Best way to get organised – know what to chuck, and what to keep

November 13, 2014

Last week I wrote about Momentum’s MyFiling solution, which is an online solution that lets you upload all your important paperwork, documents, policies etc, so that you have one central storage spot, and so that you can even share these with a financial advisor or accountant. You can also keep all your kids’ important documentation there for added convenience.

Aside from MyFiling, Momentum also has great tips for what paperwork to throw out, and what to keep, so that you’re not left with a Telkom bill from 10 years ago, and so that you don’t chuck out the plumber’s bill that you actually need for your tax return.

Here’s what can stay, and what can go:

Tax: All records pertaining to tax should be kept for five years. You can keep two years in the current file and archive the rest.

Home: Utility bills (rates, electricity etc) should be kept for one year. Maintenance receipts should be kept for as long as the guarantee is valid. Phone bills, three months, assuming that you don’t use your phone or electricity bills as a home-business deduction (if you do, that falls under your tax file and should be kept for 5 years)

Banking: Keep in mind that most bills, like credit-card statements, and bank statements can be reproduced from the internet if necessary. Keep six months’ worth (in case you apply for finance, backs need this for approval)in your current file and archive two more years.

Investments: Statements can be kept in your current file and the rest can be archived for three years.

When it comes to more complicated documents like legal papers or real-estate records, you should obviously keep them for the long haul. You should have certified copies made of documents that might be hard to duplicate like birth certificates, ID documents and passports.

You might want to consider buying a small fireproof box or safe for storage of these documents. You should also place copies in a sealed envelope and give it to a trusted family member or friend in case of a theft or fire. All should be stored in MyFiling.


This is a sponsored post for Momentum 

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