What does “getting the most from your money” mean to you? Grab a scratch sheet (from the front table) and jot down your thoughts on the following question. What does “getting the most from your money” mean to you?

Organizing your Personal Financial Records 3.1 Chapter 3 Organizing your Personal Financial Records 3.1

Lesson Objectives Recognize the relationship between financial documents and money management strategies. Create a system to maintain your personal financial documents.

Money Management Planning how to get the most from your money

Benefits of organizing financial docs Plan and measure financial progress Handle routine money matters Amount available to spend Decisions on how to save money

Where to keep your financial docs Home Computers Home Files Safe-Deposit Boxes

Home Files A place to store financial documents at home such as a file drawer, series of folders, or even a cardboard box. To make one: Sort through all your financial files Group them according to type of document Label all folders/boxes Train yourself to file papers soon after receiving them Keep in one: Bank statements Bills Employment Records Tax Records Copies of important docs Investments Insurance

Home Files Advantages Simple to set up Disadvantages Simple to set up Doesn’t take up much space Quick access Not safe against fire, water, or theft

Safe-Deposit Boxes Small, secure storage compartment that you can rent in a bank To get one: Go to local bank Pay $100 a year or less Keep 1 key, bank keeps other Keep in one: Rental agreements Birth certificates Adoption papers Valuable collectibles Copy of will Car titles

Safe-Deposit Boxes Advantages Fire proof Insured by bank Disadvantages Fire proof Insured by bank Only accessible during bank hours Must have two keys to open

Home Computers A place to store digital financial documents. Use one: Running summary of checks written Track monthly spending Keep in one: Current and past budgets Summary of checks Banking transactions Tax records Resume

Home Computers Advantages S Not safe against fire, water, or theft Disadvantages S Not safe against fire, water, or theft