box contents Wallet contents Personal records Certificates: birth, adoption, citizenship, marriage, divorce, death Financial goals Location of important documents Property records Vehicles Real estate Investments (stocks, mutual funds, bonds, other investments) Retirement planning documents Pension benefit statements Social Security Earnings and Benefits Estimate Statements (review for accuracy) Tax-deferred and individual retirement plans (IRAs)

24 Personal Property Inventory Use lists, photos, and/or video Document everything in each room including furniture, clothing, jewelry, electronics, appliances, tools, and so on Document estimated value and history Attach copies of receipts for some items

25 Personal Property Inventory Use lists, photos, and/or video Document everything in each room including furniture, clothing, jewelry, electronics, appliances, tools, and so on Document estimated value and history Attach copies of receipts for some items

26 Where to Keep Documents Home active file Carry with you Home permanent records Home inactive file long-term storage Safe deposit box or fireproof safe Virtual lock box

27 Where to Keep Documents Home active files Bills to pay Important papers before transferring to permanent file Spending plan (budget) Carry with you Credit, debit, ATM cards Driver s license Identification Insurance cards (auto, health) Medical cards (allergies, diseases, donor) Membership cards (example: auto clubs)

28 Where to keep Documents Home permanent files Automobile records Maintenance/repair records Registration receipts Credit card records Cardholder agreements Contact information if card is lost or stolen Statements that document deductions, warranties, large purchases Educational records Transcripts, diplomas, certificates Employment records Contracts Employee handbook and benefits manuals Pay stubs (compare with W-2 forms, then shred) Résume Financial accounts Brokerage and other accounts Share draft/checking (cancelled checks, statements, registers, transfer information) Share/savings (statements, deposit slips, share book) Housing records Deposit records (security, utility) Equipment serial/model numbers, warranties Instruction manuals Lease or rental agreements Mortgage payment records Property tax records Utilities (gas/electric, phone, water, sewer) Insurance records Claim forms Household inventory (for claims process) Policies

29 Where to Keep Documents Investments Earnings statements Reference information/documents Transaction receipts Keys Car, house, safe deposit box Legal documents/estate planning (copies only) Advance directives Powers of attorney Wills, trusts Medical records Vaccinations, immunizations, surgeries Memberships Organizations, road service, frequent traveler programs Renewal information Home permanent files Military records Benefits, service records Pets Health, microchip, and license records Retirement Pension and annuity records Retirement account information Social Security records Cards (copies) Earnings and Benefit Estimate Statements Subscriptions Names, renewal information Tax-related information Deductible expenses for current year Past returns (keep the past two years in permanent files)

30 Where to Keep Documents Home inactive file Cancelled checks/receipts (for tax purposes, large purchases, warranties) Debt repayment receipts/proof of payment Home improvement receipts/records Mortgage refinance records Medical/health records (3+ years old) Tax returns (3+ years old, 1099s, W-2s) Safe deposit box or fireproof safe Certificates (birth, death, marriage, adoption, citizenship, divorce) Contracts/leases Guardianship agreements Household inventory (lists, photos, video) Licenses (professional) Passport Stock, bond, and securities certificates Titles/deeds Valuables (jewelry, silver, rare coins) Wills, trusts (copies)

31 Get Started! Set goals Develop action plan Communicate plan to family

32 Questions? Charlie Hudson Phone: x267

33 Thank You! Charlie Hudson Phone: x267