Financial documents: You will want to compare your statements to your register to make sure you've accounted for all checks, debit card purchases and ATM withdrawals. Then keep your statements for seven years. Keep canceled checks for at least one year. If you write a check for an expensive item, keep the check for as long as you own the item. You'll also want to hang on to any checks related to your taxes, business expenses and housing. Utility bills: You can generally shred items such as your cell phone bill after six months to a year, unless you need them for your taxes. If you cancel a service, though, think about hanging on to your final statement for a few years, so you can prove that your account was paid in full. Tax records: Most experts recommend destroying these after seven years. Insurance records: Keep for the life of your policy. Life documents: Your birth certificate or adoption papers should be stored in a safe deposit box. You'll also want to keep your diploma(s), marriage certificate, military records or other important documents in a safe deposit box. Receipts for major purchases should be kept for as long as you own the item.

• Automobile records: Hang on to your title, registration, warranties, user guides and repair receipts for as long as you own the vehicle. If you sell the car, keep copies of any title transfer information for a few years.
  
  

Home >