The Paper Purge

What to Keep and What to Toss?

Permanent Records

While Active

Seven Years

Three Years

One Year

Toss Me Monthly

Toss Now!

Kids’ School Papers

Terms

Sources

Permanent Records

To be kept in a very safe place; fire safe box and/or have copies in a safety deposit box

Keep a list on the computer or on paper of items in permanent storage

• Vital Records:
• Birth and Death Certificates
• Proof of Birth Letters
• Marriage Licenses
• Wills
• Adoption and Custody Papers
• Records of Paid Mortgages
• Separation and Divorce Records
• Military Records
• Child support Records
• Child support payments
• Medical Records from surgeries
• Legal Filings
• Settlement Agreements
• Citizenship and Naturalization Papers
• Social Security Card
• Diplomas, Certifications, and Transcripts
• Inventory of Household Goods and Appraisals
• Audit Records
• IRA Contributions
• Real Property deeds, titles.
• Baptismal Certificates

While Active or as long as you Own

Up to three years after you sell, or until warranty expires, or you can no longer exchange

• Mortgage Papers
• Home Improvement Records
• Warranties
• Insurance Documents
• Stock Certificates
• Property Records
• Records of Pensions and Retirement Plans
• Disputed bills, insurance claims, receipts etc.
• Motor Vehicle Titles, Purchase Papers, Repairs

Seven Years

• Records of Satisfied Loans
• Anything to do with taxes
• Tax Returns and any supporting documents
• Tax deductible bills, medical expenses
• Any checks, receipts, statements needed for taxes
• Records of Gifts, Charitable contributions etc. Taxes
• Records of Sale of House for Tax purposes
• Records of Sale of Stocks

Three Years

• Year End Statements after reconciled with monthly statements.
• Year End Investment Statements
• Medical Bills and Canceled insurance policies

One Year (unless tax deductible)

• Paycheck stubs- until you get W-2 then reconcile and toss
• Utility bills
• Ongoing Bills
• Canceled checks
• Monthly Bank Statements (If you receive e-statements save those and toss the paper.)
• Quarterly Investment Statements  

Toss Me Monthly after reconciliation!

• ATM Receipts, Bank withdrawal and deposit slips, credit card receipts
• Expired Coupons
• Receipts not needed for tax or warranty purposes.

Toss Now!

• Credit Card offers
• Sales offers
• “Junk” Mail
• Warranties and manuals for items you no longer own
• Coupons you will never use
• Recipes you haven’t used or don’t plan to.
• Copies of magazines (if there is an article you like clip it out and file.
• Event Announcements that have passed

Kids’ School Papers

Coming Soon!

Terms:

Reconcile- restore friendly relations between or to resolve a matter. Reconciling is something everyone must do to understand their finances. The transactions on a bank account must match the transactions on your monthly, quarterly, or yearly statements so  take one day a month, quarter, and year to make sure all of your papers match up. This helps with problems such as identity theft, bank errors, and your budget.

(Example Check your monthly statement to make sure all of your checks that you wrote for the month have cleared and are the amounts that you wrote them for.

Add up all the numbers on all your paychecks to make sure you are being taxed correctly on your W-2)

Sources:

irs.gov

www.suzeorman.com

www.kiplinger.com

justorganizeyourstuff.com

housekeeping.about.com

personalorganizing.about.com

http://besimplyorganized.blogspot.com