Electronic Documentation
You can reduce your paperwork
by maintaining and updating
some records on computer.
You may also buy commercial
software programs that help you
organize your financial records
and prepare and file your federal
income tax returns. No software
program eliminates the need to
keep physical records, but they
can help in planning and can
reduce the time required to
update your records.
Check with your financial
institution to verify how
long electronic records
are stored.
Take Inventory
Keeping a current inventory
of your possessions is essential
to ensure that you are appropriately
reimbursed for insurance
claims filed for theft, fire or
other damage. This information
is also vital if you claim
property and casualty losses on
your federal income tax return.
The Personal Property Inventory
work sheet will help
you compile a written inventory
of the contents of each room.
Once you complete the inventory,
update the list periodically.
For appliances and electronic
equipment, record the serial
number, usually found on the
bottom or back of each item.
Where possible, note purchase
dates. It is also a good idea to
file receipts or copies of appraisals
that establish the value of
jewelry, paintings, Oriental rugs
and other expensive items.
Take Photos
Supplementing your written
inventory with photos can
provide an overview of all your
possessions. Photograph each
room. Open drawers and closet
doors to reveal contents.
For convenience, keep a separate,
central file of all warranties,
with corresponding proofs of
purchase and operating instructions
for appliances and other
equipment.
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Basic Money Management
Basic Money Management
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