Keep or Toss? Tips to Conquer Paper Clutter.
Paperwork is a big problem for many people and no one likes to file. And did you know that, in general, people only need to keep 20% of the paperwork they have? Paper can be manageable if you know what to keep and for how long. Just ask yourself these questions:
- Am I legally required to keep it? (i.e., vital records, tax documents)
- If so, for how long?
- Will I actually use it/refer to it/need it?
- Is the information still current?
- Can it easily be replicated if needed again (i.e. found on the web)?
- Is it a duplicate?
- What’s the worst that can happen if I toss it?
Now that you’ve decided if something’s worth keeping, here are some guidelines for how long to keep it:
- Permanently: Vital records including birth/death/marriage/divorce certificates, wills, military records, passports & social security cards should be kept in a safe deposit box. Diplomas, very special memoribilia, medical records (not bills) can be kept at home permanently.
- As long as you own it, then shred: Car title, house deeds, owner’s manuals, warranty receipts, household inventory list, stock certificates (in a safe deposit box)
- 7 years, then shred: Tax returns
- Until the next one comes (generally quarterly or annually), then shred: Investment statements, Insurance agreements & in-network directories, Social Security statements, school schedules
- 1 month: Monthly bills (unless it’s a tax deduction, then 7 years), receipts (once you’ve reconciled), magazines, coupons (until they expire), event announcements (once they pass)
- Daily/weekly: To Do lists, handwritten notes that are out of date, contact info (this should get entered into your address book whether paper or electronic), newsletters
- Never: Junk Mail, flyers, magazines you won’t read, coupons you won’t use, invitations for events you won’t go to. Toss these in the outdoor trash so they never enter your home.
TIP: Most banks have electronic statements and many now keep 3-6 years worth in archives so you don’t need to keep the paper bank statements once you’ve signed up. Also, investment companies can send electronic statements & you can sign up to view statements & prospectuses online so you can shred or toss these as well.
Now go blast through those piles and enjoy a clean desk!
If you’re in need of a filing system that’s both pretty & functional, take a look at the Freedom Filer: http://www.littlevirgo.com/clutter-control/freedomfiler/
It’s color coded, has pre-printed labels for everything you can think of, and “self-purging” which means it tells you how long to keep things and when to toss.
I love recommending this system for home-based business owners because of all the tax labels, and because it also handles residential filing. Kill two birds with one stone!
Receipts are a big problem for most people, so try this scanning service that works like Netflix — just mail ‘em in and they’ll get ‘em scanned for you: http://www.littlevirgo.com/clutter-control/receipt-scanning-and-management/
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