Alison’s Rule #1:

Stay True to Yourself
Don’t try to follow someone else’s financial organizing system; that’s a recipe for failure. Do create a system that works for you. If stacks of labeled shoeboxes keep your financial house in order, go for it. But if you need colour coded, alphabetical files in a dedicated cabinet drawer, then do that.

Alison’s Rule #2:

Keep it Timeline
Having a storage timeline takes the guesswork out of what to keep. Here it is:

• Tax Information -- Canada Revenue suggests you keep your documents for 6 years - just incase you ever get reviewed!
• Investment statements – 3 years.
• Purchase receipts – double the warranty period because retailers will sometimes repair or replace what the manufacturer won’t.
• Bank and credit card statements – 14 months. That’s one calendar year plus four months to take you to the tax filing deadline

Alison’s Rule #3:

The Rule of One
When it comes to money, complicated equals trouble. Here’s how to keep it simple. Follow the rule of one: one chequing account, one savings account, one low interest low limit credit card, one low interest low limit credit line and one retirement account.

Alison’s Secret:

One Step at a Time
Don’t try to organize your entire financial life at the same time. Start with the most common problem - purchase receipts. Get them out of your wallet every week and into a file. Then move on to monthly bills and file as you pay. Finally, monthly investment and bank accounts. Read them and tuck them away.