I’ll Never Lose Track of an Invoice Ever Again, Thanks to My Dad’s Brilliant Trick

From apps to track expenses to auto payment scheduling for your credit card or utilities, there are a lot of paper-free ways to manage your finances. As a freelance writer, however, I still receive paper bills and statements that are sometimes challenging to keep track of. I appreciate direct deposit, but I still have to use old-school methods to manage paperwork relating to my income. 

When my finance-savvy dad visited me recently, he took one look at my pile of paperwork and said I needed to overhaul my filing system — or rather, actually create one. His recommendation was to use what he calls a “bill box,” and it’s made everything so much easier.

A “bill box” is a cardboard box with a lid that is used to store paperwork or other items. Commonly, these boxes are known as storage boxes or corrugated boxes, and can be bought at any office supply store or major retailer. In a pinch, you could use any old packaging box; however, you want to be sure that the box can be fully closed without the need for tape. Label your box with that year and what will be in the box (tax forms, bills, etc.). 

My dad told me that, “each time you get a receipt, financial statement, or a bill,” even if I paid with a check or online (direct deposit, for instance), I should “file it in the bill box.” His key piece of advice? “Don’t procrastinate. Immediately toss [the receipt] into the box or you never will. Then, at the end of the year, all of your paperwork is in one place.” He got me started with an empty box to use, labeling it with the current year and the phrase “taxes and paperwork” on the lid. 

I did initially feel embarrassed about my disorganization. I admittedly have a very messy writers’ desk, and before I got the box, my paperwork was strewn about. But ultimately, this simple organizational method did provide an immediate solution. I was quickly able to pile everything important in my newfound bill box, extending to even bank and credit card statements. It’s made filing, especially this last tax season, so much easier.

When it comes to storing the bill box, you’ll want to keep it in a space that’s hidden, but easily accessible. I put mine on a closet shelf where it wasn’t out in view. And if you want to stay more organized, you can consolidate paperwork related to the same topic or from the same source (like the same bank) in their similar mailing envelopes. I also bought manila envelopes and repurposed my old school and past work folders to hold larger-sized documents.  

After you file your taxes, make sure you shred your documents in a timely manner to protect your identity and make sure that the paper clutter doesn’t pile up too much. The Federal Trade Commission’s webpage provides helpful guidelines on what important papers to keep and for how long.