I'm trying get organized, but my problem is that when it comes to bills, paperwork, etc, I save everything, so I have quite the mess to sort thru.
I know I should keep anything medical related, mortgage, financial, etc. But I also have utlity bills and the like. I don't need these right? And how long should I keep records before tossing?
Thanks!
I switched everything to electronic billing, so I don't have any paperwork to mess with. It's fabulous!
I don't keep anything. We are a paperless household (including papertowel and napkins).
Go paperless! Sign up for online bill paying/emails, etc. and then you have access to your full records without needing to organize paper!
Some advice from my accountant:
7 years for tax-related paperwork (medical bills, donations receipts, W2s-in fact once you get W2, throw out that years-worth of pay stubs, dividend stubs, annual investment statements, annual mortage interest statement, credit card statements, etc.).
One month for bank deposit and withdrawal slips, and for credit card purchases, providing you reconcile your statement each month AND the receipt is for something you have consumed e.g. gasoline, groceries.
Receipts for big ticket items for as long as you own the item.
Loan settlement letters-indefinitely.
I hope this helps. Also, I've employed a color-coded filing system. Its more expensive but hugely helpful.
I don't typically keep utilities bills, since most of that is saved online. The typical time frame is 7 years for major bills. Bills always come with loads of paper... I just save the statement part and recycle the rest.
Pretty much I've gone paperless for all the bills that have that option, the phone, the cable, even the bank statements. I keep the medical bills for ONE year and then shred. I do all my shredding at the same time I do our taxes and start over fresh. I have a shred can next to my shredder where I throw everything I'm pretty sure I wont need again, then I glance at them one last time when I shred them to make sure.
I keep all my tax return paperwork, have years of those.
Get yourself a small file box, and empty it each year at the same time. Most things don't need to be kept if you think about it.
pay the bill throw it away!
get 3 ring binders-1 for medical, one for mortgage one for insurance etc...
I tend to keep alot of things I probably shouldn't just because my hubby is self employed. But what I do is at the end of the year I print out my yearly account for all the utilities - including cell phones. That way I only have a couple of sheets of paper instead of 12 (or more) for each utility.
I"M SUPER ORGANIZED....(and it's easy)
-Just go to Walmart/Target and get a plastic letter/legal file tote (plastic filing box)
- get manila folders and hanging folders
- spread your bills out and make a file for the important ones..(write on the manila folder and write on the inserts that go onto the hanging folder)
Example: for medical bills, I have 3 folders.. "K MEDICAL", "J MEDICAL", "B MEDICAL".. The medical bill goes into the appropriate persons folder...
-FPL folders, comcast folders, car folders, all my different cc folders, etc.... I also have a receipt folder...
-Every year at the first of the year I go and get all my supplies to make the folders for the following year
I keep the previous file tote in my garage with the year on it for 5 years.. That's how long I save my stuff for...It comes in REALLY handy sometimes when I need to look back at something from 2009....
7 years is what alot of things should be kept for (tax and bank records and medical) We keep most everything else for three years. We keep them in seperate folders and desk drawers so we know where everything is.
I keep utility bills & general household bills like oil, cable, electric, phone, cell phone, home & auto insurance milkman & lawn maintenance for a year. Credit cards I keep for 3 usually. Medical and "serious" financial records (mortgage, tax deductibe stuff) and that sort of thing I keep longer.
Good luck! I hate organizing and maintaining that stuff.
I tend to keep things for a lot longer than necessary. I actually had this conversation recently with a co-worker who said with everything being on line now, she doesn't keep any of her utility bills and the like. I thought about it and have just recently adopted that philosphy also. I do keep all my mortgage paperwork (contract, etc.) but not the monthly statement. If you are going to keep everything, I would think that 6 mos to a year would be sufficient.
I am subscribed to AvidXchage's Automated Bill Payments http://www.avidxchange.com/page/automatic-payment solution, they handle all my bills and keep record of it so I don't have to :)
