Financial Records and Banking

Family Finance: Financial Records & Banking

couple working together on financesA very important aspect of successful financial management is record-keeping. An effective record-keeping system should be convenient to use and not too complicated to maintain.

One of the first steps in managing your family's finances is to learn how to balance a checkbook.

Even with computers, we still need a filing system for those hard copy papers which find their way into our homes. A well-organized filing system is a big help when you need to find something.

Whether files are currently active or important papers that are part of an inactive file, being able to easily find them is important.

Papers and records may be kept in a home filing system, safe deposit box, and/or stored electronically.  Knowing what to file where and for how long can help save time, effort and money.

To tame the paper blizzard in your home, set up a home filing system that allows important papers to be filed easily soon after arrival and found fast when they are needed again.

Everyone needs to help by being sure the mail, receipts, and other important papers are put in the agreed-on collection point, whether that is the inbox on a desk or a file in a drawer.

Financial records have become a vital part of life. They can help you save money on taxes, get credit, and are proof of progress toward your financial security.

If you have an easy plan for keeping track of important papers you can save hours of anxious searching, help preserve peace and harmony, and make it easier to cope with emergency situations. There are several ways to keep financial records which include:

  • envelope method,
  • calendar system,
  • checkbook/debit card system,
  • ledger system, and
  • home computer software system.

This article has been written and reviewed by UNL Extension Educators and Specialists.

UNL Extension Resources for your family finances image
-- Money saving ideas for shopping, cooking and meal planning, Cook it Quick newsletter and recipes.

eXtension - National Extension resources on personal finance.