Toss ’em (i.e., shred or recycle.)
If you’re overwhelmed with paper — of which 80% you’ll never look at again anyway — it’s not necessary to save everything. I’m giving you permission to LET THEM GO!
And, if you have piles, stacks, old files and archives, i.e. you’re not maintaining what you have and/or being too much of a packrat, you’re really not in control anyway and couldn’t find what you need if you did need it.
So, do a financial housecleaning by paper purging:
•Bills from utility companies older than one year, provided they’re paid in full.
•Credit card statements for closed tax years over 7 years. And, keep any statement that contains a charge you’re contesting.
•Pay stubs and other income-related documents for closed tax years/7 years.
•Canceled checks for closed tax years/7 years.
•Bank statements for closed tax years/7 years.
•Outdated wills.
•Documents regarding cars or other vehicles you no longer own.
•Expired insurance policies
•Expired warranties
•Outdated annual reports and proxy statements.
•Take stock: Create a list of any valuable property you own, such as jewelry or silverware, and keep receipts or appraisals with the list. Either photograph or videotape this personal property. Such documentation will help prove your ownership to an insurance agent if anything is stolen or destroyed.
•Consider letting all paper statements go that you can get from the bank or company, hospital or job at the end of the year if you need just the last statement anyway.
Here is a good crosscut (recommended) paper shredder into which you can also shred credit cards.
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