As you are doing Spring cleaning to get your home in order, it's a great time to make sure your finances are tidied up as well.
David Sant, Chief Marketing Officer for Cyprus Credit Union, joined us with some tips to help get cleaning!
• 1 in 4 have lost or forgotten about important financial documents
• Only 40% could locate in a moment's notice
What to shred:
• Documents with personal identifiers
• Utility bills
• CC statements & Receipts (unless needed for warranty)
• Brokerage statements (unless needed for tax purposes)
• Paycheck stubs after one year
• Supporting tax documents older than 7 years (IRS has 3 years to audit)
What to keep:
• Tax Documents = 7 years
o Keep in one place, scan for digital copy
• Keep loan & insurance policies as long as valid
• Receipts for capital home improvements (until you sell the home)
• Receipts for large purchases, for insurance
• Estate planning: wills, trusts, power of attorney
• Update beneficiaries
• Take video of home possessions
You can find more great financial tips at cypruscu.com.