Pay slips, ATM receipts, bank statements, etc

  • beaujangle

    Posts: 1701

    Jan 06, 2010 10:11 AM GMT
    It's the start of the year and it's good to throw things away to minimise clutter. One thing that bothers me is paperwork such as bank statements, etc. For how long is it advised to keep stuff like these? At least in the last 12 months?

    Accountants and tax lawyers might be the 'best' people to answer this.
  • jessetriguy

    Posts: 339

    Jan 06, 2010 12:16 PM GMT
    Most banks have an option to go paperless. You can view and print your current and old statements as well as look up transaction history. It beats keeping all that paper.icon_biggrin.gif
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    Jan 06, 2010 12:18 PM GMT
    You need to keep them for at least 7 years for tax purposes.
  • bobrusso

    Posts: 18

    Jan 06, 2010 12:40 PM GMT
    Agree, 7 years minimum.
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    Jan 06, 2010 1:08 PM GMT
    Just found this on the web:

    How long do you keep records, paperwork?

    SAN ANTONIO EXPRESS-NEWS

    April 10, 2005

    SAN ANTONIO EXPRESS-NEWS

    How long is too long to keep personal records and paperwork? Pam Hughes, a professional organizer, has these guidelines for home records.

    Keep forever:

    Educational records (transcripts, diplomas)

    Employment records

    Important correspondence

    Legal records, medical directives, power of attorney

    Medical history

    Retirement and pension records

    Vital documents (birth, death, marriage, adoption, military, etc.)

    Wills

    Keep seven years

    Accident reports and claims

    Bank statements

    Income tax returns

    Supporting documents for tax returns

    Keep one to three years

    Credit card statements

    Expired insurance policies

    Medical bills (in case of insurance disputes)

    Utility records

    Car records (keep until the car is sold)

    Credit card receipts (keep until verified on your statement)

    Dividend receipts (keep until annual statement, then just annual statement)

    Insurance policies (keep for the life of the policy, plus three to seven years in case of late claims)

    Inventory receipts (major items as long as owned)

    Mortgages/deeds/leases (keep six years beyond the agreement)

    Other bills (keep until payment is verified on the next bill)

    Pay stubs (keep until reconciled with your W-2)

    Property records/improvement receipts (keep until property sold, plus seven years if tax-related)

    Sales receipts (keep for life of the warranty)

    Stock and bond records (keep for six years beyond selling)

    Warranties and instructions (keep for the life of the product)


  • Posted by a hidden member.
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    Jan 06, 2010 4:11 PM GMT
    Thanks Vic..
    (copy and pasting)
    Just a comment… I did the cleaning out the file cabinet thing a while back and could have used this list. I couple months ago I received a statement from a collection agency stating, I still owe money on a speeding ticket I received over 6 years ago and I have no proof I paid it.
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    Jan 06, 2010 4:39 PM GMT
    beaujangle saidIt's the start of the year and it's good to throw things away to minimise clutter. One thing that bothers me is paperwork such as bank statements, etc. For how long is it advised to keep stuff like these? At least in the last 12 months?

    Accountants and tax lawyers might be the 'best' people to answer this.


    7 years is the statutory limit.

    We keep our stuff in electronic format.
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    Jan 06, 2010 7:19 PM GMT
    Buy a scanner for under $100. Scan all your documents into PDF. Organize your paperwork and file them into those cardboard file boxes from Staples. After 7 years, toss the box into a fire pit, light it up, and roast a few smores. icon_lol.gif
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    Jan 06, 2010 8:12 PM GMT
    We get all of our bills electronically, where we can.

    I have all the records all the way back to 1994 stored on the hard drive, and two 4G thumb drives, as well as an off site backup.

    Anything that we get on paper we scan and shred.