You probably have a notebook for each of your classes to help you stay organized. Take a few hours to get your financial life organized, too. You can keep most financial records in your dorm room or apartment. Buy a file box that locks and separate your financial records into file folders. Or keep your labeled file folders in a cardboard box and put the box in a locked drawer or closet.
Here’s one way to label your files:
- Bill Payments. Put your bills in this file to help you remember to pay them on time.
- Checking Account. In general, save your canceled checks and bank statements for five to seven years in case the IRS audits your tax returns.
- College. Keep records about your courses, grades, and credits.
- Financial Aid. Applications, award letters, and notes about important telephone conversations go here.
- Insurance. File your car, medical, and renter’s policies.
- Loan and Credit Records. File loan agreements and payment records for student loans, car loans, credit card
payments, and so on. - Receipts and Warranties. Keep this information for major purchases, such as computers or stereos.
- Savings and Investments. File statements from your bank account and any other accounts you have.
- Taxes. Put your tax returns, W2s, pay stubs, etc., here. Records that are difficult to replace, such as your birth certificate and Social Security card, should be stored in a safe deposit box at a bank or in a fire-resistant box at home.
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