Wednesday, September 17, 2008

W4MW - Record Keeping


Have you ever wondered just how long you should keep certain documents? Well hopefully the following list will work as a guideline for you to cut down on your paper clutter...or maybe make you aware that you've been tossing things that you should keep a little longer...

What records to keep:

Tax returns, keep forever
Tax return documentation, for six years
Contracts, forever
Real estate records, forever
Last pay stub of a job if you leave that job
Last pay stub of the year for your current job
All mortgage payment checks (statements), until mortgage is paid off
All student loan payments, until loan is paid off
Car loan payment stubs, until the car is paid off
Cancelled checks, for 7 years
Bank deposit slips, for 7 years
Bank statements, for 7 years
Home improvement records, ownership period plus 7 years
Investment records, ownership period plus 7 years

What records to toss:
Credit card statements that are more than three years old
Past insurance statements
Old utility bills, except the most recent one from your old address if you've moved
Recently paid bills (statements), once you have something saying they've been paid


Make sure to stop by Rocks In My Dryer to see what other W4MW tips are available...

3 comments:

McEwens said...

GREAT ADVISE! thanks!

The Source said...

Ugh. How organized do you think I am?? All my stuff is stuffed in drawers and if it falls out it gets thrown out. I'm in big trouble.

Well...I think the hubby does keep records of some kind...and I know the bills are paid.

~~tonya~~ said...

I need to send this to my mom. She keeps EVERYTHING!! Good think though, she recently had to prove that my dad had insurance on his employees in the 1960s-70s. She had all the cancelled checks and policies to prove.fe