A new year -- time for that New Year's resolution about getting re-organized.
Perhaps the first thing you should focus on would be one of the most important things in your life -- paperwork.
Let's start with personal information.
"You should keep personal information in a secure place such as a safe deposit box located off-site from your residence," said Bob Yee, vice president of Central Pacific Bank. "You should also keep a complete list of what's in your box and note the location of the box and keys. Update the list once a year or as you add or remove documents. You should also keep copies at home of all the documents that are stored in the box in case you need to refer to them."
It's not always possible, but when it is, Yee says you should try to eliminate paper altogether.
"Another thing that will help your record keeping is switching to online banking, electronic statements and records whenever possible. Make a list of all your important documents and their location so that you or the person you designated to carry on your affairs if something should happen to you can easily and quickly get to them," said Yee.
But if you opt for a safe deposit box at your bank, there are some things you need to keep at home.
"Include details about how to find the safe deposit box inventory and the key, insurance policies, computer log-ons and passwords," said Yee. "Give the list to a trusted loved one and be vigilant about updating it."
We're used to keeping our tax records for years, but Yee says there may be other reasons to keep financial documents.
"When your records are no longer needed for tax purposes, you should check to see that you may need them for other purposes, insurance companies or creditors may require the records to be held on longer than what the IRS does," Yee said.
Finally, even your electronic documents can come into play.
"And don't forget to completely delete important and sensitive information that might be left on an old computer that you are thinking about tossing or donating to a non-profit organization," Yee said.
