shredding paperwork-what to keep?

[adaway]

Hi, I have loads and loads of paperwork in boxes. Things like bank statements, pays stub, old utility bills, etc.

I'm shredding old utility bills and bank statements from over a year ago. Is it ok to shred the pay stubs or other common things? I may be moving soon and I would like to downsize the mass paperwork. I may try to scan some things too.

Thanks.

[snafu]

http://www.bankrate.com/finance/personal-finance/how-long-to-keep-financial-records.aspx

l
there are several on-line sites that outline what paperwork to retain and how long. There have been so many issues with car resales, I suggest you retain Bill of Sale unless you've verified new owner has registered the vehicle/VIN at motor vehicles.

[Nightfly]

• Pay stubs: shred all but your most recent. The most recent should have all your YTD activity, which is all you really need. Your W2's will have all prior year pay info, no need to keep pay stubs from prior years.
• Insurance: keep most recent policy info, shred older policy docs.
• ID's (social security, passports): obviously, keep these. And keep them under lock and key if possible.
• Utility bills: keep your most recent. Better yet, use online payments with ALL your utilities, and avoid paper bills altogether. All utilities offer paperless billing, and keep records for at least a year online. Skip the stamps and pay online, too.
• Bank statements: another thing that resides online, in most cases. No need to hang onto these either. In fact, doing so exposes you to ID theft risk. Why cart bank statements around? Shred 'em.

[AccountantSalary]

If you're shredding things because you're relying on online records, confirm first how far back they keep those records. Your bank may only keep things accessible on the web for one or two years. Then they'll charge you a fee to make copies of anything beyond that.