How long do you save...

In an attempt to do a little spring cleaning, I am organizing our files and trying to put away that giant pile of paper that seems to take over our counter... the question is, how long do you save things like:

pay stubs
bank statements
credit card statements
receipts
car bills
LIPA & other house bills (water, cable, etc)
medial explanation of benefits?

Re: How long do you save...

Everything is online for us. What I get in the mail is reviewed and shredded.

I keep tax returns for 7 years.

Re: How long do you save...

anything that I might need for a tax audit I would keep 7 years. If you are using any of those for write offs etc, keep for 7 years.

everything else, I keep in boxes until I run out of room

But i think the norm is 1-2 years.

Re: How long do you save...

Good question..... I plan on purging a lot next week.
Link to full answer here
-Taxes -- Seven years. The IRS has three years from your filing date to audit your return if it suspects good faith errors, and six years if it thinks you underreported your gross income by 25 percent or more.
-IRA contributions -- Permanently.
Retirement/Savings plan statements -- From one year to permanently. Keep the quarterly statements until you receive your annual summary; keep the annual summaries until you retire or close the account.
-Bank records -- From one year to permanently. Throw away checks that have no long-term importance, but keep checks related to your taxes, business expenses, and housing and mortgage payments.
-Brokerage statements -- Until you sell your securities.
-Bills -- From one year to permanently. In most cases, when you receive the canceled check, the bill can be tossed. However, you should keep bills for big purchases (e.g., jewelry, appliances, cars, collectibles, etc.) for proof of their value in the event of loss or damage.
-Credit card receipts and statements -- From 45 days to seven years. Keep the statements seven years if they document tax-related expenses.
-Paycheck stubs -- One year. If your W-2 form matches your stubs, you can toss your stubs.
-House/Condominium records and receipts -- From six years to permanently.

Re: How long do you save...

Posted by HeatherRose

anything that I might need for a tax audit I would keep 7 years. If you are using any of those for write offs etc, keep for 7 years.

everything else, I keep in boxes until I run out of room

But i think the norm is 1-2 years.

Re: How long do you save...

I just recently shredded all my paychecks from MCI going back to my first one in 1994!!!

Monthly bills I shred when the next one comes in.

Re: How long do you save...

Message edited 4/6/2009 9:41:13 AM.

Re: How long do you save...

We shred everything. All our paystubs are available online as well as our credit card statements, mortgage statements, bank statements etc.
We have no room for all this cr@p in our house

Re: How long do you save...

Re: How long do you save...

I shred everything. Maybe that's not the best idea

Re: How long do you save...

Posted by JessInCA

I shred everything. Maybe that's not the best idea

Re: How long do you save...

Credit card statements and reciepts I save for a month. Tax returns and bank statements are permanant. Anything insurance related stays until we no longer have that insurance. Everything else is a year.

Message edited 4/6/2009 3:55:12 PM.

Re: How long do you save...

Just a heads up for those going for a loan. (home, refinance, etc)

I was a shreader too. Two days before my closing my bank decides to ask for original check receipts for numerous checks that were months old. I called the bank, they told me it would takes weeks to furnish my request and that they couldnt email that kind of confidential info. (umm helloooo i do ALL my banking ONLINE) It was a real PIA, and i almost lost my house because of it !!>!!>!> So keep those bank records (EVERY page) !!!