October is a great time to look back and ask yourself if you can dispose of any paper files you have been…let’s admit it, hoarding. I used to hoard everything for seven years until I came to realize I was creating unnecessary clutter in highly-needed square footage! In actuality, we really don’t need to hold on to most things for much time.
Throw out now!
- Paper copies of bills or account statements
- Obsolete instruction manuals
Keep for one year…
- Explanations of benefits from your health insurer
- Anything that supports your individual tax returns — things like canceled checks, receipts, and charitable contributions
- Mortgage interest payments
- Tax returns
- Receipts that support figures affecting multiple years of tax returns
- Birth and death certificates
- Marriage licenses and/or divorce decrees
- Social Security cards
- Military discharge papers
- Mortgage-related documents
- Keep real estate records for as long as you own the property, plus another three years.
- Keep documents from your investment accounts for as long as you own the investment, and then another three years.
- Insurance policies should be kept as long as you have the policy.
Confused? Let Judith Heft & Associates take a look at your records to see what can be consolidated, digitized, or shredded. We’ll lend our expertise and show you what’s important and what just looks important.
At a time when indoor entertainment of any kind is at a premium, every last cubic inch of reclaimed space counts.