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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:

  1. Level Up Your Finances: A Step By Step Guide For Your Money

  2. Level Up Your Finances: Level One

  3. Level Up Your Finances: Level Two

  4. Level Up Your Finances: Level Three

  5. Level Up Your Finances: Level Four

  6. Level Up Your Finances: Level Five

  7. Level Up Your Finances: Level Six

  8. Level Up Your Finances: Level Seven

  9. Level Up Your Finances: Level Eight

  10. Level Up Your Finances: Level Nine

  11. Level Up Your Finances: Level Ten

  12. Level Up Your Finances: Level Eleven


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:

  1. What We Learned From Our First 1,000 Followers

  2. What We Learned From Our First 1,000 Followers: Part 2


You can also follow Untangle Money over on Instagram, Facebook, Pinterest, and LinkedIn, and sign up for our newsletter here!


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.


At Untangle Money we help women understand their (real!) financial picture, and obtain financial guidance from people that actually, really, get it. We would love to help you, too! Join the community of hundreds of other women looking to strengthen their financial well-being. You can check out our products and plans here or get in touch for a free consultation!

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