Your financial records include everything you do related to money. To pay bills on time, you can keep your bills to be paid in one stack. You can stack your other paperwork into other piles for filing, for reading, and for shredding. You can set up a budget to help you reach your financial goals, such as saving up for a vacation. You can keep your temporary financial records in a file cabinet and your permanent financial records in a safe deposit box.
It’s really important to keep track of your financial records. Your financial records include everything you do related to money. So, your bank statements, receipts, money transfers, investments, withdrawals, paychecks, mortgages, loans, stocks, mutual funds, and insurance policies are all considered part of your financial records. You need to keep track of all your financial records so you aren’t late in paying any bills and so you can reach your financial goals. [/responsivevoice]
Here is a recommended list of paperwork to store and for how long:
|Minimum 1 Year||Minimum 3 Years||Minimum 7 Years +|
|Paychecks||Income Tax Returns and Statements||Paid off Loans|
|Utility Bills||Sale Receipts||Paid Mortgages|
|Cancelled Checks||Investment Returns||Wills|
|Credit Card Receipts||Insurance Policies|