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Managing documents and finances can be a difficult task even for the most organized of people. You can reduce time and cost by putting your finances in order. It can also simplify tax filing.

If you’re storing physical or digital files, you must set up an organization that is suitable for you. Start by gathering all of the documents you’ve got in one location. Examine your kitchen counters, entryway tables desks at home offices garages, car trunks and wherever else you gather papers. Discard junk mail, catalogs and expired coupons. Keep receipts and guides to products for major purchases.

Then, you can sort your paper documents into categories. For example, bank statements can be sorted according to date and then into folders for the various types of accounts, like credit or investment cards. It is also helpful to organize your files by category, which helps to locate what you’re searching for when you need it. If you have multiple accounts, like “auto” or “home”, consider using subfolders. You can also sort your accounts by the year. This is particularly useful in the event of audits and tax season.

Once you’ve separated your documents into years and divided them, make sure to review old documents and dispose of them according to legal retention guidelines. Make sure to regularly backup your files to avoid the risk of losing vital information. Consider using a document management program if you share files with colleagues.