Level Up Your Finances: Level Twelve

Level 12 - You have all your financial records and account details organized

Why it Matters

There’s nothing worse than needing that important statement NOW and not being able to find it. Thankfully, 9 folders are standing between you, and always being able to find that thing that you need for that other thing.

Goals for this Level

In Level 12, we want to get you organized by setting up an easy-to-use, 9-folder system for paperwork that will likely come your way.

Bonus – know when it’s okay to toss different types of financial paperwork.

Here’s the sure-fire 9-folder system:

Folder	What Goes In It
Tax Returns	7 years of tax returns Tax slips you receive throughout the year
Retirement	Annual RRSP statements Annual work retirement statements Work plan sign-up package
Other Investments	Annual TFSA statements Annual statements from any other accounts (e.g. education savings plans or unregistered accounts)
Daily Banking	Monthly bank statements
Home	Title deed for your home or rental agreement Mortgage paperwork and statements or lease agreement Home improvement receipts (super important for warranty claims!!!)
Credit Cards	Monthly credit card statements Credit card agreements (super important if you are relying on the insurance from your card)
Credit Score	Your credit reports (that you are pulling at least once a quarter)
Insurance	Home insurance Rental insurance Auto insurance Health insurance Life insurance
Holy Sh$t	Will Powers of Attorney Advance Directive Details your Executor or Guardian would need to know in order to execute your will Key passwords your Executor may need

Bonus – Can you shred it yet?

And to make sure you don’t start drowning in paperwork, here’s a cheat sheet to how long to keep other types of paperwork (financial and non-financial) that may come your way:

Keep for 1-3 Months:

Sales receipts for minor purchases
ATM receipts and bank slips

Keep for 1 Year:

Paycheck stubs
Monthly credit card statements
Old insurance records (like your old auto or home insurance)

Keep for 7 Years:

Tax returns
Receipts and slips for tax purposes
Bank statements
Medical bills/claims

Do Not Throw Out:

Year end statements for investments
Home improvement documentation and receipts
Receipts for major purchases
Deeds, mortgages
Wills
Powers of Attorney
Car ownership
Current insurance policies (like your current home and auto)
Medical records
Education records
Employment records

*Untangle Take

We love how practical this level is! Get some cute folders and get organized. 😊

What's next?

Stay tuned every week for a new level in the series!

In case you missed it:

Pineapple Finance Co is a collaboration between Emily and Elizabeth with a goal to answer one simple question: could they use Instagram to improve Canadians' financial literacy.

You can follow Pineapple Finance Co. over on Instagram, and we've linked two other blog posts written by Emily and Elizabeth here:

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Financial independence is a huge part of being a strong, independent person, and it is our mission to help women, and anyone who doesn't feel safe or welcome in financial spaces typically dominated by cis men, set themselves up for financial success.

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