Search
Close this search box.
Search
Close this search box.

What Financial Documents Should I Save?

Financial Documents

Depending on the record type, the IRS recommends people keep financial documents for anywhere from 3 to 7 years.

That can already get pretty confusing, but if you deal with a lot of different important financial documents already, it can get out of hand. What can you afford to keep, and what can’t you afford to put in the garbage bin?

Don’t worry. We’re here to help you pin down which docs to save and which you can safely throw away.

The Financial Documents To Keep Forever

Fortunately for your peace of mind (and unfortunately for your dreams of a tidy office), there are some documents you need to keep forever.

There aren’t too many of these, but the documents in your forever drawer need to stay there. Someone could come calling for them at any time.

The documents you want to save are tax returns and other significant financial documents. Now, tax returns are pretty simple; just keep a copy of them every time you send money to the government. But what counts as a major financial document?

Well, think of it like this: any time you come into or lose a sizeable sum of money, keep the paperwork. Inherited a vast sum or bought property? Keep the records.

Bought a grande cappuccino at Starbucks? Less major. You can probably throw that record away.

The Ones to Keep for a While

This is where things can get murky. It’s pretty easy to identify the important stuff and the not-important-at-all stuff. But how do you know what lies between those two points?

Consider it this way: a lot of the stuff you get regularly can be discarded. For example, those credit and bank statements you receive every month? It’s a good idea to hold on to them for about a year, but you can safely be rid of them after that.

Also in this category: paystubs. If you’re trying to save documents, keep those paystubs around for a year. It’s sound financial management, and a good idea come tax season.

And if you’re thinking, “Oh no, I don’t have any paystubs at all!” check out a paystub generator. You’ll be glad you did.

The Docs To Keep for a Short Time Only

Finally, you can throw away documents that duplicate info.

For example, it’s a good idea to keep bank withdrawal and deposit receipts, but you can throw them away when you get your monthly statement (which should be held for a year!).

After all, no one is that interested in the $20 you got from the ATM over the weekend.

Keeping on Top of Your Finances

The answer to “how long should I keep this financial document?” lies in the size of the transaction it records.

You’ll want to keep records of those six-figure exchanges forever, but you can lose the receipt for yesterday afternoon’s lunch.

Keep that in mind, and you’ll never be caught out.

Liked this article? Check out our site for more!

Apart from it, you can read more entertainment and Tech articles here:  The Last Airbender 2Sherlock Season 5Homeland castNow you see meLove Alarm season 2Young Justice season 4Shield Hero season 2Salvation season 3the feed season 2Taboo season 2Jack Ryan season 3

 


Subscribe to Our Newsletter

Related Articles

Top Trending

March 19 Zodiac
March 19 Zodiac: Unveiling the Personality Traits & Future Insights
NFTs and Blockchain Protect the Authenticity of Italian Wine
From Italian Vineyards to the Global Market: NFTs and Blockchain Protect the Authenticity of Italian Wine
Struggling to Land a Job
Struggling to Land a Job? Uncover Why Many Americans Are in the Same Boat
CISSP Training and Certification
Why Cybersecurity Aspiring Pros Need CISSP Training and Certification This Year?
Personal Injury Claim to Trial
Reasons for Taking Your Personal Injury Claim to Trial

LIFESTYLE

Best Perfume for Each Zodiac Sign
Find Your Scent: Best Perfume for Each Zodiac Sign
How to Become a Better Thinker
Tips to Train Your Brain: How to Become a Better Thinker?
Prince William Kate Middleton Controversies
Prince William & Kate's Top Controversies: A Royal Saga Unfolded
leanne morgan daughter cancer
Leanne Morgan's Daughter's Inspiring Journey To Overcoming Cancer
lee zeldin wife ethnicity
The Truth About Lee Zeldin's Wife's Ethnicity [Ethnic Background]

Entertainment

Rosalind Eleazar Hands
The Emotive Power of Rosalind Eleazar's Hands: A Journey through Theatre and Emotion
purple cartoon characters
Exploring the Fascinating World of 20 Top Purple Cartoon Characters
emo anime characters
Exploring 10 Top Emo Anime Characters in Japanese Animation
call of duty lobby leaks
The Aftermath of Call Of Duty Lobby Leaks on the Dark Web
frederick heschel bialik stone
Discovering the Life and Legacy of Frederick Heschel Bialik Stone

GAMING

call of duty lobby leaks
The Aftermath of Call Of Duty Lobby Leaks on the Dark Web
Technology Evolution Gaming
How Does the Evolution in Technology Redefined the Gaming Industry?
Bonuses at Online Casinos
Emerging Trends in Bonuses at Online Casinos: A Comprehensive Overview
Space Exploration Slots
Space Exploration Slots: Winning Big in the Final Frontier
NYTimes Legal Action Wordle Clones
NYTimes Cracks Down on Wordle Copycats: Legal Actions Underway

BUSINESS

Tax Saving Fixed Deposit
Complete Guide on Tax Saving Fixed Deposit (FD) Under Section 80C Deduction of Income Tax
gina sasso
Remembering a Beloved Figure Gina Sasso and Her Achievements
Entrepreneurship Program
3 Essential Elements of a Great Entrepreneurship Program
Most Powerful Women in the World
20 Most Powerful Women in the World in 2024
Freelancer Retirement Planning Tips
A Freelancer's Guide To Future-Proofing Retirement Plans

TECHNOLOGY

CISSP Training and Certification
Why Cybersecurity Aspiring Pros Need CISSP Training and Certification This Year?
Linkedin Adding Gaming Features
LinkedIn Levels Up: Introducing Gaming for Professional Networking
Gemini AI Racial Bias Alert
Gemini AI Racial Bias Alert: A Wake-Up Call on Tech Giants' Influence
FTC Reddit AI Probe
FTC Investigates Reddit's AI Deals: What's at Stake?
Google Play Store Pricing CCI Investigation
CCI Investigates Google Play Store's Pricing

HEALTH

Male vs Female Brain
Male vs Female Brain: Exploring the Neurological Divide
Covid 19 IQ Impact
New Study: Severe COVID-19 Linked to IQ Decline, Impacts Intelligence
jason beghe parkinsons disease
The Truth About Jason Beghe and Parkinson's Disease [Latest Update]
Left Brain vs Right Brain Test
Left Brain vs Right Brain Test: Uncovering Your Dominant Mind Power
Addiction Recovery
Introduction to Addiction Recovery: 7 Essential Concepts for Your Journey to Wellness