Advice from a Savannah financial advisor: Understand your finances

Marsha Woelber, Savannah financial advisor

Marsha Woelber, Savannah financial advisor

Below is a guest post by Marsha Woelber, a Partner at Independent Investment Services, LLC/Securities Offered through LPL Financial, Member FINRA/SIPC.

Marsha does occasional posts on SouthernMamas about  becoming financially savvy.  To read her previous posts, click here.

The following is Part 2 of a two-part post. Read the first part here.

Southern Mamas 2010 Resolution: Understand your Finances
Step Two: Organizing important documents

Most of us get so much mail from our bank, brokerage, insurance companies and other providers that it’s difficult to navigate through it all. Below, I’ve listed some guidelines around how long you should keep vital paperwork. This list should help you streamline your files; generally speaking, e-copies of your documents are sufficient. Feel free to scan them and save on your computer, just make sure to back it up and protect it! Note, this list is for personal finances; it may be different if you are a business owner.

First on the list: Things to Keep Forever
Birth and death certificates, marriage certificates, divorce decrees, adoption papers, military records, living wills, IRA contribution records.

Automobile records: Keep the paperwork as long as you own your vehicle. This includes registrations, service records, and warranties. If you sell your car, hang on to the title transfer for a few years. If you lease the car, keep all documentation until you turn the car in.

Bank Accounts: Keep bank statements for seven years. Dispose of ATM receipts/deposit slips after you check that deposits/withdrawals appear on your monthly statement.

Bills: Keep bills that relate to the purchase of a valuable asset, which can be helpful in the vent of loss or theft. You can shred most other bills after a few months.

Credit Card Statements: Read the rest of this post by clicking here.

Please email/call with questions: Marsha Woelber;, 912-650-2852.

Marsha Woelber is a Partner at Independent Investment Services, LLC/Securities Offered through LPL Financial, Member FINRA/SIPC. She can be reached @ or 912-650-2852.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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