What documents should I keep and for how long?

VaryingThese documents you may touch as often as monthly or weekly:

• Bank Statements - 1 month
• Bills - 1 year for anything tax or warranty related, all other bills should be shred as soon as they have been paid.
• Credit Card Bills - Shred immediately when paid.
• Home Improvement Receipts - Keep until home is sold.
• Investment Records - 7 years after you've closed the account or sold the security.
• Leases - Keep until you've moved out and have received your deposit back from the landlord.
• Paychecks / Pay Stubs - 1 year until you've received your W-2
• Sales Receipts - Keep for the life of the warranty. Obviously, this applies only to major purchases like appliances and electronics. I typically keep receipts for things like groceries and clothing only as long as I know I am not going to need the receipt for a return.
• Tax Documents - 7 years including your filing and all accompanying documents like W-2s and receipts.
• Vehicle Records - Keep until boat, car or motorcycle is sold.

Make sure to have a flexible filing system set up to keep these documents in check and shred them when they are no longer necessary.