Collecting Financial Information

 

After setting your SMART goals, you need to collect and organize your financial information to help you save time while searching for documents so that you do not miss payment deadlines and you stay on top of all of your financial records.  If you are younger you may think this is unnecessary because you do not have many accounts or important documents to keep track of. Although this may be true for now you will be thankful you created a system for tracking and maintaining all of your financial information as time goes on. 

In order to be organized there are a few things you will need (There may be more or less depending on your situation):

  • Pay stubsHabits-and-Behaviors_1100x700.jpg
  • Credit card bills
  • Utility bills
  • Tuition and school-related bills
  • Financial aid information (grants, scholarships)
  • Bank records
  • Receipts(Groceries, shopping, etc.)
  • Insurance
  • And anything else that might affect you financially   

 

What to do

Ultimately it is best to have a designated space to keep things organized. Generally speaking, people tend to have an office, desk, or small space to keep important information. You may also want to invest in a safe to keep important permanent documents. (Think Passports, Birth Certificates, Insurance Policies) 

A good tip for organization is knowing where everything is. The simplest way of doing this is by writing it down or utilizing one of the many password/document keeper apps that are available.  Most of our financial lives now take place online through apps or company websites. Part of being better organized financially is having your apps organized and making sure that you are keeping log-ins, passwords, and security phrases up to date.  How many times have you tried to log into a site only to be told your password has expired or is incorrect? Usually, this is a minor inconvenience. But in the event of a financial emergency, this minor inconvenience could be very costly. 

Now that you have organized your documents into one place, it is important you keep them that way. It is a good idea to regularly go through everything to make sure it is in the right place and that you can easily access it.

You should also be keeping this information up to date. All the documents you have gathered can be used to create a budget. If you have it all in one place you can easily transfer the info to something like an excel sheet, or a budgeting tool of your choice. 

Here is a link to a What to Keep and What to Toss Guide Links to an external site. available to UNCC students for free through CashCourse. 

Practice

Collect and organize your financial information!

If you had to make a copy of your social security card, provide a copy of a utility bill, and list your savings account and routing numbers how quickly would you be able to do it? If you think that this simple test might be an issue for you maybe it's time to get better organized!

 

[Chapter 1]: Introduction to Budgeting

[Chapter 2]: Assess Yourself and Your Values

[Chapter 3]: Organize Your Financial Life

[Chapter 4]: Track Money Coming In

[Chapter 5]:  Track Money Going Out

[Chapter 6]: Cash Flow and Setting Up a Budget