With the New Year just around the corner, almost half of Americans set resolutions. In the top three according to a recent study is to make “better financial decisions”. This resolution could mean different things to different people, but getting financially organized is the first step towards that goal. In order to make better financial decisions, you need to understand the details of your financial life.

The first benefit is your own peace of mind. Knowing that you have every area accounted for is often a great relief. If you’re married or partnered, tackle the project together. Your spouse, partner and/or loved ones will thank you…

Three types of resources to get your financial house in order:

Books: “Get it Together: Organize Your Records so your family won’t have to”
“The Family Love Letter”
“If Something Happens to Me: A Workbook to Help Organize your Financial and Legal Affairs”
Online Options: EverPlans (www.everplans.com) : a digital online archive which offers sharing capability, an online vault and bank level security. A subscription costs $75/year.
Worksheets: There are a number of free resources including our downloadable pdf

We often talk to clients, as well as our friends and family, about using the calendar year to tackle the project. After all, Rome wasn’t built in a day and the task of organizing one’s finances won’t be either. Tackling one area per month makes a large project manageable.

Here are some of the key categories and a monthly timeline to tackle them.

January – Financial (Assets, Liabilities)
February – Financial (Personal Planning, Income, Expenses, etc)
March – Taxes
April – Insurance
May – Health and Medical
June – Legacy and Eldercare
July – Legal
August – Digital Estate (Online Accounts)
September – Important Documents
October – Employment
November – Key Websites, Devices and Passwords
December – Personal Property (Real Estate, Vehicles, etc)