Documents to keep as long as you own a certain item
For big purchases it is wise to keep all documents should you decide you want to sell your purchase on. Obviously, for cars, boats and all big purchases, you have to retain all receipts and documentation until you’re no longer in possession of that purchase.
• Deeds to house
• Car title, purchase papers or lease agreement
• Receipts and documentation for major purchases (highend electrical, homewares, cars, boats etc.)
• Debt repayment records
• Loan documents
Documents to discard after seven years
Anything tax or bank-related, it’s best to keep for seven years. However, these days, everything is online, so this sort of filing should be easy as the institution will have it all on record for you.
• Bank records
• Credit card statements
• Monthly statements
• Tax stuff
Documents to get rid off after one year
All things annual, you can get rid of every year. Check that it has been paid, then you can throw it out, unless you’re like me and like to compare last year’s bill with this year. Just remember to get rid of them via burning or shredding. You don’t want nasty crooks getting a hold of your sensitive everyday information.
• Financial payments
• Medical bills
• Private health insurance
• Other miscellaneous bills
• Random everyday receipts