Financial Resolution - Get Organized
This year Ive found some easy things I can do to get some of my piles around the house to disappear.
For instance, I have a basket chock full of stuff to file - mainly receipts. I get great satisfaction from being able to throw away stuff. Well, if you're like me do the following:
Collect and organize receipts for tax returns. The IRS requires you to keep only the last 3 years' returns. Throw away the rest, including canceled checks. But keep receipts or canceled checks for capital improvements to your house because you may need them when you sell. Also keep receipts for purchases of big ticket items in case you need to make an insurance claim.
Go through bank statements. Throw away receipts for deposits and withdrawals that have appeared correctly on your monthly statements.
The same goes for credit card purchases. Once the transaction appears on your statement, toss the receipt.
FDIC Consumer News, Fall 1994, p. 2.
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