4/30/2012 - Avoid clutter through better organization
In an effort to help consumers better manage their financial paperwork, BMO Harris Bank is offering tips for what things individuals should be sure to save.
"Too many people learn too late that it's vital to save certain financial documentation," said Mike Lewis, regional president of BMO Harris Bank. "Organizing and managing your financial paperwork can reap dividends over the long term."
Important documents to keep include car titles, auto and homeowners insurance
policies and warrantees. While these are important to keep at home, it may also be a good idea to hold copies of them in a separate location in case of emergency, BMO Harris notes.
In addition to holding onto these documents, it is also important to know how long they should be kept. For example, paperwork that has tax information should typically be saved for seven years, while bank statements only need to be preserved for about a year.
To save space, BMO Harris Bank advises taking advantage of technology and scanning important documents so they can be kept on storage devices, such as USB stick.