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Ask the Readers: How Do You Organize Your Account Information? Print
Friday, 27th February 2009 (by J.D.)This article is about Ask the Readers, Hints and Tips, Odds and Ends
Between my personal accounts, my business accounts, and the joint accounts I have with my wife, it’s difficult for me to keep track of my essential information. As we’ve been working to refinance our house, for example, there have been several times I’ve had to dig for needed account numbers and statements. I’m not the only one with this problem.
Earlier this month, Meghan wrote to ask:
How do you compile a comprehensive list of account information? I’ve been trying to put together a list with everything I need to know about my various accounts, but I don’t know how to make sure I’m tracking everything I should (account numbers, contact numbers, beneficiaries, etc.). I’m sure I’m missing something. Of course, I realize now I should have taken note of all of this as I opened accounts over the years. Since I didn’t, is there an efficient way to get all of the important details in the one place? (And how should I handle joint vs. separate accounts? Is it possible to authorize my husband to deal with accounts that remain (and will continue to remain) only in my name?)
There are two issues when compiling your records:
- Finding all of the information.
- Organizing all of the information.
Because my own organization is a mess, I don’t have much advice for either one. I do know that my credit report is the first place I’ll start when I decide to gather information. If I recall correctly, credit reports list much of the data you need — all in one place.
My current plan is to record my information using Mark Gavagan’s It’s All Right Here life and affairs organizer. This three-ring binder is big and unwieldy, but is amazingly comprehensive. (I wish there were a web2.0 app that did the same thing.) Really, though, I’m just as lost as Meghan. I’m not sure which account information to collect, and I’m not sure what to do with it once I have it.
What advice can you offer me and Meghan? Do you track your account information? What tools do you use? How often do you update it? Does anyone besides you know where to find it? I’ll use your answers as the basis for a future post on keeping things organized.
February 27th, 2009 at 5:04 am
Two things from me on this: my system probably isn’t for everyone, but it works for me. I check my accounts almost every day so I know what’s going on a day-to-day basis.
For those that aren’t as obsessive, I think Mint is a great way to keep everything organized. Once you get over the nerve-racking part of giving one site all your passwords, it’s really a cool service. I only used it a little bit a while ago because my obsessiveness didn’t jive with checking in every so often, but the charts and data they compile from your accounts reveals some pretty interesting trends and graphs.
I would recommend Mint to anyone who doesn’t want to check their individual accounts all the time.
February 27th, 2009 at 5:27 am
Seconding Mint for monthly finances and budgeting—especially now that their extended features (deals, asset tracking, etc.) have gone live. You can’t beat it for big picture stuff.
For paycheck-to-paycheck tracking, I used to use a spreadsheet to weigh incoming pay versus outgoing expenses; however, I’ve been able to stick to the budget recently, so I need this sheet much less.
My advice is to move recurring expenditures to the front of your budget and “luxury” purchases to the day before your next paycheck, so you have an idea of how much you spend and how much you can sock away.
Once you get good at sticking to your budget and getting surplus, the next step is to rework your budget to tuck away some of that surplus in investments and/or savings!
February 27th, 2009 at 5:31 am
Don’t make too many accounts. KISS. This way, if you only have a few big accounts, then you won’t be as likely to forget the accounts. If this isn’t possible, then you should keep your account ID and pass in an password encrypted file and use it to memorize your accounts.
February 27th, 2009 at 5:34 am
I have been using a small software tool called eWallet by Ilium Software. It is inexpensive and allows you to track all of your personal info, such as bank accounts, investment aqccounts, asset information, internet passwords, etc. It is encrypted and password protected. You can even install and sync with your mobile devices
February 27th, 2009 at 5:43 am
I have found the Family Records Organizer from T Rowe Price to be very helpful. And it’s FREE!
You can read more about it here http://www.northerncheapskate.com/2008/04/free-family-records-organizer.html
or you can go directly to T Rowe Price and request the free disk here
http://tinyurl.com/ba2xlg
I’ve found this to be pretty useful.
February 27th, 2009 at 5:52 am
I use Microsoft Money. All of my account numbers are kept within. However, for hubby’s benefit (I handle the finances), I created a listing of all of our accounts along with account numbers. In addition, I listed how/when the bills were paid (i.e. auto-debited from bank acct vs automatically on credit card vs manually via the bank’s bill pay) and online login/password.
February 27th, 2009 at 5:59 am
We take the less is more approach.
We have one checking account, and several savings accounts. The multiple savings accounts are to take advantage of rates+proximity of the money (don’t want to make it all easy to transfer).
I use Wesabe to keep track of my finances on a daily or weekly basis (depends on how obsessive I’m being), and check my main bank account daily.
(I learned to do this after I had my debit card # stolen)
I also have a list of all accounts (including things like life insurance and health insurance) and their logins/passwords in one place. I am working on putting together a notebook with every account’s info, and all the relevant info in case one of us passes away.
I also think it’s important to have a meeting and show your spouse or partner, or a family member where to find the info and what they can do with it.
February 27th, 2009 at 5:59 am
I have one alphabetical filing system with folders for each account, and I have the folders color-coded in green so I could remove them easily for safekeeping if I were having work done on the house or something. I have one folder labeled “Emergency,” which is red, with all the accounts listed along with other information my family would need if anything happened to me, and I have told my brother about it. That folder contains information like all the scheduled deductions from my credit card. I need to make a duplicate of it and put it in the safe deposit box as well (which I share with my parents and brother, as joint tenants with right of survivorship).
February 27th, 2009 at 6:07 am
I think that putting together a central organizer for all one’s records is a great idea – but where would you keep it? Wouldn’t keeping all your personal info in one place provide a one-stop-shopping bonanza for identity thieves?
February 27th, 2009 at 6:09 am
I have the Mint app on my iphone. It’s the perfect way to get a snapshot of everything going on in my finances.
I strongly encourage anyone with an iphone to get this app, there is nothing out there that can do this so quickly.
February 27th, 2009 at 6:09 am
I store all of my account information details securely in the Wallet section of 1Password for Mac. It’s been a perfect solution for me, especially coupled with the iPhone app. It’s available as a free, fully functional 30-day trial from the website and the iPhone app is free for a limited time from the App Store. For viewing transactions and tracking spending and such, I also use the Mint app for my iPhone.
Disclosure: I work for Agile Web Solutions, the makers of 1Password.
February 27th, 2009 at 6:12 am
We use Mint. I like it a lot except that I can’t connect a credit union account that I have with it yet.
I use SplashID from http://www.splashdata.com to keep track of all my account #’s, logins, passwords and even all my website logins and passwords. There is a desktop program that syncs to my blackberry. LOVE.
February 27th, 2009 at 6:24 am
I’m a less-is-more person, and I don’t like putting account info on the web (even if it is encrypted.)
In my paper files, the front file is called “Important Info.” In this file I keep important stuff - account numbers & contact info, family SSNs - anything I expect my extended family to need in the event of my untimely demise or incapacitation.
One of my goals for this year is to pack up copies of the Important Info file and a copy of our 2008 1040, and mail them to MIL’s house 4000 miles away to be held there in case of a Katrina-scale emergency.
I also keep an index card in my wallet with my credit card customer service #’s in case I lose my credit card.
February 27th, 2009 at 6:27 am
Mint.com.
February 27th, 2009 at 6:31 am
First I agree with KISS. I have my 2 credit cards, checking, savings, ROTH, Trading Account with one bank. They have a nice interface to see all account balances and transactions. Second, I use Excel to track my net worth on a monthly basis and it contains the source for the remaining accounts; retirement (4 different sources btw wife and I), ING savings account (thanks for the advise on how to get an extra 1%), car loan, Employer stock plans, GUL insurance, and house loan. This may seem like a lot but knowing where the money is allows me to know where to look for information.
February 27th, 2009 at 6:33 am
I use a custom MS Access database, because I can lock it with a password. I track full account numbers (which your credit report will NOT give you), dates the payments are due, customer service contact numbers, websites with login names and passwords…everything that my husband would need to know in case I didn’t come home one day. (I track all our finances and have most of this info in my head).
I include all our bank, credit, mortgage, car loan, and online shopping accounts.
I update it quarterly, and back it up to 2 computers. I also print out a copy and store it in our “grab and run” folder (with our passports and other vital documents). I do NOT put it anywhere obvious on “the net”, because someone could literally take over my life with this file.
Also, make sure your banks know who your accounts should be turned over to in the event of your death. Filling out a simple form now will save much trouble later!
February 27th, 2009 at 6:33 am
As far as account numbers go getting the info should be easy enough, look at your statements or just ask.
I keep a little book with all of our account numbers, passwords and pretty much anything of importance written down in it inside of a safe. Nothing beats a little book for convenience and ease of use.
February 27th, 2009 at 6:35 am
Some of you have touched on this, but what do you do when it comes to information other that online usernames and passwords? Sometimes a piece of information is essential to know, but it’s something I don’t even remember existed. In case of emergency, I want my husband to be as fully equipped to deal with something as I am (I handle most of the finances).
For instance, my husband and I have one joint credit card. They will only talk to us if we give them our password, which they don’t have any “hints” for like they do online. There’s no way my husband would have figured it out on his own if he called. I did remember it and have changed it to something he can remember.
It makes me wonder what other important missing pieces are lurking out there.
February 27th, 2009 at 6:41 am
What’s helpful to me is to be clear on my purpose. I have two:
1. If something happens to me and my wife has to take over
2. To make sure my accounts have enough cash in them and to monitor my investments.
For the first mission, I just keep a spreadsheet and update in annually. I print it out and I make sure my wife knows where it is.
For the second mission - I use quickbooks for credit cards/bank accounts. I update this weekly. I also monitor investment accounts weekly - although that hasn’t be a real joy lately.
February 27th, 2009 at 6:46 am
I keep paper records (many of which are duplicated online). But one reason I like paper is I can find a needle in a haystack a lot quicker than when I have to search through my online records. This helps a lot at tax season.
I have a notebook for each bank I bank with (currently 3 banks because of the 2 mortgages I have). I keep monthly reports in there up to 7 years. I use a colored sheet of paper to separate the years for easier searching.
I also keep a notebook for each brokerage account I have, including retirement accounts. Currently that’s 7 (2 Roths, a 401k, 2 457b, 2 taxable accounts). I keep quarterly and annual records in these. Obviously I need to do some concolidation on those retirement accounts cause only 1 is still receiving contributions.
I like the paper records. Somehow its suits my searching needs better. It’s also a backup system if my computer is down, the site is down, or the power is out.
February 27th, 2009 at 6:47 am
Julie,
I keep my relevant info encrypted on one of our computers, and in our safe.
It would be a boon for an identity thief to get our SS cards, birth certificates and CC info, but the chances of someone breaking into our home and taking that stuff (without the combo or key!) and using it are pretty slim in my opinion.
February 27th, 2009 at 6:51 am
ms access database. you can pump in tons of data and run reports regularly. i do the budgeting and forecasting in excel. i create a folder for each account and copies of statements and other documents are scanned and saved into them. back-ups to a second drive are made weekly, and burned to a dvd-r yearly. i use something like truecrypt for security purposes.
February 27th, 2009 at 6:56 am
Since no one seems to have mentioned it, I use Quicken for Mac. It syncs with credit card and bank accounts, so you can download statement data directly from the web (but it’s all on the computer, so you’re not giving your password to an online source). You can download info as frequently as you wish - I usually do so every week or so, but I’m a bit obsessive. It gives you a real-time view of your net worth, how much you owe on each credit card, and a breakdown of your expenses for the month (or year) so far. Invaluable to me!
February 27th, 2009 at 6:58 am
I’m also a proponent for the KISS method. I have one bank account and one ING account. I use a program I got from youneedabudget.com to separate all my money out, so I have no need for extra accounts. I can have it all lumped together in one account, but in my budget it’s all separate. For instance right now I have $750 set aside for medical expenses (this is our yearly max), so even though this is sitting in the same bank account as my grocery money, it never gets spent for anything but medical because that’s what I have deemed it for. My ING account is my emergency fund and new car fund. I don’t keep track of it, I throw money in it from each paycheck and just let it build up until someday when I need it. So keeping track of the information I need is easy because it’s essentially only 2 accounts.
I would personally never store all my account information in one place. I have a folder of bookmarks that have a link to the login page for all the accounts I have (credit cards, bills, bank accounts), so if something were to happen to me someone could see what I had, but they would have to go to each place to get account information. Personally I think this is the safest way to handle it, I would NEVER want someone to stumble across all my account information in one place. And you can never be too safe these days, especially with the number of times I have had to have my bank card changed due to companies getting their information “lost.” I would never trust any online source, word document, or even a scrap of paper in a in my house to be safe.
Rachel
February 27th, 2009 at 6:59 am
i use mint.com to keep track of my finances, but i use a different system to keep track of my financial institution information (log in info, account numbers, etc)
I’m on a Mac, so i use a simple little program called Wallet. It’s meant to keep passwords and stuff, but i use it to keep track of EVERYTHING. It’s password protected, backup-able, organizable, and searchable. super duper handy. I should probably export the info and print it all out and put it in a lockbox — but i haven’t done that yet.
February 27th, 2009 at 6:59 am
If you have an account with Fidelity Investments, they have a feature called “Full View” that lets you enter all your account numbers. It displays a full spreadsheet with each of your accounts, and it automatically checks the accounts periodically to update information the information.
I think this is along the same lines as the Mint thing earlier commenters talked about.
February 27th, 2009 at 7:01 am
I very simply have a document in Word with all of my accounts’ names and numbers, as well as the log-in ID and Password. Each time I open a new account, I add it in. It includes library card numbers and similar items as well, not just financial accounts. I periodically print out a hard copy in case the computer dies.
February 27th, 2009 at 7:04 am
I have recently opened an HSBC online savings account and I can connect to bank accounts and investment accounts through there. For account number and passwords I just use a spreadsheet.
February 27th, 2009 at 7:04 am
with the beefed up security on my banks website I have a hard time getting the info updated on Mint. Does the same thing happen with Quicken?
February 27th, 2009 at 7:10 am
My husband and I have a sturdy fireproof box which has separate folders for Banking, Retirement Accounts, Taxes and Credit Cards. We also have online access to all our accounts, so we can track things day to day.
Also, if Meghan wants access to her husband’s accounts (and visa versa) they can draw up Power of Attorney. A PoA was a big help when I had to close one of my husband’s accounts after his account information was compromised (he was deployed at the time).
February 27th, 2009 at 7:11 am
I use KeePass (Windows) or KeePassX (Linux / Mac) to store all my various account information. I like KeePass because it is cross platform.
In the program, each account has an entry. I set the username to the account number, or to the web site login ID. Password is for the uh, login password. I also store software product keys, and that goes in the password field. I used to sort by account type, but have switched to a flat alphabetical list. I found I was searching for accounts I wanted anyway, and my most commonly used I prefix “@” to the name so they appear at the top of the list.
KeePass, like any good password database, stores the database in a strongly encrypted file. I’ve used some other programs, but they’re not worth mentioning :). I know several people that swear by 1Password, but it’s Mac only, and I need to share passwords easily with my wife, her laptop runs Windows.
February 27th, 2009 at 7:16 am
Go paperless with all accounts. Then when you need something, just print it out.
I then store the passwords and personal information from my fiancee and I on Keepass.
http://keepass.info/
February 27th, 2009 at 7:17 am
I use:
KeePass http://keepass.info/
and
Dropbox http://www.getdropbox.com/
KeePass is really great for encrypting passwords but as well as keeping the username and password for each account, I also keep all the account numbers, other passwords, security questions / answers, phone numbers in the notes field.
KeePass allows me to keep all this info (and my other passwords) behind one password and with dropbox I can back it up for free and have the file available anywhere.
Make sure to use a secure password, I recommend this mnemonic method:
“I really love get rich slowly!”
->
Irlgrs!
February 27th, 2009 at 7:20 am
I have the answer here:
1) Financial Planner Organizer Kit by Homefile.net
2) File Security Box by Vaultz or any type of portable filing cabinet
3) Scanner
4) Flash Drive
5) An Organized State-of-Mind
February 27th, 2009 at 7:33 am
I keep my account numbers and other important account information right in Quicken. The Quicken “Accounts” list lets you click on any account and retrieve that info right away. That way I’ve got everything in one place: my accounts and all the information about them..it’s the one-stop shop approach so I don’t have to look in two or more places to find what I need.
February 27th, 2009 at 7:36 am
I currently use Yodlee simply because it allows me to track not only bank accounts but also links up to my utilities and credit cards. Mint tracks bank accounts and credit cards and am a much bigger fan of their visual appeal but for the sake of having all of my utilities (Comcast, Netflix, etc) linked as well creates a one-stop shop and I love it!
I also follow the KISS principle. Few accounts makes it much easier. We use ING which helps even more!
February 27th, 2009 at 7:43 am
Another enthusiastic vote for mint.com !!
February 27th, 2009 at 7:48 am
My tips: I recommend getting online banking for all the accounts that you can - it’s accessible anywhere and the info is all right there. Sign up to receive your statements online too - it’s harder for identity thieves to get your account numbers, and you can’t lose electronic info.
Rethink your accounts. Dig thru whatever files you have lying around, and decide whether you want to keep them, or maybe stick with one bank and open new accounts online. It may be a hassle, but being organized definitely has its advantages.
I put all my banking stuff (like things the banks send me) into one of those multi-pocket folders. I’m young and I started out always having online banking, and don’t have too many accounts open, so it isn’t too hard for me to keep track of what I have.
Your credit report is a good place to find out about credit info, but it won’t list bank account numbers, and often credit card/loan numbers are partially starred out - like 1233 1234 4567 **** for your protection.
Another good thing to do is have your bank and credit card company phone numbers saved in your cell phone, and another list handy just in case your wallet is stolen, or some other emergency crops up.
February 27th, 2009 at 7:49 am
For a while I kept a recipe box with 3 x 5 cards listing each account URL, ID and password. When that got to be too cumbersome I found a small journal- type book and handwrote one entry on each page. Upon completion I held the book aloft and annnounced to my husband that should I get hit by a bus the book would be his lifeline to figuring out our financials. It has a place amongst my collection of books, easy to find for us - tough for anyone else not knowing what to look for.
http://www.everlastingdesigns.net
February 27th, 2009 at 7:53 am
I use GNUCash to track my accounts and investments, I put account numbers and routing numbers in the comments fields for each account so I know where they are, I also keep a folder in my filing cabinet with all pertinent account numbers, in the even of the unthinkable it will be that much easier for my family to find what they need.
February 27th, 2009 at 8:07 am
I don’t have any useful advice as I am currently using the “it’s all in my brain” system.
But I read a great post over at I’ve Paid For This Twice Already about her dad’s accounts (he passed away suddenly): http://www.paidtwice.com/2009/01/26/things-ive-learned-losing-a-parent/
It really drove home the need for me to write everything down. So much of my life is electronic that, if I got hit by a bus, it would be very difficult for someone to step in and figure out what was going on.
February 27th, 2009 at 8:09 am
Like dieting, there isn’t a right way. It’s “the” way that will work for you.
Before online became vogue, my husband and I used a paperbook ledger system. Over the course of our marriage, I have tried to move him to online with great resistance. While I have secretly hated that ledger, it has kept us more than solvent and (for whatever reason this is comforting to him) he can track what our expenses were in 1974 when we were married without the aid of a computer.
We also have cashflow spreadsheets which track income and expenses. I would say we have done exceptionally well with fixed expenses and room for improvement on discretionary funds. I can see good reason for a central location of many financial things we have in place.
One thing that has also helped us is a notebook–not one that details where all of our financial items are–but one that served to remind us of “why we did what we did when we did it.” I got this idea from a book by Jane Bryant Quinn called, “Smart and Simple Financial Strategies for Busy People.” One of the best things we ever did.
February 27th, 2009 at 8:16 am
I recently read about someone’s father passing away and the hard situation was made infinitely easier by the fact that her father had written down ALL of his online accounts and passwords so that they didn’t have to go through the mess of figuring out how to access the money that her mother needed.
February 27th, 2009 at 8:26 am
Since I handle the finances, I have a “Doomsday” spreadsheet with all our account numbers, websites, and login ID and passwords on them in case something happens to me. There is also a comment for each on how to access the money - check, bank transfer, etc. It’s in our safe at home, but I’m thinking about getting a safe deposit box at a bank for that and some other things just in case.
February 27th, 2009 at 8:28 am
Bank of America has an excellent online feature called “My Portfolio”, and it is free for customers. Having never used Mint, I’m not sure how it compares, but My Portfolio is the main reason I bank with BOA. Basically, almost any account with an online login can be accessed through My Portfolio, and one can create budgets, reports, charts, and export to a CSV file. I keep track of a retirement account, savings accounts, credit cards, brokerage accounts, and even Zillow Zestimates, credit card rewards programs and a few bills. I log in every morning and hit “update all” and a quick glance shows me balances and transactions for the week. It’s actually powerful enough to have replaced Quicken for me. There are upsides and downsides to working with BOA, but My Portfolio and online bill pay are excellent. Just put long term savings elsewhere… their rates stink.
February 27th, 2009 at 8:33 am
Don’t even bother with Quicken or Microsoft Money. I use Yodlee, but Yodlee or Mint are probably the best choices. Mint apparently is using Yodlee’s system, and is slower to incorporate updates but has a nice GUI and a web 2.0 feel. Yodlee has more capabilities in linking accounts such as reward accounts, your email, and can track bills (but apparently is uglier). Yodlee, does the security for BoFA and other banking companies so you can trust that your passwords are just as safe with Yodlee as your money is with BoFA.
February 27th, 2009 at 8:46 am
For all my online accounts (which is all my accounts), I email myself a note with a subject like “Washington mutual wamu.com login info”.
Then I can search my email by subject line for either the URL I’m trying to log into, or the name of the company, in case I can’t remember the URL.
If I need to change a password, I simply respond to my previous email to myself with the new password. Then when I look it up, I just look at the newest email.
If I needed to get *all* of my account info, I suppose I could just search ‘login info’.
It’s simple system, but it works quite well for me.
February 27th, 2009 at 8:49 am
Because I finally took to doing all bill payments and financial work online, I do one thing now on my computer: I maintain one ongoing list of Account Name, User Name, Password, URL, and Account Number; much like Anne and Kevin have commented they do. Periodically, I print a copy and keep in one file. In the event of fire/computer crash, it is the one file I will grab. Other than that, I am over doing long spreadsheets, constant updates, stuffing files, and so forth.
February 27th, 2009 at 8:52 am
I use one bank. And, I keep key info in my web email, so I can search for it anywhere with web access. And I use MS Money on my desktop, and back it up to my web email.
February 27th, 2009 at 9:01 am
Paperless is nice - until you are hit by 3 hurricanes in 14 months. Like #39 Sheri, we keep our account and contact info on paper in a special spot. When we evac, the first thing that gets packed is those records.
It also includes utility and insurance information, too.
February 27th, 2009 at 9:03 am
I use CiphSafe on my Mac. http://ciphsafe.sourceforge.net/
It is a pass-phrase protected flat database, and it sorts alphabetically, can generate passwords, can contain urls, and has a Notes field that can have whatever I need in it. It can be set to back up, and I have copies of it in multiple places, in case of catastrophe. It isn’t a binder, but one passphrase unlocks all my information, and it is very secure - you really have to have the phrase exactly right to get in.
February 27th, 2009 at 9:22 am
All me accounts have an online summary page (most establishments do now) that gives all the info I need about accounts such as interest rates, date established, and when things are due.
I then have a list of the usernames to each site. The passwords are all different based on the account but I log into each of them fairly regularly so I have no trouble remembering the password.
For most of my info I use Mint.com though. It tracks all my accounts and I can find most of the information I use regularly on Mint. For more in depth info I go to each online summary.
February 27th, 2009 at 9:26 am
I could swear I learned this tip from GRS but I can’t find it in the search feature, nor has anyone mentioned it. My first layer of accounts info is a financial map, it shows all my accounts and how they are linked to each other. It also shows all my automatic withdrawl info so there is no doubt what gets paid when. That way, not only do I have account numbers, I know how I go about paying or transferring money to that account, when it is due, if it is paid automatically, etc. It is followed by a sheet with passwords and web addresses. I created it for my husband and daughter should something happen to me, or if I should have a stroke or something which makes it difficult for me to remember this information. At first I thought this would be filed in the safe and never come out, but I find I use it frequently myself.
Of course I have files on the computer and also in a special notebook with all this info, but the map puts it all in one place. Easily readable, it would make the job of peicing it all together for someone else. Also it insures that they don’t lose an account.
There is a copy in my safe, and one in daughter’s safe since she would handle the will. In addition, I have shown it to each member of the family, and answered their questions, which allowed me to refine and clarify it’s murky points.
February 27th, 2009 at 9:29 am
I also have a KISS method.
My desk has two drawers.
I put all the debits in the left drawer…
February 27th, 2009 at 9:40 am
Steganos LockNote…..free, password-protected and encrypted Notepad file. It is a self-executing file which requires no installation.
Plain and simple…put in any information you want, acct numbers, username, pwd, secret question/answer, beneficiary, etc.
I just create a section like this for each institution:
*** XYZ Bank ***
Routing Number:
Account Number:
Username:
Password:
Secret Question 1:
Secret Question 2:
Secret Question 3:
Beneficiaries:
Works well for keeping track of all other online usernames/pwds as well, or those random things like the combination to some padlock, or where you hid the spare house key.
February 27th, 2009 at 9:42 am
In my increasingly large budget/finanace excel workbook, I have the names/passwords to my various bill payment accounts saved in hidden columns (the excel workbook is also locked for viewing, so you have to know a password to get into that…kind of counter intuitive but whatever). Most of my big accounts I know my passwords for.
February 27th, 2009 at 9:49 am
I think people are confusing financial record keeping with Account information.
I have a simple excel sheet I use for all asset accounts and bills to be paid. It lists institution, account #, phone contact, how paid (online, check, etc). This way my husband could in a jam figure things out. It is one page that I print out as well as keep electronically so we could access from any computer.
February 27th, 2009 at 9:54 am
I’ve been digging Mint.com lately. It’s missing a few things, like manual transaction entry. Quicken Online does similar, has manual entry, but isn’t as well polished.
February 27th, 2009 at 10:03 am
1) I wholeheartedly agree w/ using Mint.com. It has now been updated so you can manually manage accounts that don’t have web access (such as auto values), which allows you to have a good basic balance sheet.
2) Read (and follow) “Smart Couples Finish Rich” by David Bach. He outlines a great organizational system for personal finance. It’s the best filing system I’ve found, and it’s easy to maintain.
3) I’ve created a protected spreadsheet w/ all of my accounts (Banking, Mortgage, Credit Cards, Utilities, Cell phone, etc.). In each set of cells I have: Institution name, Account name, Account number, website link, username, password, security questions. All my accounts are in 1 central location if I ever need to look it up. And from that xls. I can click on any given weblink and go strait to the site.
February 27th, 2009 at 10:15 am
I would agree that using a money software or online app is a great way to manage all of your accounts in one place which offers you a snapshot.
One idea that may help you is an idea from Jim@Bargaineering.
http://www.bargaineering.com/articles/financial-network-map.html
Once you map out everything you have you can easily see how things are connected and then decide your appropriate actions for simplifying if you need.
I liked the map idea. It helped me remember why I set up accounts long ago and made it clear which accounts I could do without.
Finally, make a cheat sheet for yourself or spouse that lists where the accounts are and how to access them.
February 27th, 2009 at 10:24 am
I use yodlee for management of finances..they recently updated their site too…looks a lot better. Also, for passwords…a simple excel or word doc. with website listed, user name…and a “form” of your password. For example..lets
say your password is your pets name plus 12. So, the password may be cuddles12. I would put on the spreadsheet dog12 in case the file was stolen or something. Makes sense to me….
February 27th, 2009 at 11:03 am
I use GNUCash. I am a big fan of the free software and works perfectly for my needs.
February 27th, 2009 at 11:20 am
I prefer low-tech for this sort of stuff. If both I and my husband were killed in a car crash tomorrow, my parents wouldn’t be willing or able to go digging into mint or wherever.
So for us statements, insurance documents, tax returns, etc etc including photocopies of the most important info are all kept in a file cabinet in a pretty easy-to-find order, and the account numbers written on the front of the folders.
We have the originals of the more important stuff (immigration documents, passports, home insurance policy & some house purchase documents for example) and a simple list of all our account numbers in a fireproof safe, which hopefully would last a bit longer if the house went up in flames.
I like the book you linked though, it looks comprehensive and smaller than a file cabinet, if apparently unavailable in Canada.
February 27th, 2009 at 11:42 am
Hey JD - I know you’re a tech geek, so you should check out Evernote. While it’s not specifically designed for financial materials, it keeps everything in sync across multiple computers, and even an iPhone. It’s what I use for all of my important stuff, and it could be helpful in this situation.
February 27th, 2009 at 12:05 pm
I’m on the KISS principle too. All of my banking is with two banks, and one of them is ING Direct… well, three if you count the corporate account.
My father, however, has a number of investments spread all over the place.
He has a binder for each account, and puts the statements away as soon as he gets them. At the year end he removes the 2nd prior years statements leaving only the curret year and past year in the binder. All the binders are kept in one place and near the desk he uses to open his mail.
Seems to work for him, and is simple enough to keep up over the years.
February 27th, 2009 at 12:07 pm
Budgeting:
YNAB appears to be my perfect solution for tracking spending and budgeting. I have tried Quicken and MS Money but were too involved and cumbersome (I would always be about 3 months behind). I used Pear budget for a while and really liked the simplicity of it, but it failed the test of time for me. I thought Mint.com was the answer to my prayers, but then I found that it wasnt really useful to me (anyone else feel this way?). Also I switched from credit to cash so it doesnt really help with tracking expenses if you are on a cash based system.
I guess I always “knew” I needed to be organized with my finances, but never really asked myself WHY. Now that I am clear of my needs, I found YNAB to be perfect (only started in December, so will see if it last for me, but I feel like it will - I actually enjoy using it rather than dread it).
Passwords: I use a .txt file to record most of them and have a master password on my firefox. Not the best security but its simple.
Banking and Investing: Yes! KISS! This is what I am working towards. Right now my money is all over the place.
Ideally:
1 expense (checking) account
1 high-interest savings account
1 taxable investment account
1 roth
1 current 401k
Lastly I just wanted to say thanks for the the tip on the Financial Planning Organizer Kit. It looks well worth the investment to have peace of mind that the important papers are where they should be.
February 27th, 2009 at 12:07 pm
I would also like to add myself to the Keepass list! Its free and multi-platform and even has auto-type scripts. Quicken keeps all the account contact, number, benes etc.
I would like to offer a warning to all the home safe users. Make SURE the safe is bolted down! If not the thief just takes it and has all the time in the world to cut it open. Also most home safes are only fire resistant, they do nothing for floods. We found this out the hard way after a hurricane.
I’m looking into the safe deposit box route.
February 27th, 2009 at 12:09 pm
I, too, check my accounts almost every day. I have all of my personal financial info on an Excel spreadsheet, with account numbers, contact numbers, and web addresses. The income and expenses are time phased by week, and I’ve been keeping this up for about 14 years. It’s simple, and I like having all of my history in one place.
February 27th, 2009 at 12:25 pm
Quicken has a great option. It’s the Emergency Records Organizer. You do need to manually fill it out, but… and this is huge for me - it keeps EVERYTHING in one place. Contacts: Drs, Accountant, Lawyer, Childcare, Emergency, School, Vet. Detailed info on Mortgages, Bank and Credit Card accounts : who what where, amount, etc. There’s sections for insurance, income, real estate, vehicles, Family, passports …. you name, it covers it.
I too have a husband who would be clueless without this (I handle all the finances - he’s an artist). The info is saved on my computer (but not online), he has a paper copy as does my daughter, and I keep a copy in the file cabinet under EMERGENCY.
It’s easy to update and the peace of mind is priceless.
February 27th, 2009 at 12:35 pm
Stuff I’m always forgetting: I have a separate address book where I have account numbers and passwords (in code like Ivan, #61). I’m more afraid of systems crashing and people hacking other sites than of people breaking into my house, so that’s why I go with a hard copy (somewhat camouflaged). If automatic deposit or withdrawals are involved, I note that and the usual date. For credit cards, I enter the usual due date. My significant other knows where this is.
Stuff I have to do in a timely manner: I take care of some things with automatic deposits (paycheck into savings account) and withdrawals (mortgage, Netflix). And at the end of every month I double check that I have paid my three utilities bills (electricity/water, gas, and phone) and my two credit cards.
Stuff I have to store: Bills go in envelopes in a shoebox until the end of the year when I start a new envelope. So do my will, pay stubs and receipts for donations. Receipts from buying stuff go in a separate envelope for each month. User manuals (stapled to the receipt) go in a box in my closet. Investment records go in a file cabinet. Income tax stuff goes in the booklet and is stacked in my closet. My significant other sort of knows where these things are.
Financial planning stuff: I keep track not only of checks written but also automatic deposits and withdrawals in my checkbook register. I also use some of the other columns to keep track of credit card spending (is if all the money is coming out of the checking account, which it will). Then at the beginning of every month I enter various totals in a spreadsheet. For example, I keep track of how my retirement accounts are doing and how much is available in my different savings categories. (I do this right after my direct deposits and automated stock purchases because then I get to see at least some of the numbers going up!)
As far as how to get thorough—I wouldn’t have thought of using the credit report as way to remind yourself of all your accounts—that’s cool. Another idea is just to record all your automatic deposits and withdrawals (see bank statements) and then keeping adding more whenever new statements arrive. After one month, you should have most things; after 1 year you should have everything.
As for what to record for each of these, it’s hard to say. I used to have a big notebook with everything, but it was too hard to maintain. Now I figure that if I ever need to change my address or something, I’ll go to my financial address book and just check every single website to see if they’re keeping track of my address. But you could go to each website, log on, and look up your preferences.
As for letting someone else into your accounts, you can add a second user to a credit card without putting it in their name. I’d check directly with other financial institutions for what options are available.
A power of attorney is also good but not as perfect as one might hope (hard to actually use sometimes). And of course if you tell someone your userID and password, they can pretend to be you online at least. You’d only want to do things with someone you trust. If there’s some reason other than maintaining your own credit record why you don’t want their name on the account, you might also not want them to have access.
February 27th, 2009 at 1:27 pm
I wish Mint worked for Canadians! Someone needs to develop an equivilant — they’d make a mint! (I slay me)
February 27th, 2009 at 10:47 pm
While that binder does look nice, why on EARTH does it use Comic Sans? Bllaaaaaaahhh!
February 28th, 2009 at 3:34 am
We have set up a Love Drawer based on Dave Ramsey’s-My Total Money Makeover program. Here is a link…
http://www.daveramsey.com/etc/cms/love_drawer_9546.htmlc
February 28th, 2009 at 5:02 am
If you are going the binder route, you may be interested in Life.doc by Buttoned Up. I’ve seen these binders in various places (Target, Barnes & Noble, Franklin Covey).
February 28th, 2009 at 9:35 am
I created a net worth spreadsheet I update at least annually that lists every asset by account name in various categories (stocks, bonds, etc), projected annual return when I entered the investment, actual return broken into cash flow income vs capital appreciation, whether the investment is tax advanatged or not, and also my liabilities, and their interest rates. The spreadsheet allows for an easy comparison from the previous year, and also from the initial investment. By having all of this information on one sheet, it is easy to see if you are paying more interest on your liabilities, such as a mortgage, than you are earning on your assets, and plan accordingly.
I do not think I can attach it here, but it is downloadable for free at my site on the right side. Be sure to enter the appropriate year for which you are entering data on the top row.(I chose to leave 2007 on the downloadable version due to the craziness of 2008!) I do not use colors on my spreadsheets as many do due to the high cost of cartridges, and try to consolidate the columns onto one page printed in landscape mode, so it is very funcational, yet can be a little intimidating.
I print and file this updated speadsheet annually, and it is a real lesson to go back and look at previous years. (This year it was REALLY a lession!) It should not be a lot of work after the first year entries for long term investors. Supporting documents are kept in labeled manilla files and rotated out annually if bulky, although I am gradually working my way into electronic statements.
I have net worth spreadsheets going back to 1987. It is enlightening to see how far you have come over time, and even helps reduce the stress of market fluctuations when viewed over a long time period.
The spreadsheet readily provides the information needed for meetings with my husband when a new investment opportunity arises, and we want to determine if it makes sense within the context of our other investments, or if it would be a good replacement for an underperforming asset. The same can be said for a large expense we are considering. It readily provides documentation for loan applications, as well. Finally, the spreadsheet will provide a basis for the necessary information for an estate executor when the need arises, and access is easily available. Overall, it provides me with a sense of organization and structure which promotes better financial well being.
February 28th, 2009 at 9:40 am
I didn’t see anyone mention it but I use LastPass. This solves several problems:
-Remembering passwords
-Sharing access to password protected sites but not the password itself
-Creating strong passwords
-Having access to it at anytime
It’s a great program and I’ve been looking for something that does what this does for a very long time.
February 28th, 2009 at 10:07 am
I’ll take Quicken Online over Mint.
Mint doesn’t play nicely with my bank. Other than that, they’ve very, very similar. Both lack manual entry of accounts you can’t log into. Both lack savings goals. I feel like they’re very focused on paycheck-to-paycheck folks and don’t emphasize saving.
March 1st, 2009 at 7:33 am
I’m a big fan of paperless….can’t stand having it around, storing it, finding what you need, etc. If I can’t download it from the bank, CC company, insurance co, etc for archival purposes, I scan it in.
Those archives are maintained both in a TrueCrypt encrypted volume stored on a local backup drive & securely in the cloud (see DropBox). For good measure, I also copy it all to a thumb drive & swap those out at the bank safety-deposit box periodically with a note telling generally how to access & then the important people know the master password.
I also put a lot of data into Evernote (more every day) which can copy a secure local DB to whatever machine it is used from & that also offers encryption for sensitive info as needed. I really can’t say enough good things about EverNote so try it if you haven’t already.
Mint is also a tool I use a great deal now since Quicken insists on trying to charge me $80 every 3 years or so in order to continue functioning. With the improvements in Mint, plus the fact that you can export out everything to a
spreadsheet, it’s a no-brainer. The only exception is that I do keep all stock transactions broken out into a simple bought/sold spreadsheet for use at tax time. That together with Mint & the actual statements from the financial firm (paperless again) provides all you need.
I know it all sounds very geek, and of course there are exceptions, but it makes for almost zero paper to maintain, everything you need is instantly accessible from almost anywhere, and I’m fairly certain that one of my relatives could insert a thumb drive & type a password in order to get to all the details in a critical situation.
March 1st, 2009 at 10:19 am
For keeping all your account logins and passwords securely stored, try Passpack.
http://www.passpack.com
I’m a founder. We built Passpack because both my husband and I had over 300 passwords each to manage! It should do the job for you.
You can print out a copy of your Passpack logj credentials and keep it stored in a lock box. In case of emergency, your family will have access to everything.
March 1st, 2009 at 2:27 pm
I use password wallet to store secure account pins, etc.
You might also like to try evernote - it’s pretty cool.
March 2nd, 2009 at 11:42 am
For our passwords/user ID’s for monthly bills: we have a folder marked “Bills to be Paid” that holds any to-be-paid bills, in the order that the due date is coming up. Taped to the inside front of that folder is a table print-out with Payee, How their paid (check, EFT, etc.), if they’re on auto-pay, which account they’re being paid out of (usually joint checking, sometimes credit card), and the user ID and password to log in online.
For any accounts with beneficiary information, I have a folder marked “Beneficiary Info” where I keep a paper copy of all of these records. This keeps all of the beneficiary info in one place.
Finally, any really important docs are scanned onto our computer and the hard copy goes into our safe deposit box. We keep an e-copy so that if we need info from the doc, we don’t have to go out of our way to get to the bank to look at it.
March 2nd, 2009 at 5:55 pm
ACCOUNT ORGANIZATION
I organize my account information by having a simple Word document that gives details about each account and what my executor would need to know if I were ill or dead. The pertinent people have a copy of this document.
I also keep paper files with one year of bills except for things that you should keep longer. Every account has its own folder.
TRACKING CASH FLOW
I track cash flow with a zero-sum budget on paper every month (actually with every paycheck, so twice a month.) I have a list of all expenses that need to be paid and all amounts that need to go into savings. I don’t really bother to keep a record of each budget, since they all pretty much look the same. I have a single “master budget” in a Word document that I use to record all the regular expenses I need to keep track of. When one of those changes I modify the master budget. (For example, I know what my rent is every month and when it is due, and which paycheck to take it out of (my second paycheck of the month) to ensure I’ve got the rent in my account on the 1st. It’s auto-deducted from my account on the 2nd. This amount only changes 1x a year.)
A copy of the master budget resides with my account information, but it’s simple enough that I carry the details in my head.
The remainder is allocated between additional savings and paying bills, with a $100 cushion unallocated until the next paycheck (that $100 will be factored into the next zero-sum budget, and then a new $100 cushion is left unallocated. The net effect is I always have an unallocated $100 in my checking account, and plenty to transfer in from savings if needed.)
Then, I do all my bill paying online and rely on reconciling my checking account and credit card statements to my receipts. I don’t keep a separate register. I just monitor those two accounts diligently and keep a backup of statements in my files.
This works since I don’t write checks unless it’s the only possible way to pay something — I either charge it to a single credit card that gets paid in full twice a month, or pay in cash. Therefore transactions in and out of my checking are kept to a bare minimum.
March 2nd, 2009 at 6:45 pm
Another plug for Keepass (See #31,32,33,67 above)
Besides all the other advantages, it has a useful search feature. If I can’t remember what “sub-folder” I’ve overly organized something into I can just do a quick search and find it.
Then I can click and send my browser to the bank/credit card, etc., website and another click and it automatically enters my 16 character random password.
You can search the title, user name, url, or the “notes” section (can be any length.) I put most everything into the notes section, those stupid “security” challenge/response sets, even things like mapquest URLs.
I use a thumb drive file as my master keepass database, and after closing the database after every change I double click a little Windows script (batch file) that copies the database over the backup copy on my hard disk. I only make changes to the master memory key copy, but if I know I’m just referring to old data (not going to make changes), I can use the backup copy on the hard drive without inserting the thumb drive.
As a programmer, I check the encrypted database into my source code control system periodically and back it up other ways as well.
March 2nd, 2009 at 8:57 pm
My system is a combination of technology and common sense. I use these concepts with my clients here in the Richmond, Va., area and find it helps keep things organized. And I’ll say to you what I say to them: “Be flexible with what I suggest, and apply it to the way you do things.”
Quick Details on QuickBooks
I use QuickBooks Pro. It is well-seasoned software for financial management. This database is designed to store all the static data, such as account numbers, addresses, and contact names, and has space for notes where you can keep information such as passwords or serial numbers. QuickBooks is flexible enough to manage financial details down to the date, invoice number, and penny, which is required in a business environment. But it is also forgiving for household finances, where there may be an account called “Mad Money” that doesn’t require such stringent tracking. And, it has a budgeting feature that will fill in a new year’s budget with last year’s numbers, providing a head start on this annual planning process. QuickBooks is a good product that can pull together a bunch of what I call “financial fragments.”
Easy Computer Backup
There is a file folder in my computer under My Documents for the QuickBooks file and paperless document pdf records. I use two computers but keep these working files on my USB thumb drive, allowing access to my finances and records on either machine. It is set to backup the file to the computer hard drive each time it is closed. And because I use two machines, this provides effortless backup to two locations. Plus, each machine is then independently backed up on a schedule.
Everything In Its Place
My paper files are organized similar to the layouts of an Income Statement and Balance Sheet. Any documents that have to do with income or expenses, like on the Income Statement, are filed by date, not alphabetically. This includes items such as the power bill, the phone bill, most debit or credit card receipts, food, gas, supplies, etc. I keep a box in the back of my file drawer and just throw such documents in as I am finished with them. That way, January documents wind up on the bottom and, as time passes, December’s documents will be on top of the stack. To look something up, I check out QuickBooks first, which is usually as far as I need to go. But if I need to find the physical piece of paper, then I know the date from the computer, and can find it easily in the stack. At the end of the year, I archive the box into storage and put an empty one in its place. A business may use 10 boxes or more in a year, whereas one box is usually sufficient for a year of household finance records.
Documents that affect the Balance Sheet are usually considered permanent files and don’t get boxed up and archived at year’s end. Instead, I label a file jacket for my assets and inside have a file for my bank accounts, real estate, and investments. There is the file jacket labeled “Liability.” This is the place to keep files on my credit card account and loans (although the monthly statements for such items—if you haven’t gone to paperless statements—are still filed by date after they are reconciled and sent to the attic at year’s end).
I have a file jacket labeled insurance and keep a folder with my auto, life, & health insurance policies. And a file jacket labeled taxes with a copy of each year’s tax returns there.
Safe and Sound
I keep one extra file jacket in my permanent files called “Safety Deposit Box.” This holds a copy of everything in my bank box, as well as the key. When I see the annual bill for the safety deposit box, it triggers me to review the contents and make any necessary changes. That means an annual review of my will, life insurance, and other insurance policies, as well.
Powered By Common Sense
Common sense makes this system work well. First and foremost, be consistent. Recognize redundant items (such as monthly bills from the same company) and handle these items the same way every time. QuickBooks has a feature that lets you memorize transactions to be entered again automatically on scheduled dates. Also, use the note section in QuickBooks to put good memos on transactions so you’ll remember relevant circumstances and information later. Another rule to live by: reconcile statements. Using QuickBooks, this should only take a few minutes each month and pays major dividends when you find discrepancies and resolve them in a timely manner. If you purchase an asset, take the time to determine basis when you enter the transaction. I can’t tell you how many times I’ve done tax returns for people who don’t know the basis of the stock they’ve sold.
I’ve tried to outline here a system that works well for me. I have truly enjoyed reading everyone else’s responses and look forward to your future article.
Sincerely, Earl Kelly, Consultant, Accountant, QuickBooks Pro Advisor, Business owner, Practicing in the Richmond, Va area.
March 7th, 2009 at 4:15 pm
Jonathan Pond has a FREE Letter of Instructions available on his website that I found useful - http://www.jonathanpond.com/loi/
July 23rd, 2009 at 6:10 pm
sad…just went to the website and it’s no longer there…