Create a system for maintaining personal financial records.

Learning Objective # 2

Why Keep Financial Records?

An organized system of financial records provides a basis for:

Handling daily business affairs, including paying of bills on time

Planning and measuring financial progress Completing required tax reports Making effective investing decisions Determining available resources for current and future

buyingMany records are kept permanently (birth certificates, wills)Property / Investment records are kept for as long as you own the assetKeep tax records for a minimum of 6 years

LO#2

What to Keep in Your Home File

Items you refer to often such as; Personal and

employment records.

Tax records. Financial services

records. Money management

records. Credit records.

Consumer purchase and automobile records.

Insurance records. Investment

records. Housing records. Estate planning

and retirement records.

LO#2

What to Keep in a Safe Deposit Box

Safe deposit box is a private storage area at a financial institution with maximum security for valuables

Use it to keep records and items that would be hard to replace. Birth, marriage and death certificates. Citizenship and military papers. Adoption and custody papers. Serial numbers and photos of valuables. GIC’s and bank account numbers. Mortgage papers and titles. List of insurance policy numbers. Stock and bond certificates. Coins and collectibles. Copy of will.

LO#2

Other Places to Keep Records

Automobile. Vehicle registration.

Lawyer. Original of your will and living

will. Doctor and hospital.

Copy of your living will. Home computer.

Current and past budgets. Chequing account records. Wills, estate plans,

investments. Past income tax returns.

LO#2