Tidy Up Your "Financial Pantry": Finances, Insurance & Health Benefits

Tara Forshaw |

The end of the year is a time to slow down, connect with loved ones, and reflect on the past 12 months. It’s also a season of increased spending—on gifts, celebrations, and travel. As we look ahead to a new year, it’s the perfect opportunity to declutter and organize your finances, insurance, and health benefits.

Why take the time? Starting the year with a clear understanding of your financial health and coverage not only eases stress but also helps you set achievable goals. By creating a system and assessing where you stand, you’ll step into the new year with confidence and peace of mind.

At PCBi, we know managing finances can feel overwhelming. Here are five straightforward steps to help you organize your finances, insurance, and health benefits:

1. Categorize Your Finances and Benefits

Review your documents and group them into clear categories to make tracking easier. Examples include:

  • Bank, mortgage, and credit card statements
  • Insurance policies (life, health, auto)
  • Health and dental benefits documents
  • Medical receipts and claims

This system gives you quick access to what you need and helps you understand your current financial and benefits situation.

2. Review Your Insurance and Benefits

Use this time to make sure your coverage still aligns with your needs. Consider:

  • Updating beneficiaries
  • Checking coverage limits for life, disability, or health insurance
  • Using any remaining benefits before they expire, such as dental or vision care

3. Go Paperless

Switch to online billing and digital statements to save time and reduce clutter. Organize your digital documents with clear folders, like "Insurance Policies" or "Health Claims 2024," and automate payments to avoid missed deadlines.

4. Know What to Keep and Toss

Not all documents need to be kept forever. Save policies, contracts, and tax-related receipts for the required retention period (seven years in Canada). Shred outdated items like expired policies or receipts for completed claims.

5. Use and Plan Your Benefits

Check your benefits plan for unused coverage, and schedule appointments or submit claims before year-end deadlines. Then, assess whether your current benefits meet your needs and plan for adjustments in the new year if necessary.

Take Control Today

Organizing your finances, insurance, and health benefits doesn’t have to be overwhelming. With a little effort now, you can reduce stress, gain clarity, and start the new year feeling prepared.

At PCBi, we’re here to help business owners, HR professionals, and freelancers stay on top of their financial and benefits goals. Ready to feel empowered for the year ahead? Let’s get started.