Organizing paperwork is not my forte. I hate it. My mom hated it too and I tend to take after her! My usual format for organizing paperwork is to stack it on top of the filing cabinet. The stacks of paper, old receipts, invoices, tax items, etc. just adorn the top of the filing cabinet. It’s not pretty and definitely not organized.
Last weekend I needed to find a receipt for our dryer that stopped working. That prompted me to tackle the HUGE pile of paperwork that had probably accumulated over the last two years. Nope, that’s not an exaggeration. I wish I would have taken a picture of the pile for you!
As I started my way through the massive pile, it became evident I didn’t need half of the paperwork any longer. Also the contents of my filing cabinet was way out of date too. I found manuals to appliances we no longer had, bill stubs from our house in California 10 years ago and credit card statements from accounts that are closed.
To tackle this project I did the following:
- Placed out of date paperwork in a box to be burned (or you could shred it just don’t place it in your regular trash in tact otherwise you might face identity theft.)
- Sorted the papers to save into corresponding categories like: medical, automobile, mortgage, taxes, manuals.
- Placed keepsake items and pictures in a separate box. I had ticket stubs and brochures from places we had visited mixed into this mess.
- Make folders to go into the filing cabinet that correspond with the sorted piles. Then file the paperwork away!
Paperwork to Keep:
- Receipts: Make sure to keep receipts and manuals to major purchases like appliances and electronics. Keep the warranty information with it.
- Pay Stubs: Keep the current years pay stubs until you get your W-2.
- Bank Statements: Keep the monthly bank statement for the current calendar year. Deposit slips can be tossed (shredded) after they have been reconciled on your monthly statement.
- Tax Documents: Keep all tax documents for at least 7 years.
- Loan Documents: After the loan is payed off the documents can be destroyed. Until then, keep the info.
- Automobile Paperwork: Keep the maintenance and repair records for as long as you own the vehicle. Also keep the title info until the car is sold.
- Insurance Policies: Keep the paperwork for the current policy. When the policy is renewed each year and a statement arrives, shred the previous year.
- Investment Policies: Keep end of the year statements but the monthly statements can be shredded after each month.
For more detailed information on what paperwork you should keep and what to toss, checkout this Consumer Reports article.
Just remember when tossing out paperwork to shred it or burn it!
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