Paperwork! What to keep!

[makingdoo]

I'm off work at the moment and finally taking the time to organise our home after moving in 4 years ago!
I've done a good job at decluttering and have given the spare rooms by using items we had forgotten we had in the attic.

Now I'm down to sorting paperwork and trying to make sense of our finances. I'm currently swimming in a sea of old bank statements, credit card statements, payslips and letters! I've been brought up to keep all this stuff in case we need it one day but surely we don't have to?

Any tips on getting my paperwork manageable?
Thank you

[Aberchips]

I generally use a rule of thumb that anything financial it's useful to keep 5 year's worth. After that shred them.

Invest in a filing cabinet & then file under "bank statements" "credit cards" "mortgage" "household bills" "insurance" etc. Work from back to front so that the most recent is at the front & to hand if needed.

[ilovepowerhoop]

I only keep about a years worth of everything and shred the rest. I dont get paper statements for a lot of things now though as they are held online e.g. bank, gas/electric, etc.

[imawigglyworm]

I usually keep 2years of bank statements and a year of other things like catalogue statements, utility bills etc.

[makingdoo]

Thank you for your replies. I was knee deep in paperwork yesterday so only getting back to the thread now.

I've decided to keep 3 years worth of statements etc
I have a great desk for paperwork storage so that's the next stage. There's just so much of it!

Once I have this organised I need to get in the habit of dealing with post straight away and also requesting paperless billing for more things!

[Joannie247]

Suggest you keep any insurance claims you have made for home and car for 5 years. 'Have you made a claim in last 5 years' is a common question.

It is sometimes interesting to look at old bank statements or payslips but not necessary to keep them.

Keep medical history as well.

[CQ]

I always thought you need to keep tax related documents for 7 years in case the taxman decides to investigate you?

But I may in fact have dreamt this up.

[Sandthorn]

I keep payslips and bills/statements for two years; mortgage statements and p60s almost forever

I did recently come across a cache of paperwork relating to the purchase of my last house... 15 years ago. The shredder saw some serious action that day!