Are you keeping the right statements and receipts when it comes to organizing your personal financial records?
Receipts and payment statements can be quite time consuming to organize since we get them almost every other day and just keeping track of which receipt goes to which categories can be a major hurdle for most… :-P
And to make sure you are keeping your records right, this could be a good guideline.
Keep any tax-related records for seven years.
Keep records of IRA contributions permanently.
Keep quarterly retirement/savings plan statements until you receive an annual statement. If the numbers match, shred the quarterlies and keep the annual summaries permanently.
Shred unimportant bank records after one year; keep the rest permanently.
Oh yah, that means you will need to invest in a shredder machine too!
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