What papers are important?
What receipts should you keep?
What do you do with all the papers piled on your kitchen table?
What about product manuals and assembly instructions?
Here's what I suggest keeping, plus a few tips about how to organize them:
1. Tax Returns and Support Documents - Keep these in a file cabinet (or fireproof safe) for at least 7 years (and maybe forever) including supporting documents. Here's a link with more info:
2. Receipts for Major Purchases - If your gas grill, furnace or refrigerator malfunctions within the first year or so, you should be able to document the date of sale. Even if the warranty is expired, you can still contact customer service with a valid complaint. I keep the sales receipt inside the front cover of the product manual. These are in my file cabinet. You could store them in a plastic bin in a closet or basement storage.
3. Receipts for Major Home Improvements - Depending on what state you live in and what year, there are tax breaks for certain energy-saving improvements. Keep those papers in a file or folder. They might even come in handy if you sell your house!
4. Vehicle Records - Keep your purchase records from the dealer, your insurance policy, major repair receipts (transmission, etc.), and warranties in a file, one for each vehicle.
5. Life Documents - Birth certificates, passports, wills, immunization records, social security cards, marriage certificates...all the really important stuff should be in a fire-proof box. You don't want to ever go through the hassle of replacing these documents!
6. Credit Card Statements, Utility Bills, Maintenance Receipts - It depends on your situation. If you have a small business and need to use these receipts for taxes at the end of the year, then keep them in a file for that year, then file with your taxes. If you don't need them for tax purposes, then they can be shredded once you've checked to make sure they are correct. **These are the kinds of papers I've seen piled up on a kitchen counter! Have a designated spot for them and put them away.
7. Restaurant Receipts, Gas Receipts, Grocery Store, etc... Once you've cleared the transaction with your bank account, shred these!! Don't let them pile up anywhere!
4. Vehicle Records - Keep your purchase records from the dealer, your insurance policy, major repair receipts (transmission, etc.), and warranties in a file, one for each vehicle.
5. Life Documents - Birth certificates, passports, wills, immunization records, social security cards, marriage certificates...all the really important stuff should be in a fire-proof box. You don't want to ever go through the hassle of replacing these documents!
6. Credit Card Statements, Utility Bills, Maintenance Receipts - It depends on your situation. If you have a small business and need to use these receipts for taxes at the end of the year, then keep them in a file for that year, then file with your taxes. If you don't need them for tax purposes, then they can be shredded once you've checked to make sure they are correct. **These are the kinds of papers I've seen piled up on a kitchen counter! Have a designated spot for them and put them away.
7. Restaurant Receipts, Gas Receipts, Grocery Store, etc... Once you've cleared the transaction with your bank account, shred these!! Don't let them pile up anywhere!
