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Strategy: Record Keeping

Published by: Access Group | Post a Comment

Keeping well-organized records of your financial activities will go a long way toward managing your loans and achieving your financial goals.

What loan-related documents should you keep?

Applications
Promissory notes
Disclosure statements
Notifications of lender change
Repayment schedules
Lender correspondence
Income tax returns

You should also keep track of all telephone or e-mail communications with your lender, holder, and servicer. Your log should include:

The date and time of the call/message
The reason for the call/e-mail
A copy of the e-mail (if applicable)
The expected follow-up
The full name of the person with whom you spoke or the e-mail address of the respondent

Your Filing System

Develop a filing system that will work for you, something you'll maintain and use. There are many books and software products available about personal finance that contain information about how to set up a record-keeping system. You can use individual file folders, portfolios, three-ring binders, manila envelopes, or filing cabinets.

Remember the 3 S's of Record Keeping

Simple: (make it simple to use)

Sustainable: (make it something you'll maintain over the long term)

Secure: (secure your records against fire or theft) You can use our online "Loan Ledger" to help keep track of your loan information.