Prepare yourself for this free shredding event, or others, by weeding out your files.  You will feel great and filing your papers will take less effort with your drawers no longer be stuffed to the max.

 

 

You may be wondering, Jill, what do I absolutely, positively need to shred?  In order to protect your identity you will want to shred any papers with....

 

Your Social Security number
Banking, credit card or investment account numbers
Your Medical Record number
Pre-approved credit card offers
Other account numbers
Your birthday
Your mother's maiden name
 
This is your chance to purge away and not have to sit at your shredder for hours.  Go ahead a leave the staples on the papers if you are taking them to a shredding company.  
 

I recommend that you have a shredder in your house and ideally keep it where you process your mail.  Here are some tips if you are shopping for a shredder.  
 
Purchase the highest quality shredder you can afford at any office supply store. 
Choose a cross-cut shredder(shreds your paper into tiny pieces) over a one that cuts papers into strips.  
Look for shredders with a large wastebasket so you won't have to empty it as often.
 
Shredded paper is recyclable in Madison, WI and may be in your community too.  Contain it in a paper bag that is stapled closed.
 
Records Retention Guidelines
As your are purging papers you may have questions about the length of time you need to keep some papers.These are some general guidelines for household records.  I recommend you check with your accountant first because guidelines differ depending on whom you consult with.
 
Bank Statements: 1-7 years, most banks have these available on-line
 
Credit Card Receipts: 1 month - 1 year, unless they are a receipt for a tax-deductible purchase, then keep them with tax records.
 
Home Purchase Records: Permanently
 
Investment Records:  Keep year-end statements.  Most of these are available on-line.
 
IRA Contributions: Permanently
 
Taxes: 3-7 years
 
Tax related documents and receipts: 3-7 years
 
Utility Statements: Toss when the next month's statement arrives (unless it is a tax deductible expense), these statements are usually available on-line.

 

Now that you have these guidelines and tips, set a timer for 10 minutes a day and weed out your files.  I would love to hear about your success stories.

 

Simply,