How long do you keep your monthly statements?

[Z-man]

Been cleaning out my home office, and I'm beginning to realize that I don't really need that phone statement from 1996. So, how long do you keep your monthly...

...Credit card statements?
...phone / cell phone bills?
...bank statements?
...cable bills?
...Gas/Utility & Water/Sewer statements?
...Health insurance statements?
...Medical bills and invoices?
...401k statements?
...car repair statements?

...other bills and statements?

I am so glad I got myself a beefy paper shredder earlier this year!

-Z-man.

[futurefun]

When my Mom passed a couple years ago I went through her files that included bank statements, payroll stubs, receipts for all purchases going back to the 40s & 50s. So, I keep things simple & to a minimum when a new statement comes in it is checked then the last month's goes away. Find what is workable & comfortable for you without having a museum.

[sailchef]

I am paying a lot of bills online now and have them all in my email Inbox. Cuts down on paper quite a bit.

[on2wheels52]

I keep each year's shop expenses in a shoe box for ten years or so, along with credit cards and phone receipts. Pitch everything else at the end of the year.
Jim

[Gogar]

7 years.

[Z-man]

Originally Posted by Gogar

7 years.

Hmm - sounds like someone at work has to comply with Sarbanes Oxley regulations...

-Z-man.

[john walker's workshop]

i toss most home stuff, because if i ever need it, it's on some company's computer and they can provide it. i'm tempted to do the same at the shop, but haven't yet. save customer invoices and things like that and toss the rest.

[GH85Carrera]

I don't get paper statements from any of my accounts. I could print out the statements if I wanted. Everything is on the company servers. It is cool to look back 10 years on my electric bill. No real value to me except cool factor. Just use good passwords and a different password for each account.

[wdfifteen]

If it has any bearing on your taxes, my accountant says 7 years. Otherwise, I used to have my checking account and credit card receipts going back 45 years. It was interesting going back and looking at some, but a couple of years ago I threw everything but the January statements from each year. In 1970 I had car payments of $70 a month and my mortgage was $138.00.

[recycled sixtie]

I would keep the big receipts as well such as a house renovation even if it was 15-20 years ago. My wife was challenged by a creditor years back that she did not pay her reno bill. It so happened that it was the contractor who had not paid his bills. She the had the written proof that she had paid.

[Buckterrier]

I used to keep them a year, taxes 5. But with online banking I don't save any of them, sans taxes still.

[HardDrive]

We don't get paper statements anymore.

[RWebb]

keep any big receipts for house renovation until you sell - it riases the basis, so lowers the cap. gains taxes & you may need to prove that

[recycled sixtie]

Originally Posted by RWebb

keep any big receipts for house renovation until you sell - it riases the basis, so lowers the cap. gains taxes & you may need to prove that

That is correct - in the US gains on houses are taxable whereas gains on Canadian houses(primary residence that is)are non taxable.

[jcommin]

Keep no paper bills - Everything is electronic, but I don't get many either. Credit cards, utility bills, medical bills received and sent electronically. Easier, better record keeping and I don't trust the mail. Archiving is easier too. - I do keep IRS records for 7 years.

[cornemuse]

Until I get overwhelmed with paper, then, toss all but prop tax bill, insurance bills, and major purchases/warranty reciepts. Up to about 5 years ago, I had complete tax returns from my 1st job in 1965 including pay check stubs. Now I saved only the actual submitted tax forms, lost about a 100 lbs! -corne-

[john70t]

Originally Posted by recycled sixtie

in the US gains on houses are taxable....

AFAIK- Up to $250K is exempt if principal residence and lived in last 2 of 5 years: Capital gains home-sale tax break a boon for owners

[FLYGEEZER]

Total electronic. Now ..if they can just keep the power ON in Kentucky.