Knowing where to find financial records is a basic skill for anyone-especially if you regularly communicate with credit card companies, lenders, and banks (and that means paying your bills!). Keeping records helps you track suspected mistakes and recall the dates of major events, such as loan approvals. When the financial aid office calls and you need something in a hurry, you'll be glad you brought a sense of order to your paperwork.
To set up your financial records system:
It's also good practice to save any receipts you gather in the event that your parents must help you out in a costly emergency. If they have to support you in any significant way, they probably will want to claim you as a dependent on their income tax return. So keep receipts for any unexpected expenses they pay on your behalf, such as large emergency hospital expenses that aren't covered by insurance.