Thanks to Marie Kondo and her popular book, “The Life-Changing Magic of Tidying Up,” you might be ready to go through your entire house and get rid of anything that doesn’t bring you joy. While your financial paperwork likely isn’t something that brings you joy, that doesn’t mean you can toss it into the trash. Learn about what you should be saving, how long you need to keep it, and how you can organize it, so it fits in with your newly tidy house.

• Tax Returns: Keep for three years from the date you filed. If you filed a claim for a loss, keep for your return seven years.
• Receipts: Keep receipts for itemized deductions on your tax return with your tax records for three years.
• Paycheck Stubs: Keep until the end of the year.
• Medical Bills: Keep for one year. If you deduct medical expenses on your taxes, keep with the returns for three years.
• Utility Bills: Keep for one year. If you claim a home office tax deduction on your taxes, keep with the returns for three years.
• Bank Statements: Keep for three years.
• Credit Card Statements: Keep until you can confirm the charges and have paid the bill. Keep for three years if you need them for tax deductions.
• Paid Off Loans: Keep for seven years.
• Active Contracts, Property Records, Insurance Documents, and Stock Certificates: Keep as long as they’re active. Once they’re complete, you can discard.
• Marriage License, Birth Certificates, Adoption Papers, Wills, Death Certificates, and Paid Mortgages: Keep forever.

Once you have all your financial papers in order, purchase a few storage boxes to hold everything. Label the outside with what’s in the box so you always know where your important financial documents are located.

Source: Her Money