How do you get organized?

$$ One good record$-$keeping tip is to prepare your financial statements at least once a quarter $.$

$$ Ideally, keeping an income and expense statement will help you summarize all your transactions.

$$ A ledger has sections where data is recorded for what you own or your ; what you owe or your ; your cash inflows or your ; and your cash outflows or your $.$

Key Steps in Record Keeping

Keeping good financial records will save you time and make you money. If your records are organized, you$$ll have an easier time:

$$ Compiling a budget

$$ Pulling together an updated financial statement

$$ Accessing your records in an emergency

$$ Preparing your taxes

$$ Preparing for an IRS audit

$$ Defending a credit report

Which of the following are important steps in financial record keeping? Check all that apply.

Ensuring that your family and$/$or executor can locate your financial documents

Reorganizing your financial documents every three months at a minimum

Maintaining records for tax and insurance purposes

Making sure your financial plan is set in stone and inflexible