How to get your paperwork organised for financial success

There are people who have an incredible talent in organising anything, be that their home environment with stacks of shelving and cupboards to hold all the things they have, parties, fund raising activities, community meetings, the list goes on. In most cases these folks also apply their organising skills to keep their paperwork in order. There is a fact that is not well know among people, and it is that being organised is a pre-requisite for financial success.

Yes, it is also important to have the right income to live the lifestyle you want to live, and have enough to put something aside for the future. However, it’s the ability to organise how much money you spend on necessities and how much you allocate to luxuries that will make the difference in the end. That’s called budgeting and I’ll go into that in my next article. Back to our topic of keeping the paperwork in order.

So what are you to do? How can organisation of paperwork make you financially successful? The answer is simple, let me explain by way of an example: Every purchase we make, no matter how big or small, will result in having paperwork to manage, keep or discard. The house you buy will have a title deed, more than likely mortgage papers, home and content insurance policy documents, the premium payment receipts for the insurance, the warranty papers for the new washing machine, etc.

Being able to access these documents easily will be important at some point in time, and you don’t want to be caught out in an emergency. When you have suffered damage to your house from severe weather events or when the washing machine has broken down in the warranty period, you need to be able to quickly locate the papers to claim on your insurance or warranty to get your life back on track and avoid unnecessary additional expenditure that you haven’t got the money for.

Here are some more examples to show you how important it is to have your personal and financial records organised so that you can better manage unexpected events:

  • the small business operator who receives a notice from the Tax Office to produce evidence of claims they have made in their tax return 3 years ago
  • a motor vehicle accident has put you in hospital requiring a claim on your health insurance policy
  • the sudden passing of a family member, and no one can find the will or other documents required to administer the estate

If you have been struggling to keep your records organised, I have some great news for you. I have said before that I am passionate about helping people become more financially literate, and I’ll do whatever I can. You can obtain a free resource that I have developed to make it easier for you to get organised. Just click here to go to my website and complete the form to request my eBook “How to create the ultimate record keeping system”.

No matter where you are on your journey to becoming financially successful, it is important that you take the time to sort your records and documents.


Copyright © 2011 Robert Bauman

Disclaimer: This information (including taxation) is general in nature and is for Australian residents only. It does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. To find out more about services provided by Foundation Financial Services Pty Ltd please visit my website.