ACCOUNTING FOR FINANCIAL RECORDS 3

Paper clutter is a major problem, whether for a business or a personal work space at home. A business usually has a records maintenance system which schedules when files are to be discarded or destroyed. Also, there are staff to do all the work. For your personal work space, you have to do it yourself. You have to know when and what to discard.

In the two previous posts, we listed documents which must be kept permanently and which can be discarded after a certain period.

In these posts, we tell you what to do with your personal financial records. At http://www.yieldingwealth.com/personal-finance-advice-book-excerpt/, Miranda Marquit tells you about other issues in personal finance you should know.

Here is a list of records which must be kept for a certain period:

paycheck stubs = 1 year
expired insurance policies = 3 years
credit card statements = 1 year.

This list is a minimum and is not complete. Your personal situation and activities will determine other documents which must be kept.

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