As you go through the process of getting organized, I think it’s really important to eliminate clutter. The problem with financial clutter, though, is that you have to hang on to much of that paperwork for years. But some things can and should be tossed after a month or two, so I’ve created a handy guide that can help you tame the paper tiger:
Toss immediately:
Toss after a month, or when you reconcile with a bill or bank statement:
Toss after one year, or when end-of-year consolidated statements come in and you’ve filed taxes:
Toss after seven years, or when no longer needed for taxes:
Keep as long as you own the asset:
Keep forever, in a safe or safe-deposit box (with a second copy in a safe location off-premises):
Finally, I want to urge you to spend the money on a shredder. Not only will you save space in your trashcan, but you’ll protect yourself against identity theft, because a cross-cut shredder makes it virtually impossible for someone to piece your personal information back together. You can pick one up at an office supply store (and many big-box discount stores, too) for under $100.
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