Know what to save and what to pitch!

The following tips will help you in determining what items to keep and what to pitch.

• Grocery receipts and other nondeductible expense receipts and statements can be destroyed after they have been recorded for budgeting purposes.
• Canceled checks should be saved for three years.
• Tax returns and supporting schedules and documents should be kept for seven years.
• Utility bill stubs may be destroyed after recording, however, you may wish to hold onto these for a year to compare monthly costs.
• If you plan to sell your home, you will want to retain these bills, to show to prospective buyers. Documents pertaining to buying, selling or improving your home should be kept indefinitely.
• Records on major purchases should be kept as long as you have the item.