Comments on: How to Create a Financial Binder

By: Maddy

Maddy — Thu, 11 Mar 2010 02:36:14 +0000

Just stumbled across your website today and find it very intersting. Mrs Micah from Finance for a Freelance Life created Financial Life Worksheet which is a wonderful document to leave for your loved ones. It contains all the information they’ll need should something happen to you. The document is on my daughter’s computer, in her home safe and in our safety deposit box. I also included both fiscal and phyiscal powers of attorney. Check out the form, I’m sure you’ll find it useful.

By: Sam

Sam — Sun, 28 Feb 2010 19:59:58 +0000

Kim, I’m curious to ask what your biggest financial challenges are. It sounds like you have your financial software and system running smoothly. Do you have any challenges or frustrations with your current way of handling finances? I’d love to know people’s frustrations so I can more directly address them.

By: Sam

Sam — Sun, 28 Feb 2010 19:58:10 +0000

Kim, first off, congratulations on keeping good financial records. In my experience both personally and in talking with others, most people don’t keep up to date comprehensive records. Since you DO keep them, you could simply print off reports from your software where applicable instead of filling out the various forms.

There’s still value to having it in physical form.

First, your binder will have even more information than you can keep in your personal finance software. The decision log and lists of savings goals are examples of this.

Second, it serves as a portable quick reference which I’ve found is easier to use than a software program I have to figure out.

Third – I didn’t mention this in my podcast or in this article, but the binder actually acts as a great reference for others. For example, if one spouse usually does the finances, it allows the other spouse to be able to be more involved and know how to access accounts, etc. Heaven forbid one or both spouses died, it would also act as a reference for those left to handle remaining accounts and finances.

By: Kim

Kim — Sun, 28 Feb 2010 15:06:41 +0000

Sam, Great info, but I keep everything detailed on an accounting software and this looks like more work and details that I have to keep track of. I am still considering it though.

By: Week 1 – Creating Your Personal Finance Binder | Getting Finances Done

Wed, 24 Feb 2010 19:39:32 +0000

[...] Week 1 – Creating Your Personal Finance Binder Written by Sam Here’s week 1 of 12 Weeks to Fiscal Fitness. This week I detail how to create your personal finance binder. You can listen to the podcast below and read the article I previously wrote entitled How to create a financial binder. [...]