Hands up if filing and sorting out documents so that they’re accessible is as appealing as a trip to SARS or getting a bikini wax. The only part of filing and sorting I love is when it’s all done, and even then, come the time for submitting tax returns and I’m looking for my documents in my Dropbox folder, on email, or in my tax, general or “still to be filed” files.
While copies of my key documents like ID and passport are in Dropbox, the rest of my stuff is generally in hard copy in various files, or in folders in my inbox. It’s not the greatest system, and while it does work, I reckon I’m still losing time and efficiency, plus I probably look even less efficient to my accountant.
So where can you start in order to get on top of the paperwork, literally? Momentum has this advice:
- The first thing you need to do is to invest in some files and dividers. Label the files, Investment & Insurance, Banking, Tax, Medical, Home, Car, Retail accounts, (clothing and furniture accounts) Receipts, Certificates, and Important Documents. Then you need to label the dividers in each file. Your Investment & Insurance documents should take priority, then if you lose interest in the project at least these will be sorted. Once you have allocated your policy documents to various physical files, it’s time to go digital. Scan in your documents and label them appropriately.
- A better option is to use Momentum’s MyFiling solution on their website. MyFiling is an online solution that anyone can use, even if you aren’t a member of Momentum. You can use it to store all of your important documents, in categories, so you don’t spend time searching.
Having your policies saved in MYFiling means that you can share them with your financial advisor, or access them easily when you’re doing your tax returns, or sharing them with your accountant.
Some of the documents you can upload include policies, tax forms, car info (eg warranties, registration forms), education certificates, receipts, copies of ID, birth certificates and passports, including your kids’.
For more information on MyFiling, head to their site.
PS: Just a reminder that The Multiply Financial Wellness solutions are free, and you don’t need to be a member of Momentum to do them. If you are a member however, then you can earn Multiply points.
This was a sponsored post for Momentum