Begin 2012 on the right foot--by digging out from all the clutter that's accumulated last year. Sumi Das from CBS Moneywatch has strategies on how you can streamline and organize your financial life.
Out with the old…and in with the new. You can start your year off right by cleaning up the clutter.
Not surprisingly, 80 percent of papers filed are never referenced again—and it’s not only those growing piles—clutter impacts productivity. It’s estimated that workers spend nearly 50 percent of their time looking for information (PWC)
First—when it comes to your finances, know what to toss. Get shred bank and credit card statements that are over a year old. Get rid of receipts once the warranty has expired. And throw away old 401(k) statements as new ones arrive. You want to hold onto life-insurance policies, tax returns less than 7 years old and of course any marriage or birth certificates.
Next—Cut down on the amount of paper that comes into your house and clutters your home. One way to do that: Opt out of credit card solicitations. Here's the number: 1.888.5.OPT.OUT (1.888.567.8688).
Finally, streamline your accounts. If you have a brokerage account, multiple savings accounts, old 401(k) accounts or CDs, it will be very difficult to keep track of it all. Instead, try spreading your investments over two to three institutions at the max.
And don’t forget now is a good time to update the beneficiaries on your life insurance, 401(k) or your IRA accounts.
Digging out from all the clutter is one sure way to get 2012 started on the right foot.
Read more: http://www.cbsnews.com/video/watch/?id=7392329n&tag=mncol;lst;1#ixzz1iQFtE4ib
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