Video Story
Watch VideoKeeping your financial records safe with Good Housekeeping
Story By: Kristin Hawley
Source: AP
All those financial forms and statements! Had enough of the mess? The Good Housekeeping Instutute has some methods to keep your records stay safe.
Lifestyle editor, Sara Lyle says "it's tax season so chances are your important papers and financial documents are strewn all over the house. It's the perfect time to get them organized and to keep them safe. the place to start is with an emergency kit like this fireproof lock box."
She adds, "what you put in your emergency kit are things like your passport, your social security card, birth, marriage certificates, your wills, your insurance policies, as well as copies of important prescriptions you might need. Gather everything together; put it in your lockable, fireproof box and make copies of all of the documents on a cd. Put one cd in your box and give another to an attorney or a trusted family friend, lock it up and store it under the bed or closet or somewhere that's going to be readily accessible if you have to evacuate."
Next, it's time to start tossing items. "Good Housekeeping recommends a cross-cut shredder, because it turns your documents into confetti so thieves can't easily reassemble your documents. Shred any documents that a thief could use to impersonate you. Your social security number, driver's license, even your mother's maiden name."
Lyle says, "receipts are a necessary evil. You need them for tax deductions; you need them for warranties, but don't bother sorting them as they come in. Instead create a folder that says receipts, keep it in plain view, put you receipts in it and then, eventually when the folder's full, that's when you can sort through them and figure out which ones to save and which ones to toss."
