What Records Do You Keep

I probably keep alot more stuff simply because my husband is self employed. But one thing I've done to help with the paper is at the end of the year I go to each utility website, insurance website, etc. and print out the years summary of payments. That way I can shred each individual bill. The summary shows the date, amount due, and amount paid and when/how. I also take each year and bundle everything together in a plastic (rubbemaid type) tub and store it. I think I can get 2-3 years in a tub. Just some thoughts.

Hello M.,

Tax/bank papers: 7 years
House repairs/maintenance/improvements: keep indefinitely or until the house is sold.

Utilities: I keep the one from January every year. The only reason I do that is because someone at work had to prove residency from several years back and that's what she needed. go figure!

The past couple of years I've started scanning my utility bills and also recording the info in a spreadsheet. when I enter this months bill, I have formulas in it to automatically calculate if we used more or less energy than the previous month and the previous year.

Medical expenses: a couple of years

***I just thought of something!!! I wish I had kept all my bills for the cellphone because it lists what you're paying for. sometimes they change what's offered and try to charge you for something you're supposed to have for free... like picture mail, texting, etc. that monthly bill is your proof of what you signed up for.

I probably keep more than I need. Actually, I know I do!
When in doubt, take a picture of it and save the picture.
Good luck! ~C.~

Anything to do with taxes, our mortgage, bank records, we keep 7 years. I keep the previous months bill-paper copy- until the new one arrives. I keep all medical and dental records for several months after the insurance company pays just to be sure the doctor won't come back and say I still owe something. If it is a hospital bill, I keep the records of payment for a year or so after it has been settled. I use a paper files and a file cabinet. It is just easier for me to have everything at my finger tips. We don't use financial software. My husband and I are pretty good with our money and always know how much we spend on what by taking a look at the checkbook every so often to see where we have spent our money.

I think a good rule of thumb is if you plan on taking a deduction for it on your taxes or if it has anything to do with taxes, keep it. Otherwise, shred it. Especially if you can get the info off the website. Quicken is great for keeping track of expenses.

I was told by a tax accountant that you have to keep tax records for 7 years and bank statements for 3 years. I think receipts from purchases...aprox 90 days or until paid (if longer). Unless you do NOT take the standard deduction for taxes. If you itemize, then you would have to keep the receipts longer. Credit card bills, I usually keep 3 years along with bank statements, but I think that is overkill. You probably only need to keep 1 year at most. I've been told most credit card transactions older than 6 months would not be accepted.

Oh, lord! I think we all deal with the mail clutter! lol!
Current bills that I have paid, I write "paid" on and the date, and keep until the next month's bill comes. I keep all reciepts for major purchases and I keep instruction manuals in a big plastic bag until I am ready to get rid of the item. I try to keep the clutter down to a minimum, but I think I can honestly speak for the majority that as a priority, mail sorting is low on the totem pole!
If you don't have a shredder, I highly reccomend one! Any credit card offers go straight to it. Our filing cabinet has come in very handy too! Good luck! I know it's a pain!

You're actually supposed to keep your records for. . hmm I can't remember how many years (5 maybe). If you pay online rather than with a check, you should always keep your confirmation numbers, date, amount, etc just in case. We always keep a paper copy unless it is sent through email, and then we just keep track of how much and when we paid it with a confirmation number. We probably should print out the confirmation email, but we don't.

We keep an accordian file for paid bills through the year. When the year is over, we empty and bundle up in a box. We have some things from years ago that we can go ahead and burn because it's past its time.

We use Microsoft Money. It works great!

We keep records with Quicken..it's a little work keeping it updated, but it has been great for us! Since it tracks everything, it really keeps us informed. Each month we look at our expenses and it helps keep us "in check". We can immediately see where every penny is going.

As far as records go..we are similar to Deanne. We even keep all receipts (we match them to our credit card statement each month). At the end of the year we move the files to manilla envelopes. Those envelopes will usually fit in one of those boxes copy paper comes in. We store the boxes in our attic. After seven years we shred away.