Are you determined to get your home office under control? That’s a great idea! As tax time is here, and you may be looking for financial records anyway, it’s certainly an excellent time to do some home office organization. However, as is the case when tackling almost any home organization project, you almost certainly need to do some home office decluttering too.
Even in the digital age, most of us seem to still have lots of paper records in our home offices, often because we are holding on to them in case we need them at tax time.
It doesn’t take long for these paper financial records to get the best of us, and the fact is that a lot of the stuff we think is important really just isn’t needed anymore and can indeed be discarded.
One of the most important steps to decluttering and organizing paper records is determining what is worth keeping and what isn’t. Paystubs, credit card bills, mortgage statements, utility bills, and the endless stream of financial mail are enough to overwhelm anyone, and it’s easy to err too heavily on the side of caution, end up keeping everything anyway and derailing your goal (a more streamlined, organized home office)
The fact is that no, not all of that paper should head to the shredder or recycling bin. There are some records that are important to save:
- Save pay stubs for a year. If you receive your paycheck via direct deposit and have access to those records, you can get away without saving your paystubs. If that is not the case, however, you may want to hang on to them. Though errors are infrequent, the ability to double-check your W-2 form against your paystubs can be useful. You may also need them to apply for a loan or other credit product. How long should you keep paystubs? You can run them through the shredder a year after your taxes are completed.
- Keep any paper-based investment records that cannot be easily accessed online for as long as you own the investment. Waiting 12 months after your taxes are filed is even more prudent. It’s beneficial to double-check your gains or losses when selling.
- If you do not use tax software that allows you to reprint them at will, keep copies of your tax returns for a minimum of four years. For a standard audit, the IRS will go back 3-4 years. If you’ve underreported your income by 25% or more, they can go back even further. If you’re an honest tax filer, four years is sufficient.
- Paper mortgage records are also worth saving. This includes all the documents received at closing and records of payments. Also, keep receipts related to home improvement projects. These records, which are often still paper-only, are more important than you might think, and not just for tax purposes. If you ever decide to sell your home, everyone, from your real estate agent to a potential buyer, will want to see them.
Fortunately, there aren’t many paper financial records that require saving anymore, and most paperwork can be fed to your shredder.
Avoid keeping these paper records at all:
- Put your bills in the shredder. Most bills aren’t worth saving. Only keep bills that are necessary for tax purposes. Check your bills for accuracy and then pay and shred them.
- Throw out all junk mail except preapproved credit card applications. As annoying as junk mail can be, avoid the urge to throw all of it in the trash. Shred preapproved credit offerings to avoid identity theft issues.
- Computer media can have sensitive information. Be aware of simply throwing away memory sticks, old computer disks, or hard drives. There are companies that will destroy these items for you. A hammer can serve well, too. Some experts recommend fire, but the fumes aren’t exactly safe. A hammer is more environmentally friendly. And maybe even a fun stress reliever for a bad day.
- Unless needed for tax purposes, avoid saving receipts. If you’re very conscientious and go over your finances in great detail each month, keep your receipts for a month. Otherwise, throw all receipts in the trash except those that are for items that you might want to return. Keep these receipts until the return period has expired. As a general rule, the more expensive the item, the longer a receipt should be saved. It makes more sense to keep a receipt for a new washer and dryer than an inexpensive handbag.
- It’s easy to determine which items should be shredded instead of simply thrown away. Shred items that you wouldn’t want falling into the hands of strangers. If an item contains your social security number or credit card number, shred it. Beyond that, it’s up to you.
How to Store Your Paper Financial Records
Once you have determined what paperwork you will need to keep, you will need to store it neatly and ensure that you can find it again when you need to easily. Here are some tips for this part of the project:
- Designate a Record-Keeping Location – Use a two-drawer filing cabinet or deep desk drawers. Invest a few hours to set up an organized filing system so you can find things when you need them and have a place to put tax receipts and important family records.
- Choose Your Filing Materials – To store the paper records you are going to keep in an orderly way, you can use plain manila folders, hanging file folders, and/or accordion files. Many office supply stores also sell financial record-keeping system products with customized file folders for household expense categories and types of filed documents (e.g., insurance policies).
- Categorize Your Records – Separate active records from inactive (archived) documents you will keep a long time. Active Records include bank and investment account statements, insurance policies, medical records, and warranties. Inactive Records include real estate documents, Social Security information, retirement savings statements, and copies of wills.
- Rent a Safe Deposit Box – To help make sure that they are safe you can consider renting a safe deposit box to store securities and documents that would be difficult to replace (e.g., birth and marriage certificates, car titles, stock and bond certificates, adoption papers, burial plot papers, and auto titles). Another option is to buy a fireproof home safe to store valuable papers.
Is your home office so disorganized that you don’t know where to start? We can help. A professional home office organization session will help you cut through the clutter (literally) and get the home office you need to work at your productive best. Get started today by booking an appointment here, or, if you have more questions, contacting us here.
Working with Taya and her team is easy. You can book an appointment easily on her website, or contact her directly at 832-271-7608
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