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What Financial Paperwork Should I Keep and How Long?
Posted By Ron On June 22, 2010 @ 4:43 AM In Banking,Frugality,Life | Comments Disabled
Checking account  statements, retirement account statements, credit card  statements, savings account  statements, W-2’s, tax returns, paycheck stubs, cancelled checks, insurance policies. The list of financial paperwork and files  can grow to immense proportions and if you don’t purge every now and then, the paperwork you should keep might become harder and harder to find.
Trash these after one month:
Trash after one year or after you’ve filed your taxes (ALL these should be shredded):
Trash only after seven years (and shred these as well):
Keep as long as you own it:
Never throw away:
We generate far too much paper (in my opinion) but much of it is necessary in our society. If possible, consider moving much of your paperwork to a digital format by scanning each of these documents and allowing a service such as Mozy  to back up your hard-drive.
Another option is to use a safe deposit box at your bank, but beware: the contents of your safe deposit box are not specifically insured by the bank in many cases. However, you can usually get a rider on your homeowners insurance  policy that will cover safe deposit box contents. Some banks DO offer an insurance policy on your belongings should they become damaged or destroyed.
What other important financial papers do you own and what have you been told about how long to keep them?
Photo by Marcin Wichary 
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