Sort out your money: financial record keeping tools & systems
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Why is financial record keeping important?
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You'll find our full disclosure, disclaimer, and link to our financial services guide in the show notes. Kate Campbell, welcome to this episode of the Australian Finance Podcast.
It is good to be back on.
Yes, it is indeed. We are talking about keeping a financial record, how to deal with all of the paperwork that you get and everything that goes on behind the scenes after you buy a share or before you buy a share. Even if you don't do share market investing, how do you keep on top of all of the financial stuff? That's today's episode. We're going to give you some, I guess, tips and tricks on how you can keep a record of whether it's your will, whether it's all the different bank accounts you have, how you can go about managing that and just keeping on top of it and managing the stress of it all, which is a big one for me at tax time. So, Kate, let's just dive right into it. Why? Why?
Yeah. Why? It's a big question, but why do we actually want to keep on top of our financial records and all of that paperwork and all of those documents? First things first, tax time. I want you to create a system so your life can be a lot easier at tax time. I've learned this the hard way because I've made my life very complicated in previous years when I was trialing lots of different things. I had no system in place. So, We're going to give you a few suggestions today on making your life less painful for tax time, avoiding any mistakes that could be quite costly because having a bad financial record keeping system could actually mean you forget to give your accountant something or you forget to account for something when you do your tax return, which could come back to bite you down the track.
Maximizing your refund and keeping your accounting bill down or even just the time you spend doing your own taxes down.
Yeah, I like it. So tax is a really important one. Death and taxes, which we've talked about before, are the two certainties in life. One of those things requires an accountant. An accountant, people just think like, oh, here's my box of receipts, or I don't even have a box of receipts. Here's just my bank statement, figure it out. If you do that... your accountant is going to charge you a lot of money. So unless you want to spend $200, $250 an hour, maybe more, paying the accountant to do that for you, keeping on top of it with some very simple tricks will save you a lot of money.
Yeah, the second reason why I think it's really important to keep your financial life simplified and up to date is for emergency natural disaster situations, situations where you don't have access to all those documents upfront and you really need those numbers quickly.
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Sounds like good money advice... But is it?