How long should I keep bank and credit card statements for? What about voided and cashed up checks I wrote?

Question

I understand it's common sense especially if it's for work/business purpose, proof when suing or getting sued, any huge purchases like a car or house, etc... I felt my mom was exaggerating when she suggested I hold on to every single statements and receipts. No need to hold receipts for any more than a few months if purchases/payments made were for pleasure purposes (booze, cigarettes, dinner from a date, renting movies, skiing, etc.). Right? Or should I just use my judgement? Like go ahead and trash/burn those receipts/statements of pleasure purchases if I feel they won't be useful in the future?

Answer 1

I keep everything 7 years. Your credit report runs that long, and it would be good to be able to prove your case if any problems arise.

Answer 2

Statements should be kept a minimum of 2 years, but if you have a place to put them, keep everyone you get. You never know when you might need them.

Receipts are different. Keep the receipts for purchases that you think you may need to take advantage of a warranty for, or may need to return, for the length of the warranty of course. Everyday spending however would be fine to toss out unless you use them for record keeping.

Answer 3

for tax purposes they say three years. cigarettes(stop smoking) booze(good stuff) dinner for date(hope it was good) they are irrelavent to keep unless you paid by credit card and want to verify you got charged the right amount when the statement comes.