A quick guide to organising your financial records

Private wealth can sometimes be a difficult thing to control. Finding yourself in a situation where your funds and financial records are disorganised and all over the place is a
possible scenario in today’s busy world.

 

Here are a few profiles and situations people typically find themselves in:

  1. The pack rat has a tendency to hang on to every document that arrives in their letterbox in an overflowing file and in no particular order.
    Whenever the pack rat decides to go to his accountant, the bookkeeper often shudders at the scene.
  2. The over-saving maximalist organises everything effectively. Sadly, the over-saving maximalist has neat files which are bursting at the seams, and they
    are usually saving much more than they need to. Even though everything is well organised, whenever there is a need to audit a specific document there is simply no time to go
    through this paperwork.
  3. The smug minimalist has signed up for electronic bill-paying and online document delivery in an effort to reduce the flow of paper coming to their house.
    Nowadays, the mail they do receive mostly consists of takeout menus and real estate pamphlets.

Given the three profiles above, do any of the proposed fit your approach to managing financial paperwork? Quite the headache I can imagine.

No matter your approach, systems for organising physical financial documents are quickly becoming obsolete. Thanks to technology, it is possible to switch to a paperless
method for your financial records. You can now store these files electronically and/or access these records via your providers’ online portal.

When storing financial documents, security is significantly important. As technology is rapidly evolving, so are the rules to keep your data safe. This is good to keep in mind
whenever accessing your records. Whether you access these documents via your online portal, storage device or even on the cloud, it is always recommended that you maintain a
strong password that you do not share with anyone else, as well as change it now and again.

 

Here is some information on how to tackle and organise each category of financial records:

Investments

Chances are you will likely find your financial documents on your provider’s online portal. By opting out of mailed statements, you will be effectively decreasing the risk of cybercrime. The additional benefit is the environment; opting out of mailed statements will also help mother nature.

Banking

You can apply the same approach for banking – have a quick look at your bank’s website and see if you can readily access the documentation you need. Doing so can result in saving the most precious resource of all – your time.

Hard-to-Replace Official and Legal Documents

While the list of physical documents you need to save is shrinking, you will surely need to find somewhere safe for this small, handful of official files. This is a short-list of what we are referring to;

  • Birth Certificates
  • Original Social Security Cards
  • Death Records
  • Property Deeds
  • Will

Given the importance of these documents, some might decide to store these files in a safe-deposit box. It is fine to do this. Furthermore, it is also reasonable to have a trusted person as the owner of the box with power of attorney in your name, so they can access it in the event that you become incapacitated. Nevertheless, keeping these documents in a home safe or fireproof box would be a smarter, safer, and in some situations, cheaper approach.

Home-Related Documents

For your real estate investments, hold documentation related to purchase, refinancing, and home loans in a safe and secure place. Also, keeping a running file of any home-related improvements or upgrades made, including legal and real-estate fees incurred would be a good idea. If you have sold a property, hang on to those documents for a minimum of ten years.

Receipts for Valuables

Scan the receipts given when purchasing valuables and keep them on your computer. Additionally, you can also upload them to the cloud or an external device for extra security and safekeeping. With regard to keeping your valuables properly documented, taking a photo/video of your home’s contents every six months or so would be an excellent practice. This is particularly useful for insurance purposes in case of fire or theft.

 

Recap

In essence, after reading this article these are the following subjects you should do some further research on:

  • Gone are the days of physical documents, keep everything digital.
  • Go on your online provider’s portal and check if the documents you need, like bank statements, are provided on their system.
  • Start researching on cloud based storage systems that fit your needs.
  • Always remember to keep your financial records safe and secure, with backups on the cloud and on an external device.
  • Keep your official and legal documents safe and in check by securing them in an easily accessible location.

MeDirect supports PERFUME by Moveo Dance Company

MeDirect Bank is a proud supporter of the Maltese community, effectively reinforcing Malta’s culture and performing arts. One entity the company has always held a great relationship with is the Manoel Theatre. This weekend, MeDirect is supporting local talent in the show ‘PERFUME: A Contemporary Dance Performance’, created by Moveo Dance Company.

The performance is being produced in collaboration with Teatru Manoel. At the helm of the project is Dorian Mallia, who is the choreographer and artistic director. The show also features original music by Albert Garcia, and costumes by local fashion designer Ritienne Zammit. The act is inspired by the best-selling novel and film Perfume.

 

The novel

The book, Perfume: The Story of a Murderer, is a historical fantasy novel written by German author Patrick Süskind in 1985. The novel explores the sense of smell, and the emotional attachments scents may have for people. The story’s protagonist, Jean-Baptiste Grenouille, is an unloved 18th Century French orphan who is born with an acute sense of smell, giving him a heightened ability to distinguish between diverse scents across the world. As the story progresses, it takes a dark turn when Grenouille encounters a young girl with an unrivalled and wondrous scent, ultimately leading him down the path of murder.

 

Movie inspiration

In 2006, the book inspired the production of a film, Perfume: The Story of a Murderer. The project was directed by Tom Tykwer, and produced by Bernd Eichinger. The film starred Ben Whishaw as Jean-Baptiste Grenouille, along with Alan Rickman, Rachel Hurd-Wood and Dustin Hoffman. The movie’s budget was estimated at around €50 million, making this project one of the most expensive German films.

 

About Moveo Dance Company

Moveo Dance Company was founded in 2008 by artistic director Dorian Mallia. This performance marks the company’s journey into their ten year anniversary. Their vision is to search for the new, and capture the notion of ambiguity in performance. The company also focuses on the body when performing, stating that “within it lies a whole spectrum of possibilities that include identity, cultural and social behaviours.” Previous memorable works by the company include:

  • The Picture of Dorian Gray (2014)
  • It-Tfajla tal-Gћonella (2015)
  • Carmen (2017)
  • El Tango (2018)

Moveo Dance Company has also showcased their work internationally, with performances in the USA, Europe, India and the Gulf.

 

‘PERFUME: A Contemporary Dance Performance’ will be staged at the Teatru Manoel on the 10th and 11th May 2019. We wish the cast and crew the best of luck with the production.

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