#21: Setting Up Your Own Financial Filing System

I was first introduced to the term “financial filing system” in 2015 after reading Beth Koblinger’s book “Get a Financial Life”.

To sum it up, a financial filing system is a physical or virtual system designed to organize and store important financial information.

HerMoney founder Jean Chatzky did a study showing the correlation between financial organization and being financially well off, and the results were shocking!

The study found that 72% of the financially organized were financially well off, compared to 23% of the unorganized.

That’s more than enough reason for to get a financial filing system in place!

Before you can start creating your own financial filing system, it’s important to know and understand the timelines for keeping or tossing your documents.

When you’re ready to set your financial filing system up, consider both physical and virtual filing systems.

Both will require individual folders based on the types of information belonging in those folders.

Keep your filing system somewhere safe and create routines around updating your information.

Being organized puts you more in control of your money!

Here’s a glance at this episode:

  • [01:30] Statistical studies show that financial organization leads to better money management control.
  • [03:53] Timelines for keeping or tossing financial documents ranging from monthly statements to tax return supporting documentation.
  • [09:11] Virtual filing systems have some additional benefits, such as easier access and no limitation on what can be stored.
  • [09:50] Establish routines for processes such as opening your mail, paying your bills, filing your documents and more.

Click here to listen!

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Resources mentioned in this episode:

Read “Get a Financial Life” by Beth Koblinger

Learn more about Jean Chatzky

Download the CGS Money Moves Packet

Check out Your Guide to Organizing Financial Documents



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