Cleaning out the garage

[illini]

I am cleaning out the garage and I have BOXES of cancelled checks and bank statements. I also have old paystubs. How long do I need to keep this crap?

 

[Kae]

DH says 7 years.

Kae

 

[Free4Life11]

Really?? I throw out all my paystubs except for the last one of the year!

I am studying accounting too...LOL! I didn't realize you shoulder keep them, I figured the W2 would sum it up...

I hate clutter so try and keep as few documents as possible.

I don't get cancelled checks, because I think they charge for them. I just have the carbon paper type-stuff saved, do I need to save those? You can hardly see what the check is for anyways.

 

[Aidensmom]

I save all of my bank statements for the last 7 years (which come with photocopies of the checks, I don't get cancelled ones), but I only keep my latest paystub, unless I know I am going to be applying for a mortgage or something, then I save the last 4 or 5. Is there a reason to save more than that?

 

[Barb D]

I don't save cancelled checks. I can get them online if I need them.

Make sure you shred (or burn) them if you do decide to dispose of them. Don't just throw them in the trash.


Free4Life11, I accidentally got the carbon copy checks the last time I ordered them. It is handy. The carbon copies do you no good whatsoever, though, except as a temporary record until you can get them into Quicken or however you balance your checkbook. I shred mine once the book is used up and all of the checks are recorded.

 

[swilphil]

If you are worried about being audited, then save them for 7 years. I can't think of another reason why you would want those records for longer than 7 years.

 

[Free4Life11]

If you don't itemize (I don't) do you need to keep anything? If they audited me, all I can imagine the'd need is my W2's.