Updated: Jun 6, 2020
Good morning Honeys,
How is your morning going so far?
In this technological age, paper billing has become obsolete with the introduction of paperless billing. Most companies keep five years of customer information, therefore your no longer required to keep the paper trail. Long gone are the days of bringing your bank book to the bank to get your statement printed out. Now you can find that information just by logging into your account.
But which paperwork should be kept and for how long?
You must keep a printout of your checking account info just in case God forbid that if something should happen to you. Your family will need access to your bank account, which will require your account details.
The same information as above and your family will need to know what you have saved. Keep an updated copy that you can print annually.
Credit card accounts
I personally only keep the original documents which are sent with the credit card, to go over the agreement information. Which also includes any changes notification made by the card company. I don’t keep statements, I reconcile by comparing my receipts, to what I have on screen.
Which also includes student loans, lines of credits, car, and furniture loans. Keep all the information regarding loans from the first paperwork to the annual balance information. Balances should be mailed to you every six months instead of annually, and don’t forget to pay it off in full as soon as possible.
Rent or Mortgage
You must keep all rental agreements, even the ones from old apartments for up to 10 years. Also, keep all receipts for rent payments. Every time you move, create a file title with your new address to keep all information.
If you have a mortgage, keep all your tax payments and your mortgage information together.
Insurance: life, disability, health, critical illness, home, car
You can create a main folder titled insurance with sub-sections for each different kind of insurance.
Life insurance – Keep all your policies together so that your family can find it if something should happen to you.
Home insurance – Policy, claims, home repairs receipts should also be kept in this file.
Health insurance – Insurance Claims, policies, and booklets should be kept in the same file for quick access.
Car insurance - Keep a copy of any accident claims and policy changes with the original policy in the folder.
Regarding taxes, create a folder for each tax year and keep all the paperwork together. You must keep at least five to ten years just in case you get audited.
If you have any other helpful information to add, please feel free to share it with me.
TTYL and by the way…Have a great day