What to Keep and What to Toss
December 1, 2008
Are you one of those folks who keep copies of paid bills, product warranties, tax returns, bank statements, loan documents, etc.? I found this little guide in a Consumer Reports Money Advisor. It was prepared by Tobie Stanger, Senior Editor, Personal Finance at Money Advisor.
1. Bank-deposit slips - can be tossed after you reconcile your statement.
2.Cancelled checks - can be tossed usually after 1 year, but you need to keep the checks that support your tax filings for 7 years.
3. Loan documents - can be tossed when you repay the loan. It is best to keep them until the loan is repaid.
4. Product receipts - can be tossed once the warranty expires.
5. 401(k) statements - can be tossed when you get a new one.
6. Personal state and federal tax returns and supporting documents - can generally be tossed after 7 years.
Obviously these are general guidelines. I know I am one of the folks who is fearful of throwing a document away lest I need it at a later time. However, as I read these suggested time frames, I realized that not every receipt and not every document have the same importance. Sorting them in the above categories will help make your financial management easier.
Are you one of those folks who keep copies of paid bills, product warranties, tax returns, bank statements, loan documents, etc.? I found this little guide in a Consumer Reports Money Advisor. It was prepared by Tobie Stanger, Senior Editor, Personal Finance at Money Advisor.
1. Bank-deposit slips - can be tossed after you reconcile your statement.
2.Cancelled checks - can be tossed usually after 1 year, but you need to keep the checks that support your tax filings for 7 years.
3. Loan documents - can be tossed when you repay the loan. It is best to keep them until the loan is repaid.
4. Product receipts - can be tossed once the warranty expires.
5. 401(k) statements - can be tossed when you get a new one.
6. Personal state and federal tax returns and supporting documents - can generally be tossed after 7 years.
Obviously these are general guidelines. I know I am one of the folks who is fearful of throwing a document away lest I need it at a later time. However, as I read these suggested time frames, I realized that not every receipt and not every document have the same importance. Sorting them in the above categories will help make your financial management easier.
posted by shirley harry at 8:14 AM
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