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manage document

Here’s a Quick way to manage your Personal Finance Documents

by Holistic Leave a Comment | Filed Under: Investments

We all come across situations wherein our personal finances go beyond control. Despite trying hard to maintain it every month, we fail. This happens as we do not keep important personal finance documents at one place and update them on a regular basis. Due to this, our entire expenses of house get mixed up and we land up in trouble. To help you manage your expenses, we provide you with some simple tips that will ease the entire process.

Financial documents Filing system:

We have a lot of fixed expenses. Normally, we keep them wherever we want. Some of us keep every financial document at one place, without separating them from one another. Thus, while making payment, we end up losing track of what all we have paid. It is essential that we file every financial document, separately.

All important financial documents can be broadly divided into three categories:

1) Bills / payments due
2) Documents to keep
3) Documents to throw away

If you start to differentiate your entire personal finance related document under the mentioned categories, then it will ease your work. By this, you will not only be able to separate unpaid bills from the paid ones, but also can get rid of all those documents that are no longer needed.

Apart from this, you have to take a moment to read the next financial document you will get, and decide in which folder you need to keep it. This way, when you are in need of any financial document, you know where to find them, and under which category. You also have to keep reviewing those folders on a regular basis so that you can throw away unwanted financial document.

Organize your personal finance documents:

The previous method will help you keep all your necessary personal finance documents at one place. But, this solely is not going to help you serve the purpose of organizing your financial documents. The next step you need is to divide your important personal finance documents among several others, like, tax return, insurance policy, mortgage document, investments and mutual fund account statements, and so on.

organizing the documents

When you start to keep all the personal finance documents in their respective folders, you don’t have to go through every personal finance document while searching for the particular one. All you can do is divide the folders among the sub-folders to ease your work. This might sound a bit confusing but there are several files with many sub-folders available in the market, and they may help you to serve your motive.

Once you have those folders and sub-folders ready, all you have to do is read the personal finance document as soon as you get and keep it in a respective folder. Generally, we tend to think that we will do it later and then we forget. Thus, it is advisable to carry out the process of differentiating your personal finance documents as soon as you get them.

Maintain a Personal Finance Diary:

personal finance diary, diary

Sometimes, many of us feel that we have paid a bill whereas that bill is still unpaid. In order to get rid of such confusions, it is advised to maintain a personal finance diary. You should keep details in this diary like the unpaid expenses and when you have made a payment. This way, you will have a record with you and this will help you to manage your expenses well. Not only this, the diary can also be used to refer to previous month’s payment, whenever you need to know them.

Life of the personal finance document:

As we have fixed payments on a regular intervals, the questions arises is till when we need to keep the personal finance document? Some personal finance documents will loose its value and life after some period. This will depend on the personal finance document itself.

There are certain documents wherein you don’t have to keep a copy of it for a longer period of time, whereas, in some cases, you need to keep the document until the motive is served. Thus, while taking a decision to throw away a document, understand well the need of it.

Following are examples of certain documents which you should keep for a longer period of time as compared to others:

    Tax return:

    This is one such document which you should keep for at least seven years. During audits, you might like to go some 3-6 years back from the day you have filed. In such cases, it is advisable to keep these documents for at least 7 years to be on safer side.

    Mortgage documents:

    While buying a house, you need to sign a bunch of pages. You might not refer to them very often but still you should keep them, as they might turn out informative while selling the house or for any other purposes.

    Bank and investment account statements :

    Despite having a facility of internet, wherein you can take out statement of any given date, it is advisable to keep the copy of your bank statement till you get a next statement.

    Bills and receipts :

    If you’re getting your credit card bills, it is advisable to keep them until you receive the next. Sometimes, there might be some errors, and if you have a previous copy, you can always refer to that. The same goes for the receipts. You should keep them till you receive a bank statement. This will help you to tally the amount; both in receipt and in the statement.

Keep your identity safe:

We hear about identity theft a lot. Thus, it is advisable to keep your documents safe. You may be receiving various offers from credit card companies and other such organization. It is important that you delete them sooner. Keeping them in your mail may lead to various troubles in case of theft.

The bottom line

Organizing personal finance documents is important and once you will start doing it you will realize how it makes your life easy. It is necessary that you keep all the necessary personal documents at one place as this habit will not only help you but also to your family, whenever they need it.

If you have any comments or questions, write them in the comment box below.

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Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

Google Reviews

Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

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