Update records of property improvements whenever those improvements are made; this information is needed when refinancing or selling your home and for tax purposes.
Review and file property agreements and contracts annually.
Update household property inventories at least once a year.
Next: Financial Records >>
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Contents |
A household inventory is an itemized list of your personal belongings. It provides a method …
Depending on how often you use a particular file, you may choose to store it in one of three at-home locations: current files, permanent files, or “dead storage” files.
Current files contain papers that you need frequently. They should be located in the most accessible drawers in a file cabinet or desk or in the easiest-to-reach boxes. You can also store some of them on a computer hard drive that is backed up consistently to a computer disk or jump …
A short-term record-keeping goal might be to write to an appropriate agency by the end of this week to obtain a copy of an important document. To make the goal more specific, indicate the name of the document (such as your birth certificate), the agency you will contact, and the dates when you’ll start and complete the task.
A short-term household inventory goal might be to videotape or photograph your household property this month. To make this goal more specific …
Asset Allocation
Asset allocation is dividing a portfolio among major asset categories such as bonds, stocks, real estate, and cash to reduce the risk of the portfolio. If one investment loses a lot of value, diversifying limits how much money will be lost and reduces the risk of giving up everything you put in. The downside of diversification is that if one investment gains a lot of value, not too much money will be made.
In the final analysis, your …
Because we never know when a natural or man-made disaster could strike, it’s important to plan for the possibility. For more information, see “Financial Planning: A Guide for Disaster Preparedness” a resource developed by the American Red Cross and available at: http://www.redcross.org/preparedness/FinRecovery/FinPlan/
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Information that is difficult or impossible to replace should be stored in a safe-deposit box or fireproof, waterproof, burglar-proof home safe.
Examples: Birth certificates, wills, real estate deeds, Record of Important Papers, household property inventory, back-up copies of other important papers
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Although you may change your will whenever you wish, there are three basic reasons to consider revising it:
Life events that may trigger the need to update your will, trust, living will, powers of attorney, or other estate- or …
If there’s more than one responsible adult in your household, you can share record-keeping and bill-paying duties as long as you both agree who will complete certain tasks in a timely manner and communicate regularly about what’s been done.
In many households, one adult may be better-suited to record-keeping and financial tasks. If that’s the situation in your household, be sure to keep other family members informed and to show them — or a trusted friend — where your records …
Among your important papers should be a household inventory — an itemized list of your personal belongings. Whether you are a homeowner or renter, an accurate household property inventory is a necessity. It provides information for:
In case of …
