Shoebox vs. safety deposit box: Keeping important documents
I remember watching reruns of the original “Let’s Make a Deal” as a kid. One of my favorite parts was the scavenger hunt. It amazed me the kinds of things some of those ladies would have in their purses. And more impressively, they could locate those items quickly.
When searching for your financial and personal records, do you ever feel like you are on a scavenger hunt? Chances are, if you are in a co-spending relationship with a spouse or significant other, one of you is the record-keeper and the other has very little interest in record-keeping. This is not always the case, but as the saying goes, opposites do attract.
What does your record-keeping system look like? Is it a bunch of papers in a big shoe box marked IMPORTANT or something more elaborate with spreadsheets on specially marked jump drives in a safety deport box? Wherever we are on that continuum, everyone would probably agree that we could be doing a better job not only keeping track of important things but communicating where that information is with trusted family members.
Here are some thoughts to get you started:
Can you quickly locate last year’s income tax return and the documents used to complete the return?
Do you know where your original Social Security card, marriage license and birth certificate are? What about those of every family member?
Do you have hard copies of bank statements, credit card statements and other documents that contain sensitive account numbers in a secure place in your home?
If you use online banking, receive or use electronic accounts and billing, do you use a different password for every location and do you regularly change your passwords?
If your wallet or purse is stolen, you are responsible for reporting the theft of all credit cards. Do you know what credit cards you normally carry and do you have the phone numbers of all these credit card companies stored outside your wallet or purse?
Could a non-family member locate important information about what to do in case of an emergency?
In the event of your death, could someone locate burial instructions and your will?
Do you know where to find the insurance policy for your car?
Can you locate the warranties for major home appliances?
In the event of a house fire, could you provide your insurance agent with an accurate list of all the damaged or lost household goods to settle your claim?
There are many benefits to having a record-keeping system. It can help you better handle an emergency or simplify the claims process if loss occurs from fire, theft, flood or another insured casualty. It can also help to find information more quickly as time is precious. I think one of the best benefits though is that someone else would be able to locate important documents should you become unable to do so.
No matter what, having some system — even if an important shoebox — is a good start. Many times, it is life experiences that cause people to be better organized. Like having to manage the estate of a parent who left little to no instructions on what to do in their absence. Consider your financial recordkeeping a gift to your family members.
If you are wondering what should be kept, how long you should keep it and where the best place to keep these records might be, I encourage you to refer to links on our website coshocton.osu.edu under “Financial Wellness and Resources.”
Today I’ll leave you with this quote from Craig Groeschel: “Love keeps no record of wrongs, but bitterness keeps detailed accounts.”
Emily Marrison is an OSU Extension Family & Consumer Sciences Educator and may be reached at 740-622-2265.
This article originally appeared on Coshocton Tribune: Shoebox vs. safety deposit box: Keeping important documents
