MANAGEMENT TIPS FOR SUCCESS 2

Organize Your Financial Stuff

You probably have a notebook for each of your classes to help you stay organized. Take a few hours to get your financial life organized, too. You can keep most financial records in your dorm room or apartment. Buy a file box that locks and separate your financial records into file folders. Or keep your labeled file folders in a cardboard box and put the box in a locked drawer or closet. Here’s one way to label your files:

• Bill Payments. Put your bills in this file to help you remember to pay them on time.
• Checking Account. In general, save your canceled checks and bank statements for five to seven years in case the IRS audits your tax returns.
• College. Keep records about your courses, grades, and credits.
• Financial Aid. Applications, award letters, and notes about important telephone conversations go here.
• Insurance. File your car, medical, and renter’s policies.
• Loan and Credit Records. File loan agreements and payment records for student loans, car loans, credit card payments, and so on.
• Receipts and Warranties. Keep this information for major purchases, such as computers or stereos.
• Savings and Investments. File statements from your bank account and any other accounts you have.
• Taxes. Put your tax returns, W2s, pay stubs, etc., here.Records that are difficult to replace, such as your birth certificate and Social Security card, should be stored in a safe deposit box at a bank or in a fire-resistant box at home.

Protect Your Personal Information

Here are a few other steps you can take to safeguard your personal and financial information:

• Don’t give anyone your Social Security, credit card, or bank account numbers unless you know why they
• need them. If you are unsure, ask the person to send you a request by mail instead of asking for it over the telephone.
• Don’t just throw away papers that have these numbers listed on them. Tear up the papers or shred them.
• Thieves often go through the trash looking for intact numbers so they can raid your accounts.
• Don’t leave bill payment envelopes at your mailbox for the mail carrier. Someone might take them. Instead, put your envelopes inside a postal mailbox.
• Don’t send your credit card number over the Internet unless you are sure the Web site is secured.
• Tear up or shred unused credit card offers.
• Keep your credit card and ATM receipts in a safe place until you’ve paid the credit card bill or balanced your checkbook. Then tear up or shred them.
• Review your credit card statements and telephone bills for unauthorized use. If you suspect fraud, call the
• company immediately.
• If you’re a victim of identity theft, report the crime to the police immediately.