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Taming the Paper Beast: What Records to Toss and What to Keep

If you are like most people, you have drawers full of old bank statements, financial records, and other important documents. This paperwork does need to be saved for a period of time, but not usually indefinitely. Here are some guidelines for knowing when to keep or when to toss that piece of paper. If you are going to throw out any personal financial documents, you should shred them before placing them in your trash.

Keep tax returns, bank statements, mortgage statements, and other records documenting tax deductions for seven years.
Pay stubs only need to be kept until you receive your annual W-2 and have verified that it is accurate.

Keep records of IRA contributions indefinitely, along with your retirement and savings plan statements. If you receive quarterly statements, keep these until you receive your annual statement, and then keep only that.

Receipts and bills for large purchases should be kept for the life of the item, in the event you need documentation for a warranty or insurance claim.

Records related to your mortgage should be kept permanently, including your mortgage contract, receipts for home improvements, contracts with your real estate agent, and other documents related to the sale or purchase of your home.

Cypress Park Apartments in Baton Rouge, Louisiana goes out of our way to ensure that you live the lifestyle you have always desired and deserved. These helpful tips go beyond the scope of services we offer in our community in order to provide you with a more efficient routine.

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