The question often asked is "how long should I keep certain papers?" It is important that you check with your accountant and/or lawyer before throwing out any financial or legal documents, because they know most about your unique situation. Here is a general guide of what to keep and for how long and what to toss (shred).

Keep:

Automobile records (title, registration, repairs) as long as you own/lease the vehicle

ATM slips – maximum seven years, if you need for tax purposes

Bank statements – maximum seven years, if you need for tax purpose

Credit card statements – maximum seven years, if need for tax related purchases

Catalogs and magazines – until the next issue

Dividend payment records – annual statements

Household inventory and appraisal – as long as current

Insurance polices -auto, homeowners, liability – as long as statute of limitations in the event of claims

Investments - purchase records - as long as you own

Investments - sales records - maximum seven years, if you need for tax purposes

Mortgage or loan discharge – as long as you own or seven years after discharge

Paycheck stub – one year – compare to W-2

Property bill of purchase – as long as you own the property

Receipts:

• Appliances – as long as you own item
• Art, antiques, collectibles – as long as you own item
• Clothing – for the length of the return period
• Credit card slips – until statement comes and you can match purchase
• Furniture – as long as you own, in case repair is needed
• Home improvements – as long as you own home or seven years after sale
• Household repairs – for the life of the warranty, or longer to track reliability
• Major purchase – life of item
• Medical and tax-related – maximum seven years
• Rent – your cancelled check is sufficient
• Utility bills – current bill and one year to check billing pattern
• Warranties and instructions – life of warranty or item

Retirement/401k Plan Statements –annual summary

Resume – as long as current

Safe deposit box key & inventory – as long as current

Tax records – (bank statements, cancelled checks, certificates of deposit contracts, charitable contributions, credit card statements, income tax returns, lease or loan agreements, loan payment books, pension plan records, pay stubs) current year, plus seven prior years

Vital records (adoption papers, birth and death certificates, citizenship papers, copyrights/patents, marriage certificate, divorce decree, letter of "last instructions" to executor or heirs, medical illness, and vaccination records, passports, power of attorney, social security records, wills – permanently

Toss:

Junk mail

Expired coupons

Old greeting cards – unless they have sentimental value

Invitations to past events

Expired warranties and service contracts

Instructions – for items you no longer own

Expired insurance policies

Unread magazines – if more than three months old

Old catalogs – keep only the current one

Canceled checks – unless you need for tax purposes

Checkbooks – if they are more than seven years old, or the account has been cancelled

Business cards from people whose names you don’t recognize

Old tourist brochures – from past vacations unless they have sentimental value

Road maps you have not referred to in 10 years

Solicitations from charities you don’t intend to give to

Recipes you haven’t tried in five years unless family heirloom

Bad quality photos or ones you don’t like – consider scanning

Articles or clippings you haven’t read in more than 5 years

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