Spring cleaning for me usually lasts about two months. Since we’ve had more rainy days than I can count lately, I’ve made time to tackle nearly every project on my list, including taking a peek at all the financial documents I’ve been saving — which I’ve dubbed the “overflowing drawer of importance”. After kicking myself for not investing in a shredder, I had a hard time wondering what should be kept and what should be tossed. Luckily, I did a little research and now I’m prepared to do some major work on the treacherous drawers that make up my filing system.
I get a weekly paystub in the mail and while I rarely open them, I’ve kept every single one. This is a good idea when checking your W2 against your earnings at the end of the year, but these can be thrown out [read: SHREDDED] a few months after that.
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Most receipts can be thrown out, but keep any record of large purchases like jewelry or electronics – especially if a warranty is involved. Unless of course, you never wear the jewelry because it was from your ex-boyfriend who had zero taste. Not that I would know, of course.
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As a former bank teller, I can tell you that you don’t need to keep your bank statements. Basically, any ATM receipts or bank statements are there for you to double check with your own records. But you can definitely kick them to the curb after a few months. Banks keep track of every transaction, and if you ever need that information again, you can request it at your local branch.
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It’s also okay to let go of any old bills you may have been hanging onto if you’ve already paid them — there’s no need to keep that paperwork, as long as you have receipt or a check stub for proof of payment. However, it is a smart idea to keep any type of bill from a doctor’s office — especially large hospital bills. This goes with receipts too- if it files under medical, definitely hold on to it. Insurance companies have a funny way of coming back a few months later looking for ‘lost paperwork.’
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Other paperwork you should always keep and have a copy of are any identifying documents. This goes for passports, birth certificates, etc. Any contracts that you sign whether through work or for your apartment should be stored away until you feel comfortable discarding them or you move.
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Tax returns should be kept for more or less seven years, according to the IRS. Keep anything that supports these returns and after sufficient time passes, they can hit the can too.
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Try to keep all of your documents together in a fireproof box and use a good organizational system that you can stick to for years to come.
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When you do have your ‘to go’ pile ready for the trash, be sure to use a shredder or rip up anything with your personal information on it. Then have a big sigh of relief now that you’ve de-cluttered your space and warded off those identity stealin’ ninjas lurking in the streets of New York.
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