organizing your finances - it's a money thing
TRANSCRIPT
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CREDIT UNIONYOUR
Organizing YourFINANCES
BROUGHT TO YOU BY
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OROR
Let’s play a game! What documents should you keep and what documents are OK to toss?
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OROR
Social Security card?
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Social Security card?
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Keep these documents forever Ideally in a fireproof safe or in a safe-deposit box and backed up on the cloud
❏ Birth/death certificates and Social Security cards
❏ Marriage licenses and divorce decrees
❏ Pension plan documents
❏Copies of wills, living wills, trusts, and powers of attorney
❏ Military discharge papers
❏ Copies of burial deeds and plots
❏ Safe-deposit box inventory
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MORTGAGECAR LOAN
Car loan and mortgage documents?
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MORTGAGECAR LOAN
Car loan and mortgage documents?
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Keep these documents for as long as you own the assetIdeally in an organized and lockable filing cabinet and backed up on the cloud
❏ Appliance manuals and warranties
❏ House and mortgage documents
❏ Insurance policies
❏ Vehicle titles and loan documents
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OROR
ULTILITIES
Utility and phone bills?
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ULTILITIES
Utility and phone bills?
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Toss after
❏ ATM deposit and withdrawal slips <30 days
❏ Utility and phone bills <30 days
❏ Credit card statements 45 days
❏ Bank statements 1 year
❏ Pay stubs 1 year
❏ Medical records 5 years
❏ Tax returns and supporting documents 7 years
❏ Investment statements 7 years
Toss these documentsIdeally after running them through a document shredder
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ATM deposit and withdrawal slips
Toss after <30 days
Make sure that the transaction is reflected on your bank statement and then get rid of the ATM slip
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Utility and phone bills
Toss after <30 days
Shred them after you’ve paid them, unless they contain tax-deductible expenses
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Credit card statements
Toss after 45 days
Shred credit card statements after 45 days, but hang onto those statements that you may need for business, for taxes, as proof of purchase, or for insurance
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Bank statementsYou only need to keep bank statements for one year
However, if records are related to your taxes, business expenses, home improvements, mortgage payments or major purchases, hold onto them for seven years
Toss after 1 year
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Pay stubs
Toss after 1 year
Keep for one year; be sure to match them to your W-2 form before you shred
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Medical records
Toss after 5 years
Keep records for five years from the time treatment for the symptoms ends
Retain prescription and health insurance information
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Tax returns and supporting documents
Toss after 7 years
You need to hold onto your returns and all supporting documents for seven years
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Investment statements
Toss after 7 years
Shred monthly statements as new ones arrive, but keep annual statements until the sale of each asset within the account occurs and for seven years thereafter, in case you get audited
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A good rule of thumb: If you will need to venture down to a government office, wait in line at a hospital or sit on the phone for an hour to retrieve
a document, then it’s likely best to hold onto it. If you can easily pop online and retrieve a document, then you likely don’t need to keep a physical copy.
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Sources: Jill on Money, Lifehacker.com, Mint.com, Suze Orman
It’s a Money Thing is a registered trademark of Currency Marketing
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