Here is how I sort my files...
A system for the incoming mail that breaks pretty simply into the following
"TO PAY"
"TO FILE"
"TO DO"
These I keep in the kitchen and sort the mail as soon as it comes in.
Once I am ready to file away the papers in the "TO FILE" folder, I head to the basement file cabinet and put the documents in their proper homes. These basement files are my "archives" for the family and my business.
The system below shows how I have set up my long-term file storage or "archives"
Tools: hanging folders, coloured file folders, labels
I use a hanging file system to categorize my files and then because I am an extremely visual person, I use coloured, labelled file folders to keep them together and easily identifiable in the drawer.
Red files for both my "BANKING" files and my "DEBT" files and "INCOME TAX".
One hanging folder is labelled:- BANKING and within, I have a folder for each bank that we deal with (we use 3 different banks for various elements of our lives). The other hanging folder is labelled
- DEBT, and within are red, labelled file folders with titles such as:
- “Visa”,
- “Mortgage” – yes our mortgages are part of our debt load,
- "Credit cards,
- "Line of Credit",
- "Car Loans" etc....
I keep all debt in this section. It helps keep me real.
- INCOME TAX, within the red folders hold assorted tax related documents. I am self employed and my files are so big each year, the actual supporting documents for my taxes are boxed and kept in the garage in a fire-resistant cabinet.
Green files are used for our "INVESTMENTS".
These are real assets in our lives and mean money in our future so I use green as a quick glance colour reference. Again, label your folders with each type of investment. These could be things like:- Retirement plans with a bank and two private companies so each has a folder.
- Education Funds
- Stocks
- Bonds
Blue files are used for our “UTILITIES”.
The hanging folder is labelled "UTILITIES", and each blue file folder is labelled with such categories such as- “Water”,
- “Hydro”,
- “Cable”
- “Telephone” etc....any cell phone plans, would go here as well.
Yellow folders I use for "SCHOOL" and for "MEDICAL"
Each category is in a separately labelled hanging folder. One hanging folder indicating:- " SCHOOL" and the other indicating
- "MEDICAL".
Each person in the family has a file in each section. Fortunately our file cabinet is big enough to hold binders as well because DH and our youngest both require binders for their more complicated medical histories. We can grab these medical binders and go when heading off to a Doctor appointment and can easily reference any details the doctor may need to know.
Purple folders I use for "WARRANTIES"
Within the hanging "WARRANTIES" folder, I then add separate purple folders and label each with with headings such as:
- computers & printers,
- kitchen appliances,
- office
- electronics
- outdoor
Try and set time every six months to do a quick run-through of these files and shred any documents that are no longer required. Pull a few folders while watching TV and pick through them...it takes only minutes once your system is set up.
The other system I use to help me keep my files organized is called NeatReceipts.
It is a scanning system that helps me with my home business organization. I scan all items related to my business - receipts, invoices, contracts etc.... and the paper becomes redundant. Once everything is scanned and backed up – I can shred all the paper and ensure I am not overwhelmed by the unending mountains my home-based business can create**. In the program you create files, much like we discussed about, and scan your papers directly into those files. The information can be exported into many tax programs, excel and outlook. How simple! This program and scanner has become my new best friend.
**Check with your taxation department and ensure that you are able to use digital images rather than the actual receipts. Check also to ensure what format they must be retained. Backing your documents up is critical in case of a crash!
