Springtime seems synonymous with cleaning, organizing and purging. Usually it’s closets, drawers and living spaces that are the focus. But, now that tax day has passed and you probably have 2008 tax records still lying around, it’s a great time to go through all your financial papers and get organized. It will help you with everyday money issues and it is vitally important for the long-term security of your family’s financial well-being. Here are some tips to help you get going:

Find a central location. Often times, important papers and information are stored in various places in your home. It is best to find one general area so you know exactly where to find information quickly and easily. Location suggestions include a home office, a cabinet in your kitchen, a bedroom closet, or close to the place where you pay your bills.

Decide what needs to be filed and /or stored. Monthly bill and bank statements, investing and retirement account statements, insurance policies and other important papers like your wills and power of attorney, household equipment manuals, website info such as user names and password, auto records and medical information.

Select a type of filing system. This is dependent on the amount of space you have available and your personal preference. A traditional filing cabinet or drawer is the most common form of filing. But, three-ring binders work well as do accordion-type folders. For longer term storage, such as past tax and mortgage records, use a plastic storage box and store in a closet, attic or basement. For important papers, keep originals in a safe box at your banking institution or purchase a home fire-proof box. If you had to leave your home in 20 minutes, could you quickly gather all your critical documents to take with you?  Suzi Orman sells a Protection Portfolio that stores your most important information in a grab-n-go sturdy, waterproof case.

Set up file or folder for tax-related /deductible records. As you are paying bills or writing checks, drop donation/charity letters, dividend stubs, medical receipts, and various other receipts directly into your tax file. This will mean less time next tax season sorting through twelve months of old statements and receipts to find the tax-deductible ones.

Develop a routine. Schedule time to file and review financial statements on your calendar along with other daily or weekly tasks. Try incorporating filing as you pay bills to avoid piling and to save time.

Keep only what is necessary. For a concise list of what financial records to keep and for how long, read Bankrate.com’s article on how long to keep financial records.

SHRED IT!! Whether it is last April’s bank statement or an application for a credit card in today’s mail, don’t just toss it, shred it!  Crosscut shredders can be purchased for as little as $20 and are worth every penny to help protect against identity theft and financial fraud.

Stacey Sherman is the owner of Family Life By Design, a company dedicated to coaching and training families and youth in the important life skills of Home & Family Management and Personal Finance. She is a Certified Family Manager Coach and Creative Wealth International Coach based in North Carolina.