As Tax Day has passed, you may have your W-2s, insurance forms, and other paperwork still laying around. Our tip to you is to file that paperwork away in a safe, organized way for any future endeavors.
Keeping your documents in order on the front end will help with the future headache of digging around for your important files when applying for loans. The more organized you are can put you on a fast track to loan approval.
Here are our tips for keeping your documents in order and safely filed away.
Start a Filing System
Categorize your documents in a way that makes most sense to you – by year, by account, by family member, by classification, etc. Label folders according to your categorization and file away!
Take the digital route – make copies of your documents and organize them electronically. However, make sure it’s secure or password protected. In addition, establish a backup. Backing up in the cloud or a server is inexpensive. In the case that your computer crashes and you lose your files, it’s necessary to have a backup source in place.
Know Your Logins
In the digital age, a great deal of pertinent information is housed online. From paystubs to your account numbers to your W-2s, you can access that information from your phone or laptop. Yet, most will not access this information until it’s time to file taxes again or until they are ready to apply for a loan and the login has slipped their mind. Keep a secure record of your logins alongside your filing system.
Update with Complex Passwords
In parallel with today’s technological advancements, hackers have also evolved. Add a layer of protection with more complex passwords. Avoid common, easily guessed passwords and opt for an intricate combination of letters, capitalization, numbers, and symbols. Go beyond the required letter count, one upper and one lowercase letter, and a symbol.
Protect Your Physical Documents from the Elements
Natural disasters, damage, and accidents may arise. Shield your precious documents like birth certificates from the elements in a fireproof/waterproof safe.
In light of any possible natural disasters or accidents, film your home and its contents. Take note of the valuables you own and where they’re located in your home. This will come in handy for insurance purposes.
Interested in the loan process or have questions? Get in touch! Contact us today.
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