how long should you keep your papers?

I am often asked by my clients how long they need to hang onto their important documents...and what is OK to trash and what should really be shred. So, I've put together a short list of some very important document you probably have lying around your house, and when you can get rid of them!

This is DAY 5 of our Week-Long Paper Management Marathon. Each day we will give you one more tip to get your paper clutter under control. Keep reading to learn more!

• Bank and Credit Card Statements: 1-2 months
• you can shred these every time the next month's statements arrives. You can also sign up for paperless statements and have them delivered to your inbox.
• Utility Bills: keep for the calendar year and then shred. You can also get these delivered to your inbox too!
• Loan Payments: keep for the calendar year so you can report your interest for tax purposes. You might also want to keep the information until your loan is paid off.
  
• Receipts for big-ticket items: Keep the receipt, warranty information and manuals until the warranty is expired or until the item is paid off.
• Insurance and Medical Statements: keep the information for the year the insurance is for. After that year, evaluate the material and if it is not relevant, shred it. Keep medical records until your insurance has paid for their portion.
  
• Home Improvement and Renovation: File the bill until the service warranty has expired. You should file it with information about your home so you can reference the date of the service in case it is an annual event.
  
• Taxes: you MUST keep these for a minimum of 7 years, according to the IRS. After that you should shred them.
• Personal Information (wills, birth certificates, passports): keep for your entire life in a fireproof box.

Hopefully that list will help you as you strive to control your piles of paper. For more advice on organizing your things, check out my website at www.andreadekker.com