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Management of financial papers

Here's how to manage your financial documents properly.

entertainment Updated: Feb 24, 2012 00:30 IST

Here's how to manage your financial documents properly:



1 Keep a backup:

Prepare a list of all important financial documents and share with your spouse or anyone else in the family in a paper or email.



2 Update list

: Keep this list updated all the time. This could be list on a piece of paper or a digital copy on your laptop.



3 Protection wise:

Store physical copies/papers in a safe place, away from termite, sunlight, moisture, and away from kids. Lock them up safely. Store loose sheets of paper in moisture-proof bags (eg: zip-pouch) or get the papers laminated.



4 Categorise:

Keep papers of a similar type in separate folders. For instance, keep all insurance policy papers in one folder, all property papers in one, and fixed deposit papers in one.



5 Digital safety:

Digitise (or scan) all papers and keep a digital copy on the internet as backup. If you have stored them on laptop or pen drives, always keep them in a password-protected document.