How Long Do I Need to Keep This? - A Guide to Receipts, Statements and Financial Clutter at Home

Registration - How Long Do I Need to Keep This? - A Guide to Receipts, Statements and Financial Clutter at Home

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In most homes, paper causes clutter. And it seems to mysteriously multiply by itself. But just how long do you need to keep all those receipts, bank and credit card statements and other financial papers? Below is a handy In most homes, paper causes clutter. And it seems to mysteriously multiply by itself. But just how long do you need to keep all those receipts, bank and credit card statements and other financial papers? Below is a handy reference that you can use for dealing with your home paper trail.

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Toss after One Month

Atm and bank deposit/withdrawal slips

keep in a file briefcase until monthly statement received
reconcile with your statement to ensure that charges and payments have been properly processed
if for major purchase with warranty, staple receipt to the owner's by hand and file for the term of the warranty
if for major purchase without warranty, keep receipt if item replacement cost is higher than the deductible on your homeowner's guarnatee policy
if for minor purchase without warranty, shred

Cash purchase receipts

enter into your chequebook or computer software to ensure that you are accounting for all your purchases
if for major purchase with warranty, staple to the owner's by hand and file for the term of the warranty
if for major purchase without warranty, keep receipt if item replacement cost is higher than the deductible on your homeowner's guarnatee policy
if for minor purchase without warranty, shred

Credit card receipts

keep in file until monthly statement received
reconcile with your statement to ensure charges and payments have been properly processed
if for major purchase with warranty, staple to the owner's by hand and file for the term of the warranty
if for major purchase without warranty, keep receipt if item replacement cost is higher than the deductible on your homeowner's guarnatee policy
if for minor purchase without warranty, shred

Toss after One Calendar Year

Keep for 7-10 Years

Keep Indefinitely

Now what?

Now that you know what to keep, where are you supposed to put it all?

Set up a simple home filing theory to cover the basics, and invest in a integrate of sturdy cardboard or plastic filing boxes for the facts you should keep log-term or indefinitely.

And a final caution - when you rule that you no longer need to keep inescapable documents, make sure you shred them and Do Not put them in the normal trash or recycling. Sensitive financial facts or personal facts should always be Destroyed to avoid any occasion of identity theft that could lead to headaches greater than you can imagine.

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