One of the challenges for anyone trying to live a more responsible financial life is to create a system of organization for keeping track of financial transactions and history. Financial accounts come with a lot of paperwork and it’s easy to get disorganized as mail related to your finances rolls in day after day. It can be even more challenging now as more people elect to receive statements and transaction confirmations online. Oftentimes these records are received via e-mail and never really examined by their owners.

There are several methods of record keeping that will work if you have the discipline to stay up to date on your various financial accounts. Regardless of whether you use an old fashioned file cabinet or scan financial documents and keep your records on a hard drive, here’s a breakdown of the types of documents you should keep. Many financial service providers make records available on demand at anytime but keeping track on your own will keep you from having to go on a financial statement scavenger hunt when you need something.

Savings and Checking: These statements are received monthly and are important to review to make sure the bank’s records match your own. Take a few minutes to glance through your checkbook and make sure all the checks you have written have cleared. Watch for overdraft fees, interest rates, and other important information that can change from month to month.

Investment Accounts: Brokerage statements are received monthly if there is activity in the account and quarterly if there is no activity. These documents are important because more people aren’t tracking the performance of their investments day to day. It’s a good idea to keep track of what you own so that you can make timely adjustments if necessary. Keeping these statements will also help you to track down cost basis information when you need it.

Retirement Accounts:  Most 401K and IRA accounts send quarterly statements to their customers and these should be among the easiest to review each month. Take a quick look to make sure you’re maximizing the company match and that you’re staying diversified in your investment elections.

Tax Documents: These are among the most important records for you to keep. Tax returns should be kept for at least seven years and you should also keep forms like W-2’s, 1099’s, and other items that come in the mail in an envelope marked “Important Tax Documents Enclosed.”

Credit Card Statements: You should receive a credit card statement each month showing all of your card activity for that month. This is important because everything on that report has the potential to impact your credit score. Review these statements monthly to make sure you can account accurately for all credit card activity in your name.

Mortgage Statements: Your mortgage lender should send you a monthly invoice that breaks down the various elements of your monthly mortgage payments. Many homeowners include money for principal, interest, property taxes, and home insurance all in a single payment. Some of these items are tax deductible and some, such as the property tax amount, can change periodically. Take a quick look to make sure your monthly payment hasn’t changed.

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