by Mary Hunt, Everyday Cheapskate, Newspaper Enterprise Association

ONE MONTH: Once you have recorded the amounts and reconciled your bank and credit card statements, you can shred ATM receipts, deposit slips, credit card receipts and sales receipts.

YEARLY: Once you receive and reconcile your W-2 against your final pay stub, you can toss your paycheck stubs for the year along with monthly credit card and mortgage statements, phone and utility bills and quarterly and monthly investment reports.

(Note from Bet: Mary says to "toss" them-I suggest shredding of all these papers.)

THREE TO SEVEN YEARS: Hang on to year-end statements (credit card accounts, mortgage statements, investments, W-2s, 1099s) that recap the year's activities for at least three years, along with bank statements, canceled checks and receipts for deductible expenses, retirement account contributions, charitable donations, child-care bills, mortgage interest and all other items that support your income tax filings. The IRS has three years to examine your tax return for errors and up to six years if there's reason to suspect that you underreported your gross income by 25 percent or more.

INDEFINITELY: Keep tax returns for the long haul and receipts for major purchases and home improvements for as long as you own them. In the event of an insurance claim, you may need to prove the purchase, or your heirs may need to know how much you paid to determine the profit for tax purposes. As for old loans that are now paid, keep the final statement that indicates "paid in full."

WHILE ACTIVE: Keep warranties, receipts and manuals for appliances and other household items for as long as you own these items, especially if the replacement cost exceeds the deductible on your homeowners' or renters' insurance.

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