Come tax time, we’re probably all digging through files that have been gathering dust for years: old tax returns, utility bills, credit card statements. And it happens to coincide with that time of year that brings spring-cleaning.
What better time to purge?
But then there are nagging questions: Which financial documents should I keep—and what can I dispose of? Do I need to shred, so as not to lure identity thieves?
Fear not. The suggested rules for which financial documents you should keep aren’t crazy and they aren’t written in microscopic print. We’ve got them all right here.
And there’s an even better reason to consider tackling this to-do: According to a poll by the Consumer Reports National Research Center, nearly one in four Americans say they’ve either lost or forgotten about an important financial document, and only 40 percent think they could locate an important document at a moment’s notice.
First, let us offer you a potential solution to that lost-doc feeling of panic: LearnVest’s Doc Vault, available to all of our premium members. There you can securely upload all of your most important financial documents, see which crucial forms you’re missing and keep them safe until the next time you need them in a hurry.
In the meantime, here are our handy suggestions for what to upload and what to dispose of:
Trash in a Few Days:
- ATM receipts, once you record the transaction
- Bank deposit slips, once the funds appear in your account
RELATED: 5 Easy Steps to Life Without Paper
Trash After 1 Month:
- Receipts for things you bought on a credit card, once you get your statement, unless you need it for a return or a warranty
- Credit card statement, unless it has a tax-related expense on it