Does this scenario ring any bells???
“Now, I am going to take time to file this stack of papers. Let’s see, this insurance policy is from spring of 2008, should I keep it or toss it? Hmmm….well, better to be on the safe side, I’ll keep it. What about this next paper? I don’t even know what it is, should I toss it? No, let’s just file it in my “Miscellaneous” folder. Oh gosh, how much is left? And, fifteen minutes has already gone by, this is taking way too long! I have to finish this another time. I will just put the pile on the top of the filing cabinet for now….Three weeks later the pile is still there and it has gotten quite a few new friends!!!”
One of the biggest reasons for people not filing correctly is that they don’t know how long you need to keep certain papers. So, if they are unsure they normally just file it to have “just in case”. Companies have written retention policies that state how long all papers needs to be kept for. It is then easy for an employee to follow those written “rules”. But, for our homes we normally don’t have a “retention policy”.
How do we know how long to hold on to our papers? Here are three ways you can find out.
- Talk to your accountant, CPA and/or tax accountant to verify how long you need to hold on to your financial documents and other papers.
- Go to the IRS website and look up the information yourself.
- Send an email to me marie.sanders@readytogetorganized.com and I will share with you a list on “What to keep and how long to keep it”!
Good luck with your filing! If it gets too boring or difficult, just give me a call I love setting up filing systems. Paper Management is my expertise!
P.S. Never ever set up a “Miscellaneous” folder! If you cannot determine where the paper belongs or what it is, DO NOT file it.
PPS Want to sign up for our special report on this topic? Visit: http://www.calahansolutions.info/home-record-guide.html
