Update Financial Records
Complete step-by-step checklist to update financial records covering calculate current net worth and update net worth ledger, and essential action items.
Calculate current net worth
Subtract total debts from total assets to find net worth
Update net worth ledger
Record monthly net worth in a spreadsheet to track progress
File physical contracts
Put loan, mortgage, and investment papers in a secure file box
Back up digital financial files
Upload statements and tax documents to encrypted cloud storage
Shred expired financial documents
Securely destroy statements and records no longer needed
Audit digital password vaults
Confirm financial passwords are secure in manager app
Store emergency access codes
Ensure spouse or trusted relative knows how to access records
Log home renovation expenses
Keep renovation bills to adjust home cost basis for taxes
Scan paper receipts weekly
Convert physical financial paper to digital scans
Record private lending details
Log money lent or borrowed from family with dates and rates