How do you organize your bills?

Question

Do you keep them or throw them away? How do you file them?

Answer 1

Since the internet has made bills available electronically and since I have been using Quicken or MS-Money I find that I keep fewer and fewer paper bills past the time I see the payment was applied to the account.

I create folders for bill statements that need to be held longer term for proof of payment.

Anything that has tax purposes, such as property tax bills, medical bills, charitable contributions statements, etc. I keep in a folder for that tax year and when I complete my tax return then file it with a copy of the tax return and keep for at least 3 years, but in reality I don't throw them away even after that.

Bills related to home improvements are kept in a separate House Costs file for use to determine the basis cost for the house for future sales and tax purposes. These are kept for at least 3 years beyond the tax year after the house is sold.

I keep insurance premium statements until the next statement is received or until renewal of the policy.

I keep loan payment statements until I receive something like an annual summary or some other statement that shows the payment history and balance to-date and I keep the final payment statement until I receive a title or some other evidence that the loan has been paid off.

Answer 2

Here's my way of doing it:

As soon as I open each one, I throw away the outer envelope. I save just the bill and the return envelope. On the return envelope, I write the date it is due, in very small writing, in the space where the stamp would go. I also code it for the type of bill it is (in the same area), M for medical, U for utilities, L for loan, etc. I then put the bill into its envelope and line them up with the earliest date first. That way it is easy to get them sent on time, and also lets me know at a glance what my expenditures will be. If I'm going to be short of $$, I can prioritize them easily, too.

After each is paid, I usually keep it until the next statement comes, then either toss it (most of them) or file it (mortgage, etc.).

Answer 3

I just put them into a monthly file based on when they were paid. You almost never need to reference old bills again. If you do, this will let you find them without taking too much time filing. I put anything that I will need for taxes in the very back pocket.

Answer 4

I keep them in a basket next to my computer, and as I pay them, I file them in the filing cabinet. Every January I clean the whole thing out and shed the chaff.

Answer 5

I keep all the stubs from my bills. I have a little filing box and make folders entitled "Car Insurance, Geico", "Electricity", Bank of America Credit Card" etc...

Answer 6

I set them on a table and my wife pays them.

Answer 7

keep them