How to tame your financial records

With financial firms maintaining more comprehensive online records, the rules about what paperwork you need to save are changing fast.

Christine Benz 25 May, 2018 | 5:00PM

Which of the following profiles describes your approach to managing your financial paperwork?

Type 1: The pack rat: I hang on to every financial document that comes into my house, in no particular order. My accountant shudders when she sees me coming at tax time.

Type 2: The oversaving maximalist: I have organized all of my financial paperwork into neat files, but they're now bursting at the seams. I'm sure I'm saving way more than I need to, but I don't have time to clean things up.

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About Author

Christine Benz

Christine Benz  Christine Benz is Morningstar's director of personal finance and author of 30-Minute Money Solutions: A Step-by-Step Guide to Managing Your Finances and the Morningstar Guide to Mutual Funds: 5-Star Strategies for Success. Follow Christine on Twitter: @christine_benz.

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