Get Organized

get organized banner

Organizing your finances can be a daunting experience, but it doesn't have to be. The last thing anyone wants to do is miss an important bill payment or misplace a pile of financial documents. With Bethpage Federal Credit Union on your side, money management can be efficient and easy to understand. Your finances are more than the number at the bottom of your bank account and should be treated as such. Understanding your monthly payments, future purchases and past loans is essential for complete financial security.

Getting organized in terms of money management is simple with these Bethpage tips: 

Start from the beginning

  • Take a second and think about where all your important financial information is right now. What does this even include?
  • The amount of documentation your finances handle is vast and can include credit cards, past bill payments, future bills to pay and relevant tax details.

Consider using different forms of organization

  • Using a personal financial information organizer, allows our members to track their records easily from a secure, comfortable location.
  • Keeping this information online, as well as in paper form in a fireproof strong box, and within a mobile application is a great way to ensure it's kept safe and accessible when you need it most.

Keep it secure, regardless of location

  • At home, keep your wallet in the same place so you don't misplace it. In terms of financial documents, set aside a room or space for filing them in an organized, easy to understand manner. This can be both a real location, such as a side room, as well as a secure cyber location, such as a home computer. In the age of technology, implementing both will maintain a well-rounded space for your information.
  • When carrying your personal information outside the home, be sure to keep it in the same place, so you don't misplace it, but also consider its safety.
  • Never leave your wallet in an easily reachable place such as the top of your purse, or hanging out of a back pocket.
  • If you're cleaning out older information, be sure to dispose of it properly using a shredder. Never throw away secure information in its complete form, especially if it has bank numbers, full names or other personal information.

Know how long information should be saved for

  • Some financial information should be kept for longer periods of time than others.
  • Receipts for smaller purchases can be thrown away after being checked against monthly account statements
  • Larger purchases and tax-deductible items, receipts should be kept for the duration of ownership.
  • Loan documents and statements should be saved until the loan is paid off. The last statement that shows the loan was paid should be saved permanently.
  • Tax returns, W-2s, 1099s, and other tax-related documents should be saved for seven years.
  • Insurance policies and estate-planning documents should be saved as long as they are in effect.
  • Titles to property should be kept as long as you own the property.
  • Your birth certificate, medical records, Social Security card, and marriage certificate should be saved permanently.

For more tips on how to get organized, contact a Bethpage expert today.