The Financial Paperwork You Need To Keep

People acquire lots of financial paperwork over the years, including the likes of tax returns and stock documents, but what documentation do you actually need to keep and which is it okay to throw away?
The good news is that there are lots that you can get rid of if you fancy having a clear-out.

  • Bank deposit slips and ATM receipts can be disposed of the moment you can match them with your monthly bank statement and the same applies to credit card receipts unless you need to have proof of purchase or wish to take an item back.
  • Credit card statements with no tax-related expenses on them can also be thrown away, as can utility bills after you receive proof of payment on the next bill.
  • Items you need to keep for at least twelve months include pay check stubs, bank statements, brokerage and other investment statements and health care bill receipts.
  • Documents that need to be kept for at least seven years include supporting tax documents, capital improvement receipts, savings bonds, loan documents, vehicle registrations and warranties.
  • Documents such as birth certificates, divorce papers, marriage licenses, Social Security cards, estate planning documents and military discharge papers should never be thrown away and kept somewhere safe.
July 28th, 2017 by Goodwill Financial