Organize Your Finances with a Paper Management System

For decades, tech watchers have been predicting the rise of the paperless society, where businesses and homes are fully digital, without a scrap of paper in sight. The reality is that while email and digital record-keeping have perhaps reduced the amount of paper in our lives, they haven’t done away with it entirely — which means we still need to create and maintain good paper management systems.

At Domtar, we’re strong advocates for the use of paper in our daily lives for everything from record keeping to sustainable packaging. Studies have shown that paper is a sustainable alternative to single-use plastics, while other reports highlight the hidden environmental costs of digital communications.

But did you know a robust paper management system that organizes paper statements, receipts, invoices and written budgets can also help you become more financially responsible? Here are four reasons why:

You can see paper. When a paper statement or bill comes in the mail, it’s a physical reminder of a task that you need to complete. Emails and apps are “out of sight, out of mind” for many people, making it easy to forget to pay that bill or review that statement.

Paper tells the truth. If you make a habit of reviewing your monthly bank and credit card statements on paper, then you can’t avoid the truth about your spending habits or the amount of debt you owe. People are more likely to recognize overspending when reviewing paper statements than looking at a statement online or through an app.

You learn more with paper. The data is clear that students comprehend and retain information better when it’s printed on paper instead of shown on a screen. The same is true for adults who want to understand their financial situation. Reading statements and maintaining a paper management system can help reinforce your financial reality, inform your spending habits and help you reach your financial goals.

Paper offers security. A well-designed paper management system can bring peace of mind to consumers who want records that don’t rely on having 24/7 access to electricity or mobile networks or who don’t want to remember multiple complex usernames and passwords for online accounts. Paper records also don’t have to be upgraded as technology changes. In fact, properly stored, paper records can be securely managed for decades or even centuries.
more at: https://newsroom.domtar.com/paper-management-systems/

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