Time to Get Organized - Let's Start with the Filing System

As we begin 2011, you might be thinking about getting organized and putting your files in order, and if so, you would be wise to begin by creating or updating your filing system.

Having and using a proper filing system may sound like a trivial feature - or one that's boring to create and utilize, but you would be amazed at how much better it feels to be able to find any paperwork you need exactly when you need it, and to have a clean workspace without piles of unsorted papers on it!

Setting up Your Filing System

If you don't already have some sort of filing system (for your work and your home or personal affairs), now is the ideal time to start. You'll want to procure a one- or two-drawer filing cabinet, a box of tri-cut multi-colored file folders, and a box of hanging files. Alternatively, if you prefer to use a banker's file box instead of a file cabinet, you can skip the hanging files.

Once you have all the necessary supplies, take a few minutes to ponder what kinds of files you'll need for your specific purpose. On the personal side, you'll likely want files with categories such as: banking, auto, insurance, health, home, credit card statements (one file for each card), etc. If you're setting up business files, the kinds of files you'll create will depend on your specific business and industry.

It's a good idea to check with an expert (such as your CPA or bookkeeper) to find out how long you'll need to keep certain files before shredding them.

As you put your filing system into use and begin to see what kind of paperwork accumulates for storage, you will probably tweak your filing process and add new files and categories. Most importantly, organize your files in a way that makes the most sense to you, and keeps files from getting too thick (otherwise, you'll need to use subcategories). For example, if you've created an "auto" file for your home filing system, but your family owns four different cars, and you seem to accumulate a lot of "auto" related paperwork, then you may wish to create four distinct files, one for each car.

Annual Maintenance of Your Filing System

Approximately once a year (January is an excellent time to do this, or just after you've completed your taxes for the prior year), you'll want to purge your files and move certain important paperwork out of your filing cabinet and into storage (this is where a banker's box can really come in handy). Take all of the previous year's receipts and pack them up for storage elsewhere in your home or office -- remember to clearly label the container. You can also purge the year's worth of credit card statements and bank statements into storage as well. Before purging your medical-related receipts and paperwork, be sure you've requested all eligible disbursements from your health care spending account (if you have one).

Remember to label all boxes of purged files with the year and the contents, so that you can easily locate whatever old paperwork of documents you may require.


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