A word on keeping good financial records: by Cate Williams, Vice President of Financial Literacy, Money Management International

"As part of getting on a budget and keeping track of their finances, clients become focused on how long to keep certain records. Given the age of technology and the new way we pay our accounts (via electronic transfer of funds or use of a debit card) some of the old rules need to be viewed differently.

“Ask your accountant or tax preparer how long they retain your return information and if there would be a charge to retrieve your return. Or request the data be backed up on disk. Day-to-day statements and receipts only need to be retained until you are sure the payment has been received.”

“Consumers need to think ‘Why am I keeping this?’ ‘If I didn't have it, could I retrieve it some place else?’ ”

“Budgeting is finding a system that works to track spending, not to track paper!”