As you are doing Spring cleaning to get your home in order, it's a great time to make sure your finances are tidied up as well.
David Sant, Chief Marketing Officer for Cyprus Credit Union, joined us with some tips to help get cleaning!
Organize Documents
• 1 in 4 have lost or forgotten about important financial documents
• Only 40% could locate in a moment's notice
What to shred:
• Documents with personal identifiers
• Utility bills
• CC statements & Receipts (unless needed for warranty)
• Brokerage statements (unless needed for tax purposes)
• Paycheck stubs after one year
• Supporting tax documents older than 7 years (IRS has 3 years to audit)
What to keep:
• Tax Documents = 7 years
o Keep in one place, scan for digital copy
• Keep loan & insurance policies as long as valid
• Receipts for capital home improvements (until you sell the home)
• Receipts for large purchases, for insurance
Update Documents
• Estate planning: wills, trusts, power of attorney
• Update beneficiaries
• Take video of home possessions
You can find more great financial tips at cypruscu.com.
