This weekend my husband and I went to Detroit, Michigan to attend a wedding for one of his co-workers. We had a wonderful time at this multi-day-Indian-affair complete with beautiful saris embroidered with gold, the groom’s entrance on a white horse, fabulous Indian cuisine, and traditional raas garba dancing. The best: the kids were at home with halmony and halaboji (grandparents) and we were able to sip cocktails and talk with other friends freely. Congratulations Purvesh and Sajel!

Even though the weekend was a great getaway, I have to admit, I did feel a little weird not organizing.

So, this week the theme is “how long do you keep that?” I plan to cover; food stuffs, cosmetics and toiletries, and today, paper!

So how long do you keep that paper?  Piles of paper clutter can be a fire hazard and of course can hinder your productivity when you are searching high-and-low for that latest bill. I admit I love saving paper just-in-case. But I am running out of filing space in my home so I need to pair down. I have stacks of paper in my basement to file but do I really need to keep everything in those stacks? Here are a few bits of my brain on parting with those beloved pieces of paper.

:: Pitch the books you haven’t read in a year, magazines you haven’t cracked open in 6 months, and newsletters that aren’t current.  All of this information is accessible for free or for cheap at the library, used-book store (for cheap) or on-line. That Martha Stewart crown-rib roast recipe you meant to try is on her website. The Mass schedule for those holy days is on the Diocese website. Keep the childhood books you would like to give to your grandchildren, the ones signed by their author, and those that deserve display. If they are beautiful to you, irreplaceable, and you have room to store them, keep them.

:: Keep very important documents separately in a fire-safe place.By important documents I mean birth and naturalization records, passports, life insurance policie(s), social security cards, will(s), power(s) of attorney, deed(s), and marriage license.

:: Purge paper regularly (at least annually.) Limit your space.This makes the job easier each time you tackel it.

I never remember when to pitch what so I have compiled a basic list here so you, and I, can remember how long to keep that paper record! (As a general rule of thumb, I keep that bill, statement, financial record as long as the tax law says I should, or for the life of the policy.)

Banking
Cancelled checks – 1 yr (or 7 yrs if support tax filings)
Certificates of Deposit – after matures
Check statements – 1 yr
Credit Card statements – 1 yr (or 7 yrs if support tax filings)
Loan documents – after repay loan
Loan discharge notices – never (keep in safe-deposit box)
Pay stubs – 1 yr (balance year-end stub with w-2 tax form)

Estate (keep these items in a safe-deposit box and leave a copy with the appropriate attorney, accountant, physician, or other designee.)
Health-care proxy – when updated
Will – when updated
Power of attorney – when updated

Insurance
Annually renewed insurance policies – after renewal
Permanent life – never (keep in safe-deposit box)
Term life – after it expires (keep in safe-deposit box)

Investments
Brokerage statements – after sell the securities and then hold with your tax return for 7 years
Savings bonds – after matures

Personal documents should never be thrown away and should be held in a safe-deposit box
Birth certificate
Death certificates
Marriage license
Military-discharge papers
Social security card

Product Purchases
Car title – after you sell the vehicle (keep in safe-deposit box)
Receipts – after warranty expires and after 7 years if needed to support tax returns
Warranties – after expires

Retirement
Employer defined benefit plan communications – never
401(k) statements – when you get a new one
Social security statements – when you get a new one

Tax
Personal state and federal tax returns and supporting documents – after 7 years

I hope this helps! Happy Organizing! How do you handle your paper pieces in your home?  Leave a comment and help others manage their paper piles! 

Source:

For a more complete listing visit Consumer Reports.org.