Do you save and file your bills, or just throw them out once they're paid?

Question

I've heard you're suppose to save them for tax reasons--but isn't a bank statement enough of a record if you pay by check or debit card?

Answer 1

Although the utility companies keep electronic records (and you have bank statements), it is useful to save the 'hard copies' of your utility bills for a couple of years:
1. In case you have a dispute about the bill and you don't feel like showing them your entire private bank statement as proof.
2. In case you sell or rent out your house and the new owner/tenant wants evidence of what the utilities cost
3. In case you itemize your taxes and need to have evidence of expenses you've deducted.

But keep it simple! No need to have fancy files!

Just keep this year's utility bills loose in a folder, then at the end of the year empty them into a big envelope (label it Utility Bills 2007) and put it away somewhere. Every couple years, throw out the old envelopes.

You rarely need to access those bills and, if you do, it takes just a minute to search through a year's worth of them to find what you need. No need to get fancy about filing.

Answer 2

I only keep the ones that relate to a purchase where there might be a warranty issue. In terms of the other bills, shed and gone. With Check21, banks now keep an electronic image of the check so I don't even get the hard copies back anymore.

30 years of paying my own bills, I've never once had to prove that I paid it. Maybe I got lucky but I do pay them as soon as I get them, I don't wait.

Answer 3

I save every bill for 7 years, with a record of it's payment. You never know when something might come back at you on your credit report.

Answer 4

I save my bills for two full years. I once had to go back for a previous bill & was glad I did save them....you never, never know!!

Answer 5

I always save it,sometimes need it for requirement.

Answer 6

I throw them out if they are paid or unpaid.

Answer 7

I shred them.