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Update Your Filing System in Seconds – for FreedomFiler Users

We have so many clients who use the FreedomFiler, virtually maintainence-free filing system, we thought we’d pass on this reminder we received from the FreedomFiler company …

Its time to swap your EVEN & ODD year files… no annual purge! (This takes seconds – no need for a big “clean out the files, create new files, set aside the whole day” effort)
You may now swap the position of all your EVEN and ODD year files (simply grab the folders with black-top labels and switch places with the folders having white-top labels in your filing drawers—you can leave the papers inside the folders alone). If you use a binder clip to mark your current month file, move the clip to the “JANUARY ODD YEAR” file and discard automatically the documents left over from two years ago.* You may empty out just the January file and leave the rest of the month files with the papers inside. Then as you progress through the year, continue purging the rest of the month files one month at a time. That’s all you need to do with your FreedomFiler each year! No more file clean out day and no more setting up new folders each year. We want you to enjoy your life and spend less time fussing with papers!

Q: Is it safe to throw away old bills and account statements in Monthly folders after two years?*
A: Because these items were not needed for your taxes and since you will have already filed your tax return for that year, it is generally safe to discard these papers automatically.*
Two years allows more than adequate time to resolve any vendor disputes; however, if you would like to keep items longer than two years, use additional labels to create a new set of folders for each added year. The actual legal time limit for lawsuits will vary somewhat from state to state but usually ranges between 2-3 years for nearly all types of claims. Keep in mind that most banks and service providers preserve your statements on file for seven years or more (also according to state laws). If you are concerned about keeping documentation beyond two years for the purpose of applying for future loans, you may use a Permanent folder titled Loan Payment History for keeping a record of regular payments to a creditor (see label sheet 4A in your Deluxe Kit). Refer to your Label Index for a full discussion of issues and available options.

Happy New Year from Simply Placed and the FreedomFiler!

P.S. If you’re having to do more than this to update your filing system for the New Year, and are interested in the ease and effectiveness of the FreedomFiler system, contact us and we’ll fill you in on how to get your own system, how we can help you set it up if you chose, or get you more information about our next End the Paper Pain class, where you set up the system in class and learn about paper management to set you free.

* While FreedomFiler® provides a method of automatic purging which eliminates the need to review files, you must ultimately decide which documents are kept two years, ten years, or indefinitely. FreedomFiler® is not liable under any circumstances for claims of loss or damage arising from suggested document retention guidelines. Consult a professional advisor to determine your specific document retention needs and adapt your system accordingly.



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