Financial Fixer-Upper Day 3: Set Up a Hub in Your Home

Now that we've got our goals down, and you’ve started your spending journal, it’s time to create a personal finance "hub" in your home.

Choose a designated spot, ideally where your computer is easily accessible, for all your personal finance paraphernalia. Clear out any clutter that's already there, and make space for checkbooks, files, pencils, calculators, tax documents -- everything.

Then sort through your files (or set a date in your calendar to go back and do so). With bills, receipts, notices, offers, etc., it's easy for paperwork to start piling up, and many of us feel that we need to hang on to certain paperwork that we actually don't need to keep. Find out exactly what you need to keep – and what you can toss! – here.

Then go through your files and make 3 piles: file, toss, and shred. Then get to work, filing (don’t forget to label things clearly!), tossing junk mail, and shredding anything with your personal information on it.

Do you have a special spot in your home for all your financial stuff? If not, where will you make one?

 If you missed yesterday's activity, you can find it here. To sign up for the Tax-Time Financial Fixer-Upper Challenge, click here.