Wednesday, December 13, 2017

Keeping Accurate Paperwork To Save Financial Stress

With almost a third of us living paycheck topaycheck it's a wonder that not more people know exactly what paperwork they should or shouldn't keep ensuring that their financial stresses stay at a minimum level. A lot of paperwork has to do with the home, and then there is a chunk of paperwork that is connected to work - but you need to know what is vital and what isn’t.


Any letters concerning the bills you pay should be kept as a record of your outgoings. If there has been any damage or repairs, keep hold of any paperwork you were given then. The average time to hold on to this sort of information is three years, but you might want to hold on to them for a little longer just in case. If you share the bills with a housemate or partner, then have a folder for the joint accounts, and one each for your personal bills, that way everyone knows what they are in control of.


A lot of companies have made an effort to go ’paperless’ emailing payslips over to their employees. But it is easy to lose them in the virtual world, so why not download and print them each time they come through. Obviously you are doing against your employer's wish to be completely paperless, however, if they aren’t challenged every now and again, then they have no job being a manager. Plus, a physical copy is a lot easier to file away.

Check Stub

You can request a copy of your check stub templates and should do once a year. This flags up if anything has been going wrong during the transaction of money between your employer's account and the employee’s. It’s a great way to make sure that everything is in order, and can be a vital piece of evidence if ever you need it.


Any information about your working contact should be written down and signed by the employee as well as yourself. A smart employee will have a copy made and keep it in their files. If along the line, you make any changes to your contract - i.e. different hours, an agreed raise or time off - make sure that you have it written down.  


If you are self-employed, keeping hold of your receipts is very important as you are able to claim back on some of those things due to the fact that they are business transactions. For anyone else, keep the receipts of the big and expensive things, as well as new clothes or shoes. For the latter two options, once you have decided that you aren’t going to return the items, then you can get rid of the receipts.


Whether it’s an official will, witnessed and signed, and drawn up by a lawyer, or it’s just a letter expressing yourwishes should anything happen to you - it’s an important piece of paper that should definitely be kept safe. You can arrange for things to be taken care of in your absence, and put a stop to overspending, financial worry, and to arguments over assets well before it’s your time to go. 

Being able to prepare ahead of time when it comes to your financial future is crucial for a hassle free future. How do you keep your paperwork organized? Comment down below!

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