Systematic File Management

Every month we will receive utility
bills, bank statements, credit card
statements. Plus the insurance, road tax
receipt, there are too many bills and
statement to be kept for record and
future reference. Sometimes we might even
need to keep the sales receipt for
warranty purposes.

There are different ways to keep those
papers, but the point is how easy to
retrieve them when require? There is no
fix rule on this, it depend very much on
individuals liking. Basically it can be
categorized under Debit & Credit.
Anything that contribute to your net worth
can be filed under the Debit folder.
Monthly expenditure and other expenses
can be filed in Credit Folder.

Debit Folder - Salary & Wages,
Life/Medical Insurance statement,
Investment/Mutual Fund statement

Credit Folder - Credit Card Statement,
Utility Bills

Dedicated folder(s) can be created for
the document related to hire purchase,
fire insurance, home loan, receipt for
warranty.

Don't forget to have a folder to keep all
the documents and receipts that entitle
for tax reliefs such as medical bills,
PC/notebook purchase, books/magazines
receipt. It will ease our life when it
comes to go about filing our personal
income tax returns.

In conclusion, a systematic file management
with the proper filing system, it will not
only give a good image of oneself but it
reduce the time taken to search for a
particular document when it is needed.