In most households, paper build-up is a major problem, mostly because we don't know how long we are supposed to keep things. Here is a guideline to help you in your decisions:
Credit card receipts and statements- 45 days
Paycheck stubs, retirement plan and savings statements, credit union or bank records, bills- 1 year
Tax records- 7 years
Statements showing IRA contributions and legal correspondence- Forever!
*Some documents that you would normally keep for no more than a year should be kept longer such as receipts that validate a warrantee or will be used for tax deductions, or bills that might provide evidence of an item's value if it's stolen or destroyed. If in doubt, keep it.
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