Paper Management is the process of acquiring, evaluating, sorting, and storing papers that contain valuable information so that they can be retrieved quickly and efficiently.
Each of the steps in this process is explored in greater detail below:
1. Acquisition
2. Evaluation
3. Sorting
4. Storage
5. Retrieval
Acquisition
This is the moment when a piece of paper (or set of papers, such as a magazine) comes into your possession. You take a letter out of the mailbox, or print something on your printer, or buy a magazine off a newsstand, or pick up a brochure at a store.
The first step toward keeping paper under control is to reduce the inflow as much as possible. If the information that’s on a piece of paper can be readily obtained from a digital source, the paper should not be kept.
Evaluation
In this step, you determine two things:
1. Whether or not the information on the paper acquired can be readily obtained from a digital source, such as a webpage.
2. Whether or not the information on the paper acquired will retain its value long enough to be applied. That is, before it becomes obsolete.
If the answer to the first question is yes, then the piece of paper should not be kept. But if the answer is no, the answer to the second question can be tricky. This is because the value of information depends heavily on one’s goals. If one is unclear about one’s goals, then it becomes very difficult to assess the value of a particular piece of information.
One must also assess the “shelf life” of the information on the paper. If it is likely to become obsolete before it can be applied, then it should not be kept. Which means only information with a very long value shelf-life or that can be applied relatively soon should be kept.
Sorting
Papers are stored most efficiently in three-ring notebooks, with section dividers. The step of sorting routes a piece of paper to the appropriate section of the appropriate notebook.
Storing
Papers are stored most efficiently in three-ring notebooks, with section dividers. This is better than using file folders because each subject can easily be subdivided into different sections and you can quickly turn to the appropriate section. This format also makes it easy to combine letter-sized papers with notes written on post-its that have been affixed to pages.
Notebooks should be stored alphabetically by subject on a set of shelves so that their titles can be quickly scanned and the right one quickly located.
Retrieval
To retrieve a given piece of paper or set of paper, one simply goes to the shelves storing the notebooks, scans to the correct area using the first letter of the notebook’s name, and takes the notebook off the shelf.
Types of Papers
– 401k Plan Description
– Financial Account Statement (Bank Account, 401K Account, IRA Account, Brokerage Account)
– Bill (Electric, Phone, Internet, Gas, Garbage, Water, Credit Card, Medical)
– Ad flyer for local store
– Annual Report
– Book Review
– Clothing catalog (e.g. Eddie Bauer)
– Computer catalog (e.g. MacWarehouse)
– Credit Card Application
– Credit Union Statement
– Furnishings catalog (e.g. Pottery Barn)
– Greeting card
– Letter from congressman
– Magazine
– Magazine subscription card
– Magazine subscription renewal notice
– Movie Review
– Mutual Fund Prospectus
– Mutual Fund Quarterly Report
– Mutual Fund Annual Report
– News article
– Paycheck stub
– Personal letter
– Quarterly Report
– Solicitation for charitable contribution
– Solicitation for magazine subscription
– Solicitation to change long-distance companies
– Tax Documents (W-2 Form, 1099 Form, etc.)
– Val-Pak coupons