Now that we have waged war against the paper monster in our homes – are you winning? I am excited to say it has made a huge difference in my home and I am feeling a bit like I can take a deep breath.
As promised, here are the final tips on “what to keep and what to toss”:
- Insurance Policies (auto, home) and property titles – Keep until the policy expires or you no longer own the insured item.
- Health-insurance policies/records – Keep as long as the policy is in effect and until any treatment or claim is resolved. If you are deducting health-care costs on your tax return, keep those records for seven years.
- Loan, lease and financial-aid agreements and documents – Keep as long as the agreement is ongoing.
- IRA Statements – Until you reconcile your contributions and withdrawals with the annual statement. Annual statements should be kept permanently.
- Tax Returns – Seven years
- House/mortgage records, deeds, related documents – Keep as long as you own the property and seven years afterward for tax purposes.
- Canceled checks – One year. Exception: Those related to taxes (keep for seven years), home improvements or mortgage payments.
Now that you are on track…why not make a pot of this delicious and filling soup. Nothing better on a February night than a big bowl of piping hot homemade soup!
