Yesterday, I put up my list of papers to send to the shredder. I’m supplementing that with this list on the papers that you need to keep and file. This includes papers that are hard-to-replace.

Papers to keep on file

It’s best to keep these things in a filing cabinet or in sturdy boxes:

• Receipts - Especially for your tax-deductible expenses.
• Tax returns - For the last seven years. This includes all your supporting documents as well as your nondeductible contributions to your retirement account.
• Insurance policies - Keep your life, auto, pre-needs, and home insurance policies in file.
• Bank documents - Passbooks, certificates of deposit, interest rate disclosures, monthly and quarterly expenses, and six month’s worth of canceled checks.
• Credit card statements and mortgage and bank loan records
• Payslips and employee benefits- Until you get your yearly W-2, keep them on file.
• Investments - Mutual fund documents, stock certificates
• Warranty - Receipts and warranty cards of equipments you’ve purchased.

Important/Must-keep papers

Now these documents are hard to replace and I suggest that you keep them somewhere safe like a safety deposit box or a fireproof safe at home.

• Personal records - Birth certificates, marriage certificates, death certificates divorce, adoption, citizenship documents, even prenuptial agreements.
• Wills - Check with the bank if your state requires that safety deposit boxes will be locked when you pass away. If so, give the will to your lawyer and a copy to your executor.
• Household inventory - Now it’s important to have one of these to safeguard that your insurance claims just in case something happens to your house. List down all the items in your house especially the valuables. Take pictures and keep the receipts of expensive items. Then keep them safely in a safety deposit box or fireproof safe.