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how long to keep statements for?

Things like bank account and credit card statements? How many years worth should we keep? We don't have a scanner so not interested in scanning and saving them onto disc, but need to declutter the filing cabinet as much as possible so we can start looking after finances properly.
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  • opinions4u
    opinions4u Posts: 19,411 Forumite
    I keep mine for 2 years.

    Inland Revenue might what proof of some spending going back 6 years.

    Chuck them in the loft when you put the Xmas decorations away if you have a large amount of paper from it!
  • MPH80
    MPH80 Posts: 973 Forumite
    Part of the Furniture Combo Breaker
    Mmm - I've got 6 years hanging round - seems like a good number :-)
  • olly300
    olly300 Posts: 14,738 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    This thread comes up often.

    The answer is it depends on your circumstances if you have to do self-assessment then keep them for 7 years otherwise anything over 1 year.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
  • Box them up, one box per April-March (or April 6th-April 5th if you want to be particularly anal about it) for each year, and stick the boxes in the loft or somewhere. 6 full previous years is the usual recommended period.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • dlk
    dlk Posts: 260 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Even if you might need them in the future it would depend who you bank with. I don't know if this is the case with other banks but certainly mine (first direct)you can order the last 6 years free of charge at any time anyway so don't see any point in using up space at my house for them so I don't get them to send any at all just looking online.
  • confused_I_think
    confused_I_think Posts: 19 Forumite
    edited 12 January 2010 at 12:32PM
    I think I have kept all mine which probably means back to 78.
    If you want to organise yourselves and not keep them then enter them on a spread sheet etc, a tedious process. I was self employed a while back and did this so that I could cross reference reciepts etc, ( I rarely paid for anything in cash) I found it remarkably useful. I have tried scanning them but the output of character recognition software was not compatable.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    sammyw wrote: »
    Things like bank account and credit card statements? How many years worth should we keep? We don't have a scanner so not interested in scanning and saving them onto disc, but need to declutter the filing cabinet as much as possible so we can start looking after finances properly.

    That implies that space will be the deciding factor on how much you keep

    One advantage of having the history is you can use that to build up a data set in something like MSmoney and set your budget based on real data not guess work. Having the old data also helps with setting up catagories for budgeting.

    I use a seperate ring binder for each account/CC/bill.

    Decide what system you want to setup, file any new stuff using that and migrate the old stuff over time.
  • i shred them, its the digital age, and the bank can give you another copy with minimum fuss.
  • olly300
    olly300 Posts: 14,738 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    bungle4x4 wrote: »
    i shred them, its the digital age, and the bank can give you another copy with minimum fuss.

    Legally institutions only have to keep records for 7 years.

    If you are in a situation where you need your records I wouldn't rely on a bank coming up with them quickly.

    I know people who have been hassled by the tax man and the stress of getting thing would be greater if they didn't have their own records to hand immediately.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
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