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Here's How You Can Organize Your Financial Life Today

Representative Image (Photo Courtesy: Getty Images)

Representative Image (Photo Courtesy: Getty Images)

Get your financial life straight and systematic.

Amidst the daily chase of goals, dreams and success, finances play a big role. Transactions these days require multiple documents which should be at your disposal when you need them the most. Organizing your financial life not just saves you time but also keeps you up-to-date with how much you have at your disposal along with reducing clutter from your financial shelf. In order to organize your financial life today, you can take an hour or two during the weekend and create these 6 Folders that will put things straight and systematic:

1. Protection Folder

This folder should contain all insurance related documents like health and life insurances, car insurances, etc. along with premium receipts, health cards, customer-care numbers of the insurer-banks and also if possible, some kind instruction manual that explains how to claim and what to do.

2. Property Folder

This folder should be dedicated to small and big property related papers like Loan Agreement documents, other documents related to Home Loan, Registries of your properties, Property Tax receipts, etc. A woman should always know what she owns, at all times.

3. Banking Folder

This folder can accommodate all bank related documents. If you have more than 2-3 bank accounts, this folder will be a boon for you. You can keep all your cheque books along with locker papers, FD receipts, any important bank statements, investment documents, etc.

4. Important Bills and Guarantee Cards

You can keep important bills, receipts, warranty cards, etc. that you may want to keep safely in case you might need it in future.

5. Education and important documents’ folder

This folder can enclose all the documents related to your education like Mark Sheets, Degree Certificates, etc. Apart from education, this folder can be used to keep identification cards like Passport, Aadhaar card, Voter Id Card, PAN Card, not so frequently used ATM cards, etc.

6. Income Tax Returns

Always maintain your Income Tax Returns Acknowledgement copies on record as whenever in future you’d require a loan be it for home, car or personal, you would need the ITRs to prove your payback capacity.

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