January Is A Time To Organize Family Records

Records are an important part of any family money management system. They are needed to prove financial documentation for things like property ownership, income, and expenditures for tax returns. In addition, records can function as a tool to measure the family’s financial progress. If records are lost or misplaced, extra cost and time may be involved in replacing them. Since January is the beginning of a new year and people are gathering information for income tax, it is a great time to update and reorganize your family records. There is always the age old dilemma of what records to keep and what to toss. University of Florida Family Financial Extension Specialists offer consumers strategies for handling family records and the paperwork that is involved in document. Family records can be categorized into three types of records: personal, financial and property. Some should be kept permanently and others for shorter periods. Permanent personal records pertain to changes in your family situation such as: adoption, divorce, education, employment, military service, health and medical care, marriage, birth or death and citizenship. Permanent records also include social security numbers and an up-to-date copy of your will. Insurance records may be personal and financial and should be kept as long as the policies are in effect. They should be reviewed periodically to insure that they provide the protection needed by the family. Permanent financial records include those pertaining to valuable purchases, important contracts and content of your safety deposit box. Safeguard credit card numbers, installment agreements, bank records, investment, budget and expenditure records, but only as long as necessary. For income tax purposes


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