Get It Together: Organize Your Financial Records

Brought to you by

NASA Federal Credit Union

Learn: Benefits of getting organized Why some record-keeping systems fail How to develop efficient bill-pay system What records to keep, where, and how long How to take a home inventory What to have handy in case

of natural disaster Where to go for help

Seminar Objectives

How Organized Are Your Records?Ask Yourself:

• Do I have a well-labeled record keeping system that someone else could easily follow?

• Do I review my active records annually and discard or update information?

• Do I have another family member or close friend who can access my electronic records—or find hard copies—in case of an emergency?

• Do I have a list of important contacts and data, such as credit union and insurance representatives, brokers, tax preparers, creditors, employers, and credit card account numbers?

• Do I have an updated household inventory of major possessions?

• Do I know where all my legal documents are located, and would my loved ones be able to find them quickly?

• Do I have a back-up plan if my electronic files are erased, or my hard copies are stolen or destroyed by a fire or flood?

• Do I have a safe deposit box for legal papers, contracts, deeds, wills, and so on?

• Are my home office files updated, and do they include hard copies or software for important financial documents related to tax returns, net-worth statement, spending plan, and so on?

Benefits of Getting Organized

Have more time, energy, space

Find papers/receipts quickly

Reduce/eliminate late fees

Become clutter-free

Find key documents in case of disaster

Gain peace of mind

Costs of Not Getting Organized

Zaps energy

Wastes time

Wastes money

Increases stress

Creates tax-time stress

Not comprehensive

Too complicated

User isn’t consistent

Why Some Record-Keeping Systems Fail

Materials you may need Envelopes, budget or bill

organizers, shredder, file folders, hanging files, file cabinet, fireproof safe

Spreadsheet or budget pages Computer software, if desired Storage containers or boxes

Preparation

File Guide

Investments Tax Warranties Owner’s manuals

Examples of majorcategories:

Auto Correspondence Credit cards Credit union accounts Employment Health Housing Insurance

Decide when, where

Gather and keep all bill-pay materials in one location

Organize, record expenses regularlyEnvelopes/boxes for receiptsSpreadsheetAccount bookQuicken, Microsoft Money, or other software

Balance checkbook monthly, or

Check accounts regularly online

Develop Efficient Bill-Pay System

Touch it once! Deal with it, file it, or shred it

File regularly; color-code your files

Reduce unwanted credit card solicitations Optoutprescreen.com or call 888-5opt-out

Reduce unwanted catalogs Catalogchoice.org

Put bills to be paid first at top of stack

Mail bills 7-9 days before due date, or pay electronically 2-3 days before due date

Organizational Tips

More Organizational Tips

Use direct deposit and payroll deduction

Keep all tax records in one place

Read disclosures, then toss

Review all bills for accuracy Discrepancy? Call immediately

Use online banking/bill-pay/ACH

Benefits of Online Banking

Reduce paperwork

Check balances, view statements—24/7

Move money between accounts—24/7

Download account information—24/7

Online Banking with NASA FCU is Simple, Safe, & Free!

eBranch

Get real-time balances on all your Credit Union accounts

Download account history to Quicken or Excel

Transfer funds between your linked NASA FCU accounts on either a one-time or recurring basis, including making payments to a linked installment loan or mortgage

Open and fund certificates

Request to Skip-A-Payment on one of your installment loans

Perform self-service account maintenance such as re-ordering checks, requesting copies of paid checks, placing stop payments, changing your address and phone, and more

Communicate with us using secure email

Mobile Banking

Mobile Banking gives you added control over your finances in the way that best fits your lifestyle and your mobile device.

MobileApp: Use your smartphone to check account balances, view transaction histories, transfer funds, make payments, find ATMs or even perform personal financial assessments on the go with handy balance and expense graphs.

MobileWeb: Use any mobile device with web capabilities to instantly access account balances, see detailed transaction histories, make NASA FCU loan payments, transfer money between your accounts or even locate your nearest branch or ATM.

MobileText: Use your phone's text messaging feature to check account balances, view transaction history, or even transfer funds on the go.

Set up regular payments

Make payments to creditors on time every month

Make payments on thedate you select

Avoid late or missed payments

Save time, postage costs, and check writing

Benefits of Automatic Bill-Pay

Efficient Bill Pay System at NASA FCU

Person-to-Person Payments—Pay anyone, from your babysitter to the landscaper,  conveniently and electronically.

eBills—Save time and paper by having your bills sent directly to your BillPay+ account.

Gift Pay*—Send personalized gift checks for all your gift giving needs.

Expedited Payments*—Make next day or second day payments quickly and easily.

Charitable Donations*—Send donations to charities electronically in anyone's name.

Payment & Reminder Calendar—See scheduled payments and set payment and personal reminders.

eNotifications—Receive emails and text messages with payment reminders and more!

Enhanced Security—Enjoy peace-of-mind knowing your transactions are more secure.

What to Keep, and How Long

De-clutter: Don’t keep recordslonger than necessary!

Many people keep records too long, or can’t find what they keep!

Get Rid of Unneeded Paper

eStatements

Faster than paper statements

Conveniently archived for more than 12 months so you can view past statements without digging through piles of paper

More secure than paper statements because they're accessed using your account log in

Environmentally-friendly

Statements (credit, retail,gas cards)—after paymentis credited. Keep only for warranty or insurance purposes.

Cancelled checks—after balancing statement. Keep

checks that document tax deduction.

Monthly money market statements—after getting annual summary or 1099.

Credit card offers

What to Shred

Cash-flow statement*

Net-worth statement*

Personal property inventory*

Estate-planning documents

Financial notebook

*Documents can be electronic

with hard copy in Financial notebook

Financial Documents

Plan ahead … in case you have only a few minutes to clear out of your home

Identify single location for crucial papers and backup disks (fireproof box, or safe deposit box)

Make certified copies of birth certificates to provide to government agencies

Put papers in plastic covers

Scan documents into a “virtual lock box”

Disaster-Proof Important Papers

Blueprint of your finances

Road map for loved ones

Faced with leaving your home quickly? Grab your financial notebook!

Financial Notebook

What to Include in Financial NotebookAccount information• Credit union account numbers and contact

information

• Brokerage account numbers and contact information

• Financial advisers and contact information of agent and company

Estate planning/legal documents• Wills, trusts

• Advance directives

• Powers of attorney

• Letters of instruction, funeral instructions

Family information• Family members and contact information

• Education records

• Employment records

Financial documents• Cash-flow statement

• Net-worth statement

• Spending plan (budget)

• Loans

• Tax records, including copies of tax returns

Insurance and health records• Copies of all policies (agent name, company,

contact information) for auto, homeowners/renters, health, life, disability, long-term care

What to Include in Financial Notebook

Inventories• Personal property/household inventory

• Safe deposit box contents

• Wallet contents

Personal records• Certificates: birth, adoption, citizenship,

marriage, divorce, death

• Financial goals

• Location of important documents

Property records• Vehicles

• Real estate

• Investments (stocks, mutual funds, bonds, other investments)

Retirement planning documents• Pension benefit statements

• Social Security Earnings and Benefits Estimate Statements (review for accuracy)

• Tax-deferred and individual retirementplans (IRAs)

Use lists, photos, and/or video

Document everything in each room—including furniture, clothing, jewelry, electronics, appliances, tools, and so on

Document estimated value and history

Attach copies of receipts for some items

Personal Property Inventory

Where to Keep Documents

Home active file

Carry with you

Home permanent records

Home inactive file—long-term storage

Safe deposit box or fireproof safe

Virtual lock box

Where to Keep Documents

Home active files

Bills to pay

Important papers before transferring to permanent file

Spending plan (budget)

Carry with you

Credit, debit, ATM cards

Driver’s license

Identification

Insurance cards (auto, health)

Medical cards (allergies, diseases, donor)

Membership cards (example: auto clubs)

Where to keep Documents

Home permanent files

Automobile records• Maintenance/repair records

• Registration receipts

Credit card records• Cardholder agreements

• Contact information if card is lost or stolen

• Statements that document deductions, warranties, large purchases

Educational records• Transcripts, diplomas, certificates

Employment records• Contracts

• Employee handbook and benefits manuals

• Pay stubs (compare with W-2 forms, then shred)

• Résume

Financial accounts• Brokerage and other accounts

• Share draft/checking (cancelled checks, statements, registers, transfer information)

• Share/savings (statements, deposit slips, share book)

Housing records• Deposit records (security, utility)

• Equipment serial/model numbers, warranties

• Instruction manuals

• Lease or rental agreements

• Mortgage payment records

• Property tax records

• Utilities (gas/electric, phone, water, sewer)

Insurance records• Claim forms

• Household inventory (for claims process)

• Policies

Where to Keep DocumentsHome permanent files

Investments• Earnings statements

• Reference information/documents

• Transaction receipts

Keys• Car, house, safe deposit box

Legal documents/estate planning (copies only)

• Advance directives

• Powers of attorney

• Wills, trusts

Medical records• Vaccinations, immunizations, surgeries

Memberships• Organizations, road service, frequent traveler

programs

• Renewal information

Military records• Benefits, service records

Pets• Health, microchip, and license records

Retirement• Pension and annuity records

• Retirement account information

Social Security records• Cards (copies)

• Earnings and Benefit Estimate Statements

Subscriptions• Names, renewal information

Tax-related information• Deductible expenses for current year

• Past returns (keep the past two years in permanent files)

Where to Keep Documents

Home inactive file

• Cancelled checks/receipts (for tax purposes, large purchases, warranties)

• Debt repayment receipts/proof of payment

• Home improvement receipts/records

• Mortgage refinance records

• Medical/health records (3+ years old)

• Tax returns—(3+ years old, 1099s, W-2s)

Safe deposit box or fireproof safe

• Certificates (birth, death, marriage, adoption, citizenship, divorce)

• Contracts/leases

• Guardianship agreements

• Household inventory (lists, photos, video)

• Licenses (professional)

• Passport

• Stock, bond, and securities certificates

• Titles/deeds

• Valuables (jewelry, silver, rare coins)

• Wills, trusts (copies)

Set goals

Develop action plan

Communicate plan to family

Get Started!

Questions?

Charlie Hudson

Phone: 301-249-1800 x267

Email: chudson@nasafcu.com

www.nasafcu.com/jsc

www.nasafcu.com/goddardwww.nasafcu.com/wff

Thank You!

Charlie Hudson

Phone: 301-249-1800 x267

Email: chudson@nasafcu.com

www.nasafcu.com/goddardwww.nasafcu.com/wff