The amount of records you should keep is actually more limited than you think. Here is Clark's advice on what to keep and for how long, and what to get rid of...
What records to keep:
- Tax returns, keep forever
- Tax return documentation, for six years
- Contracts, forever
- Real estate records, forever
- Last pay stub of a job if you leave that job
- Last pay stub of the year for your current job
- All mortgage payment checks (statements), until mortgage is paid off
- All student loan payments, until loan is paid off
- Car loan payment stubs, until the car is paid off
- Cancelled checks, for 7 years
- Bank deposit slips, for 7 years
- Bank statements, for 7 years
- Home improvement records, ownership period plus 7 years
- Investment records, ownership period plus 7 years
What records to toss: - Credit card statements that are more than three years old
- Past insurance statement
- Old utility bills, except the most recent one from your old address if you've moved
- Recently paid bills (statements), once you have something saying they've been paid
