Lean Manufacturing Blog

Do you have piles of papers on your counter tops and desk? If you are wondering which papers to keep and which you can shred, this article if for you.

For 1 Month, keep your deposit and withdrawal slips (first balance against your statement) and your Paid bills that you are not writing off or getting reimbursed for (first balance against your last bill paid, then shred).

For 3 Months you need to keep your minor purchase receipts, for items such as clothing, stores usually have a 90-day return policy, sometimes less.

Keep for 1 Year your paycheck stubs and your monthly statements for your credit cards, bank accounts, brokerage accounts, mutual funds and retirement accounts.

Keep for 7 Years your W2s, 1099′s and other back-up of your tax return including donation receipts and proof of personal and business deductions and your year end statements for bank accounts, credit cards, brokerage, mutual funds and retirement accounts.

Keep indefinitely your tax returns, major purchases receipts for items such as appliances (keep for the life of the appliance), real estate residence records, wills, trusts, adoption, divorce and marriage certificates.

You can shred these items…

Your Utility Bills ” first verify that your previous payment was applied correctly then you can shred the bill (but keep the current one) except you are deducting the bill off on your taxes or being reimbursed for it. If not, shred it.

Paycheck Stubs and Monthly Statements – keep for one year then you can shred them. You do need to keep your year-end statements for 7 years with your tax returns (in case you get audited). Your tax returns need to be kept indefinitely.

Carbon copies of Checks ” generally you need only to keep these if you are getting a reimbursement or using them as receipts for items that you wrote off on your taxes. The best thing to do is to keep the actual receipt. However, if the carbon copy is your only proof of purchase, keep it with your tax return and shred the rest.

Shred everything containing your personal information. The Better Business Bureau estimates 68% of identity theft happens as a result of paper documents stolen from trash bins and recycling bins. You absolutely need to have a personal paper shredder in your home that is cross cut.

What to do with your Shredded Paper One idea is to bring it to your local humane society. They make cozy animal beds out of it. You can also use it to pack and ship items. Or, simply toss it into your recycling bin.

May this be your best and most organized year yet!

Written by Heidi DeCoux