It can become overwhelming to keep track of the bills, letters, claim forms, and other papers that flow into a household.Filing accurate records of medical bills, insurance claims, and payments will help families manage their money and keep stress levels lower.
Record-keeping is also important for those who wish to take advantage of the deductions available by filing itemized tax returns. The Internal Revenue Service can give you information and free publications regarding tax exemptions (see www.irs.gov).
Here are some helpful suggestions for record-keeping:
- Decide who will be the family record-keeper or how the task will be shared.
- Set up a file system in a file cabinet, drawer, box, or loose-leaf notebooks.
- Check all bills and explanations of benefits to be sure they are correct.
- Review bills soon after receiving them.
- Save and file all bills, payment receipts, and canceled checks.
No statement contained herein shall constitute tax, legal or accounting advice. You should consult a legal or tax professional on any such matter.