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Advertiser Disclosure. By Gayle Sato. Maintaining a Paper Trail. Safe deposit boxes used to be a popular method for storing valuables, including essential documents. Not all bank branches offer safe deposit boxes today, but it can be an option if you prefer keeping these documents offsite.
Keep in mind that you are at the mercy of the financial institution as to when you can access your safe deposit box. Many financial institutions and businesses now let you opt for electronic billing and statements, either through email or online account access. Some banks charge a fee for paper statements now, as electronic paperwork becomes more readily available. For other documents, you can use a scanner to scan them into your computer, or you can take photos using your cell phone.
Other digital storage options include external hard drives, like HDDs and SDDs, which are compact solutions for storing massive amounts of electronic data.
An even more compact solution is storing electronic paperwork on a flash drive, although flash drives also are easier to misplace or damage. If you go the digital route, it may be a good idea to create multiple backup copies in case one of them is damaged or fails. Digital backups take up much less space than having multiple paper copies of your important documents.
Another option is to go with cloud-based storage for essential paperwork. The past several years have seen an explosion of cloud-based solutions, including:. Using cloud-based storage not only saves on space, but also can be great for organizing and keeping your documents secure, since most services guarantee protection through encrypted networks. Many cloud-based solutions allow access through mobile devices, making your documents accessible almost anywhere in the world.
The last thing you want to do is shred something to save space, only to need it five years later. Throwing away documents with your trash exposes your information to anyone willing to do a little dirty work to steal your identity.
You might not realize how much information is present on your old bills, statements, voided and canceled checks and other financial documents. Your best option is to shred any documents that contain sensitive information before tossing them. Either invest in a shredder for your home or utilize a professional shredding service.
Many cities also hold free paper shredding days for residents. A financial life necessarily involves a significant amount of documentation—from monthly bank statements to insurance documents to the various materials required to file your taxes. Kevin Payne is a personal finance and travel writer who writes about credit cards, student loans, debt, credit, and family finances.
Kevin lives in Cleveland, Ohio with his wife and four kids. Select Region. United States. United Kingdom. Kevin Payne. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations.
One Year Documents that fall into this category include non-tax-related bank and credit card statements, investment statements, pay stubs and receipts for large purchases.
How to Store Financial Documents You can cut down on clutter by creating a reliable system for storing your financial documents. Paper Storage Many people choose to keep documents stored in a filing cabinet.
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