I get so much stuff in the mail, I dont know what to throw away and what so save?

Question

I pay my credit card bills and am not sure whether to put the paid bill in the shredder after I have checked it out or whether to store it in a safe place.
Should I save all of the reciepts from purchases and for how long?
Should I save the carbon copies from checks and for how long?
Should I be saving my payroll stubs and for how long. (Currently I have a 10 year collection)
How long should I save my bank statements?
What kind of reciepts should I save. It all makes me so frustrated. I am sitting here next to a pile of papers, old paid bills and stuff. Help?

Answer 1

How long you save all those things is really a personal choice. Receipts you should not have to save as long as you are sure that you won't be returning the item and you won't have to use the receipt as a proof of purchasing an item. Of the other items you listed in your question most likely the reason you are saving them at all is for tax purposes. The furthest the IRS can legally go back (without the suspicion of illegal activity) is 7 years so the longest you should have to save ANY of this stuff is 7 years. Past that it is somewhat a personal choice..... how much paper do you have room to store? How much of a paper trail do you want to have? I'm a saver so I know I tend to save these things longer than most people. In any event when you do decide to get rid of them you should always shred or burn them. With identity theft being so common these days its just not a chance to take. Good Luck!

Answer 2

I found this link in an old Yahoo article. Maybe this will help you.

http://www.bankrate.com/brm/news/mtg/20000518h.asp

I meant to add that this article applies, I believe, to U.S. records (you didn't say what country you are from)