Summary

Being a responsible money manager includes maintaining good financial records.

Although record keeping is probably not at the top of anyone's to-do list, saving your important financial documentation and being able to find it when you need it is essential to help you:

  • Live on a budget.
  • Apply for a loan.
  • Resolve money-related problems.
  • Meet your tax responsibilities.
  • Receive what you are entitled to when you sign a contract.
  • And more.

This doesn't mean you need to hold on to every receipt, pay stub, or cancelled cheque forever. It means you need to know what documentation to keep, how long to keep it and have an easy-to-use system for storing your records.

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