Tidying Up Your Financial Life
Those looking to tidy up their homes and lives have taken to Marie Kondo and her KonMari method. If you've seen her Netflix series Tidying Up with Marie Kondo or read any of her books on the subject, you know she's all about inspiring others to choose joy when they organize.
But what about finances? With just a few tips, you can organize your finances with ease.
Decluttering starts by defining categories, says the queen of organization and happiness. When it comes to finances, let's use these types of categories: online, paper, shred, and consolidate.
Online Storage and Management
Online and Mobile Banking have changed the way we interact with our finances. It’s quick, easy, and very safe to access your savings and checking accounts. Plus, there is no real-world mess to clean up or organize. While you might not find KonMari joy in E-Statements, E-Notices, or paying your bills online, those services in Online Banking can keep you very well organized and clutter free.
Want to take it a step further? Set up Alerts and Notifications that that let you know if or when any of your accounts go below a certain balance, if a bill has been paid, or when a deposit is made. You’ll find it all in Rivermark Online and Mobile Banking.
Keeping a Paper Trail
There are some paper documents that you should keep and carefully file for a set period of time. Once that time limit is reached, you’re usually clear to shred them.
- Checks that You’ve Deposited Electronically: 1 year (mark each one as “Deposited” along the date it was completed)
- Credit Union, Bank, and Credit Card Statements: 6 years
- Insurance Policies: keep information only on current policies
- Loan Documents: until it is paid in full
- Medical/Heath Statements: 6 years
- Pay Stubs: until you get your 1099 or W-2
- Property Ownership: forever (including sale receipts if you sell the item)
- Retirement/Pension Statements: 6 years
- Tax Records: 6 years
Paper document scanners can also help you store important papers. However, it may be vital that you have the original, physical copy.
A credit card statement is rarely a source of joy. Whenever you are done with your statement or other documents, make sure that you shred them if they are not needed anymore.
In fact, it is one of the few safe, and environmentally-friendly, ways you can eliminate your paper trail. And I'd even venture to say that Marie Kondo may approve of this method.
Consolidate Your Finances
If you have multiple loans and credit card balance payments to make each month, try consolidating that debt with a Rivermark Personal Loan, or Credit Card. It will make managing your debt easier and could save you money.
Rivermark can help you find joy in your finances with Online and Mobile Banking, financial wellness resources, as well as professionals who can show you how to get the most from your credit union membership. Stop by any branch or give us a call at 503.626.6600 or 800.452.8502.