how long to keep: bank statements, utility, other receipts?

[IcyPeas]

I am doing some filing at home today and I keep thinking I don't really have to keep these hard copies anymore since most everything is electronic nowadays. I have bank statements, utility bills, department store, credit card bills, car maintenance receipts..... all that kind of stuff. 401k statements......

Is it necessary to hang on to these things anymore?

What do you all do?

[malthaussen]

1. Until the sun is a cinder, the waters run dry...

... and babies cease to cry.

Or, five years, whichever comes first.

-- Mal

[angstlessk]

2. I have always been told 7 years...that is the amount of time IRS can go back

to audit you....or it was that way years ago?

[malthaussen]

4. Could be 7. That would fit with the statute of limitations.

Either way, longer than is convenient. And you may be sure that no matter how diligent you are, you won't have what you need.

-- Mal

[Broken_Hero]

3. I only keep utility bills, credit card bill statements

for about a month, I keep it til I get the new statement in, stating they received my payment from the month prior, than I toss the older one out.

I also keep my money order stubs til I get the next bill in too. With bank statements I keep those for about a year, then shred/burn them. I keep all tax information, and I keep all loan stuff like car loan/house loan/whatever loan, even if its paid off I keep the receipt and paperwork stating the bill has been paid off in full. I had some issues during my college years where I paid my tuition and they tried stating I didn't pay, and tried getting more money from me, so since then I keep all my paperwork on loans or bigger loan payments.

[mnhtnbb]

5. Unless it's proof of a tax deduction, I toss them. I keep all documentation for IRS tax returns

7 years--and then toss unless it's related to transfer of property.

[cliffordu]

6. All that crap goes into the trash unopened.

I ceased to care some time back.

[rug]

7. +1

I hate coupons too.

[UTUSN]

13. i.ve gotten fanatic abt shredding

But try to reduce wear on the shredder by tearing name address id into shredder and larger pages recycling. The shreds get cycled too.

[csziggy]

8. For small businesses and the self employed, 3-6 years

For individuals, probably less:

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records

[sammytko]

9. Keep them as long as YOU feel you need to keep them

I do all that stuff online.

I hate paper all over the place. But if you feel more comfortable storing records and receipts, no harm. But check the IRS link that was posted.

[Jenoch]

10. The last time we moved my parents' stuff

to a townhouse in 2000, I found boxes of canceled checks going back to the early 60s. You probably do not need to keep your financials that long.

[Generic Brad]

11. Keep mine 7 years

On more than one instance it has come in handy. I've had companies send collectors after me to collect on bills long since paid. The proof has pulled my chestnuts out of the fire every time.

[fizzgig]

12. i get all of that electronically

i think the only bill i get is for the car/renter's insurance.