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How Long to Keep Financial Records

financial documents

As the year comes to a close, you may be thinking about clearing out old papers to make a clean start in 2016! With so many different records, how do you know what to keep and what can be thrown out? Make sure you have your documents organized and stored safely, and dispose of forms and receipts that have been cluttering up your home!

Types of Financial Documents

financial documents

You should keep your financial records and tax documents — but for how long?

Financial documents can be considered any record of a financial transaction. There are so many financial records you can have around your home or office, and each type of financial document should be kept for a different period of time. Some records like receipts and bills you can let go in a year or less than a year, while other records should be kept for nearly a decade or more.

Bills and Receipts

Keep bills stored until the end of the year, and then take some time to go through all past bills. Bills and receipts for large purchases like furniture and jewelry should be saved and stored for a long term. If you have these receipts put away, you have proof of purchase and a record of the cost of replacement in case of a fire or other emergency.

Credit Card Statements

Hold onto your credit card receipts each month to make sure your statement and your receipts match. Taking the time to verify your credit card receipts on your statement also gives you an opportunity to look at how you spend your money each month. This habit can help you analyze how to improve your budgeting skills. You can keep your credit card statements for seven years if the statements include any tax-related expenses on them.

Paycheck Stubs

Keep a hold of your paycheck stubs from your job for tax purposes. When your employer sends you your W-2 for the year, you can use your old paycheck stubs to verify the information. If the numbers don’t match, you can get a corrected tax form called a W-2c. If everything matches, you can get rid of paycheck stubs that are a year old.

How to Dispose of Financial Documents

financial documents

Shred your financial documents and protect your information at one of GBFCU’s free Shred Days!

When you finally de-clutter your home office or file cabinet, make sure you dispose of any financial documents safely so you are not at risk of identity theft. At Great Basin Federal Credit Union, stop by for our shred days! We partner with Shred-It of Reno to help our credit union members dispose of the older information.

Stop by for one of our Free Shred Days in the new year to dispose of your financial documents safely. We look forward to seeing you!


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