Monday, August 16, 2010

Save it or Shred it?

If you are anything like me, you sometimes get bogged down with sorting through the mail. It piles up so quickly right!? Frankly sometimes I just don't feel like shredding, sorting, or filing so the pile can get pretty intense!

Another problem that I have run into is an overflow of thick files from years and years of filing statements and other papers. Since I was never told how long you are supposed to keep this stuff, I did a little research and I found out some answers! Here is what I found:

Keep for ONE MONTH:

• Credit card receipts
• Sales receipts for minor purchases
• Withdrawal and deposit slips (toss after you have checked them against your monthly bank statement)

Keep for ONE YEAR
• Paycheck stubs
• Monthly bank statements
• Monthly credit card statements
• Mutual Fund, 401K, any other Retirement account statements

Keep for SIX YEARS
• W-2s, 1099s, and other guts of your tax returns
• Year end credit card statements,
• Brokerage and mutual-fund summaries

• Tax returns
• Receipts for major purchases
• Real estate and residence records
• Wills and trusts


• Birth and death certificates
• Marriage licenses
• Insurance policies

Hope this helps!


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