Most of your financial records -- those you refer to often and those you may need at a future date such as canceled checks, bank statements, credit card statements, and tax records -- can be kept at home. However, to protect them against possible fire or water damage, store them in an insulated steel box or in a fire-resistant file cabinet. Ideally, the box or file drawer should lock so that inquisitive children cannot get into the documents. Be sure that more than one person knows where the key is kept.

Other good places to store papers so they can be easily located are in a cardboard box with a lid or in a desk file drawer. If you don't have space for a filing cabinet or wish to economize, you can purchase accordion folders with several compartments. Inexpensive stackable plastic storage containers work well as file boxes, too. Undoubtedly, many families are already keeping certain records on their home computer. (Back-up copies of computer records should also be kept up-to-date as well and stored in a safe place.)