Contents Household Insurance

							Family Financial
Management

   Annie’s Project
   January 23, 2007
   Coweta Oklahoma
Organize Household Records

 It isn’t necessary to keep track of every
  penny that is spent by the entire household.
 It is necessary to know where all of the
  important papers are located and they are
  accessible and secure.
  Bad ideas are a shoe box in the bedroom closet
   or the top dresser drawer.
Important Records

 Some of these records will be needed to
  prepare the income tax returns and need to
  be accessible.
 If the home is damaged or destroyed, these
  records will be valuable so they need to be
  stored safely.
 In the event of a death, these records will be
  necessary to settle the estate.
How To Get Started

MOTIVATION – the first HARD step.
 Pull out all of the papers and begin to sort
  them.
 Discard any unnecessary papers (shred)
 Decide who will take the lead on keeping
  these papers organized and safe.
 Schedule a regular time each week to work
  on the family records.
Where to Keep the Records
 Home Safe
   Should be fireproof
   Burglarproof
   Hard to be torandoproof
 Safe Deposit Box
    Investment Certificates   Bonds
    Deeds                     Mortgages
    Contracts                 Insurance Policies
    Automobile Titles         Appraisals
    Household Inventory       Will / Trust Documents
Home File
  File Cabinet or a Sturdy Box
    Items that are replaceable and used frequently
 Insurance Policies           Guarantees

 Warranties                   Education Records

 Financial Statements         Health Records

 Copies of Household          List of Safety Deposit Box
 Inventory                     Contents

 Tax Payments                 Canceled Checks
Home Safe

 A home safe should be used for frequently
  needed items that need to be protected from
  fire and theft.
 Income tax returns from previous years
 Durable powers of attorney
 Asset and property records
Your Wallet

Your Wallet is a mini-storage location
 Personal ID
 Driver’s License
 Credit Cards
 Medicare or Health Insurance Card
 Blood Type
 Organ Donor Card
 Special Medication Information
 Name and Phone Number of Family Physician
Personal and Family Records To Keep
  Names, addresses, and phone numbers of
   relatives
  Names, addresses, and phone numbers of
   advisors
  Location of valuable records
  Location of safe deposit box and key
  Location of CD’s, computer discs, video’s,
   photo’s of home inventory.
  Computer passwords and file names
Personal and Family Records To Keep

  Location and identification of valuables
  Insurance policies
  Health records
  Education records
  Employment records
Property Information To Keep

 Property deeds
 Motor vehicle records
 Equipment warranties, guarantees, and
  instruction books
 Records of your home purchase and
  improvements
 Burial plots
 Other property purchases and improvements
Household Inventory

 Reasons for a household inventory:
  Amount of insurance to purchase
  Basis for filing insurance claims or tax losses
  Evidence of ownership
  Value of possessions – net worth statement
Financial Information To Keep

 Earnings records
 Account records from financial institutions
 Credit and debit card information
 Personal tax returns
 Retirement benefits
 Notes and money owed
Financial Accounts

 Current Files
  Bank statements and cancelled checks
  Bills to be paid
  Credit card statements
 Permanent Files
  Credit records
  Pension or retirement information
  Contracts, notes, debts
  Investments
Legal Records To Keep

 Official certificates
   Birth, marriage, death, etc.
 Current estate planning information
   Wills, trusts, list of non-titled property
• Advance Directives and Powers of Attorney
• Social Security Card
• Passport
 How Long To Keep Records
 Tax Records
 IRS Says at least 3 – 6 years
 Consider keeping them 7 to 10 years
 Bank Statements
 7 years
 Cancelled Checks
 1 year unless it is for a home improvement then keep it
  for 6 years
 Credit Card Statements
 1 years unless it is for a deductible expense or for a
  major purchase, keep much longer
Get Started

 Make a plan
 Get organized
 Replace missing items
 Complete inventory
 Update at least annually
 Make an appointment with YOURSELF
 Schedule regular weekly sessions
 Stick to it