Document Organizing

We've talked about using modern and stylish filing cabinets, but what exactly are we storing in them?  Too much paper is one of the most common clutter issues.  While it is important to keep SOME records, it is not necessary to keep every document forever.  That's why we created a guideline to assist you determining how long to keep the most common business and household documents. 

The information provided here meant as a guideline. It is not financial or tax advice.  Always consult your accountant regarding the retention of financial and tax documents.

DOCUMENT	HOW LONG TO KEEP
Bank Withdrawal & Deposit Slips	o   Check against your bank statement to make sure the amounts match, then shred.
Monthly Bank & Credit Card Statements	For a business you own, 10 years. For personal purposes shred after 30 days unless there is a contested charge.
Monthly Brokerage & Mutual Fund Statements	o  If you own your own business, 10 years re Then shred. o  Otherwise, 1 year, then shred.
Monthly Mortgage Statements	o  Reconcile with your annual statement, then shred.
Annual Mortgage Statements	o  7 years, then shred.
Pay Stubs	1 year
Tax Returns, Receipts & Statements for Tax Returns	o  7 years.  Includes donations, , childcare receipts, mortgage interest, medical expenses, property tax payments, alimony/child support (paid or received) etc., then shred. Tax returns -10 Years if you own a business
Phone, Internet, Utilities	o  If you own your own business and write off these expenses, 10 years   The shred. o  Otherwise, 1 month, then shred.
Other Receipts	o  If paid by credit card, keep until you receive the statement to ensure the amounts match.  Then shred. o  If the item purchased has a warranty, keep until you no longer own the item or the warranty expires.  Then shred. o  Otherwise, enter into your monthly budget, then shred.
Insurance Policies   (Life, Home, Auto)	o  As long as the policy is active or there is an outstanding claim, then shred.
Auto Records	o  As long as you own the vehicle.  Then shred.
Investment Records	o  Forever.
Pension Plan Records	o  Forever
Loan Terms, Repayment & Discharge Documents	o  Keep all terms and repayment documents until the loan is paid off, then shred. o  Keep loan discharge documentation forever.
Medical Records	o  Forever.
Military Records	o  Forever.
Receipts for Major Home Renovations	Until the home is sold/`7-10 for tax back up/ forever
Birch Certificates & Adoption Records	o  Forever.
Marriage Certificate, Divorce & Custody Records	o  Forever.
Wills, Power of Attorney & Death Certificates	o  Forever.

A Few Tips

1) Always maintain a separate file system business paperwork and personal paperwork. 

2) Store documents in a cool, dry place off the ground.

3) Keep important documents such as birth and marriage certificates, adoption records, Wills and Powers of Attorney etc. in a safe place such as a locked, fireproof safe. 

4) Remember to shred all documents you are discarding.