Released March 21, 2008

PORT WASHINGTON, Wis. -- Looking for a way to organize the bills, credit card offers, bank statements and other financial mail you get every month?

Here are some ideas to help you get started from Mary Fran Lepeska, University of Wisconsin-Extension family living educator in Ozaukee County.

1. Limit the amount of paperwork coming into your home.

Did you know you can opt out of pre-approved credit and insurance offers by calling 1-888-567-8688? You can choose to opt out for five years or permanently. It may take up to two months to see a decrease in your mail. Meanwhile, shred all unwanted mail containing personal information.

"Consider automating your bill payments," says Lepeska. "If you have direct deposit of payroll, pension or Social Security checks, you know how convenient it can be."

Arrange to have utility bills, insurance premiums, mortgage payments or other recurring charges automatically paid out of a deposit account. Consider an automatic payroll or deposit account deduction for saving or investing purposes, too. Talk with your employer and your financial institution about setting these up and about any fees that are involved.

2. Remove your name from lists.

Register your phone number on the Wisconsin No Call list (1-866-966-2255) and Federal Do Not Call list (1-888-382-1222). Every month, telemarketers are required to stop calling people who ask to be part of the registry. Phone numbers remain on the federal no-call list for five years or longer (unless you choose to take your number off or the number is disconnected) and two years on the Wisconsin No Call list.

Calls from or on behalf of political organizations, charities and telephone surveyors are still permitted, as are calls from companies you have a business relationship with, or whose calls you’ve agreed (in writing) to take.

If a third-party telemarketer is calling on behalf of a charity, you can ask not to receive any more calls from, or on behalf of, that specific charity. If a third-party telemarketer calls again on behalf of that charity, the telemarketer may be subject to a fine of up to $11,000.

"Even if a call is exempt from this law, you can stop many of these calls just by telling them not to call you again," says Lepeska. "Federal law requires each and every business to place your name on their no-call list if you request it."

3. Find a system that works for you.

There is no single system that works for everyone, but the best system is the one that works for you. When you find it, take the time to share it with family members.

• Set up an organized filing system or take time to review and update your files annually.
• Handle incoming mail once and file, shred, or act on financial documents when they arrive instead of laying them aside
• Set up containers (boxes, file folders, large envelopes) for different kinds of paperwork; for example: coupons, bills to pay, correspondence, items to be shredded, bank statements, tax information, and things to file, such as warranties or receipts. Keep these containers in a secure place.
• Pay bills as they come in or as your paycheck is deposited, rather than saving them up to pay once a month. Set up a bill paying center that’s equipped with stamps, envelopes and other supplies.

4. Know where your important documents are located.

• Review the contents of your safe deposit box, and make a list of everything inside. If you are sole owner, you might want to arrange with your bank to have someone else added or to allow someone access to the box in the event of illness or death.
• If you find government bonds issued before 1976, cash them in. Savings bonds issued before December 1965 paid interest for 40 years and most bonds issued after that pay interest for 30 years.
• Keep important documents in a safe place: property and family records (for example, your marriage license), household inventory, insurance policies, financial records such as contracts, bonds/CDs, investments, pension and profit-sharing information.

For more information on family financial management, contact your local county Extension office.

-30-

http://www.uwex.edu/news/2008/03/get-your-financial-house-in-order

Contact: Mary Fran Lepeska, (262) 238-8291, mary.lepeska@ces.uwex.edu