How to Set Up Your Filing Cabinet
Content Updated October 3, 2007
A filing system is essential if you plan on having paperwork, and if you pay taxes, own a bank account, or go to the doctor you're going to have paperwork.
If you can't afford a fancy filing cabinet, get a cheap one. If you can afford a cheap one, invest in some plastic storage boxes. If that's still to expensive for your current financial situation, settle on some sturdy cardboard boxes. All you need are some filing folders and a marker. Hanging file folders are optional but come in handy for setting up categories and sub-categories.
There are several ways you can organize your files. You can place them in order of category or how often you access them. You can even set things up by month and year. I suggest doing whatever works best for you, but I recommend using the category approach first and then by accessibility and date when appropriate.
Finances
Bills / Utilities
One folder per company (e.g. electric company, gas company, etc.)-
Credit Cards and Credit Lines
One folder per card / credit line -
Bank Accounts
One folder per account (e.g. ABC Bank Checking, ABC Bank Savings, etc.) -
Investment Accounts (Non-Retirement)
One folder per account (e.g. ABC Investment Firm Account, XYZ Investment Firm Account, etc.) since most institutions give you statements that list all of your investments rather than an individual statement for each investment -
Retirement Accounts
One folder per account -
Insurance
One folder per policy (e.g. home owner's insurance, auto insurance for car 1, auto insurance for car 2, medical, etc.) unless you have multiple policies with one insurance company that includes information on all policies with that company on one statement in which case you should have one folder per company (e.g. ABC Insurance Company for auto insurance for car 1 and car 2, XYZ Insurance Company for medical and dental insurance, etc.) -
Income Taxes (One per person if filing separately, one per couple if filing jointly)
Previous tax years: One manila envelope per year (each envelope contains tax booklet, copy of tax return, W-2, pay stubs, receipts, etc.) Current tax year: One folder per tax topic-
Pay Stubs & W-2
One folder per person -
Receipts for Tax Deductible Items
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-
Financial Plan
One folder per plan topic (e.g. budget, savings goals, financial master list, etc.)
Property
Automobile
One folder per vehicle (each folder contains purchase information, registration, log of maintenance and repairs, etc.)-
Product Information
One folder per group (e.g. appliances, electronics, computer equipment, furniture, tools, etc.) (each folder contains the manual, warranty information, and receipt stapled together for each item in the category) -
Housing
One folder per topic:-
Rental / Residence History
-
Current Home Rental Information (if currently renting)
(e.g. rental agreement, community information, rent payment receipts, etc.) -
Current Home Purchase Information (if own current home)
One folder per topic:-
Home Purchase Information
(e.g. sales contracts, original listing, etc.) -
Home Maintenance and Repair Information
(e.g. contracts, receipts, before-and-after pictures) -
Property Taxes
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-
Personal
Health
One folder per family member, including one for each pet (each folder contains medical info., dental info., vision info., etc.)-
Employment
One folder per person (each folder contains employment history and current resume) -
Education (One per person)
One folder per topic:-
Transcripts / Report Cards
-
Awards
Finances / Financial Aid
-
Catalogues for Years Attended (especially for college)
-
Legal
One folder per person (each folder contain jury duty information, voter registration, DMV information, copies of wills and trusts)
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Projects
Gardening
-
Interior Design
Vacations
-
Etc.
...by Feed