It’s that time of year where we’re running around finding the perfect gift for each person on our list. Of course we all love the new and exciting “must-have” gifts of the year. But organizing your financial records is one of the best gifts you can give your family or yourself. By setting up a workable system and telling family members about it will ensure they know how to pick up the pieces should there be a crisis or death.

Getting organized doesn't mean finding a place for everything. It means knowing what to keep and for how long, where to store documents, and when to shred outdated statements.

Consider these tips to get started:

1. Eliminate waste. Toss items you don't need, such as receipts for small purchases or groceries, or records on autos you no longer need. To prevent identity theft, shred documents with Social Security numbers or account numbers. Consider software organization tools, or going paperless. Sign up for First South Financial Credit Union’s online banking and eStatements.

2. File it. Set up a simple filing system that anyone can follow, separating your paperwork into a system that works best for you. Is it easier to sort things by subject or category? Or maybe color? Whatever system you come up with, make sure it not only makes sense to you but also to anyone else who might need to access it.

3. Protect it. Get a safe deposit box at First South for anything that would be difficult to replace if destroyed, such as birth and marriage certificates, titles, household inventory, investment certificates, and military records. In addition, keep a list of important information regarding your advisors, bank accounts, contracts, insurance, investments, loans, wills/trust/estate planning, etc.

4. Establish a routine. Open and sort mail daily into Bills to be Paid, To Do/Read, File and Shred. Arrange bills so you can pay them about the same time each month. And every year or so, weed your files.