Out with the Old: Get Your Financial Documents in order for 2025

January is the perfect time to declutter your financial life and start fresh. Whether you’re ready to go paperless or prefer physical records, organizing your financial documents now can set the tone for a more streamlined and stress-free year. Follow these simple rules to take control of your finances in 2025: 

 

Going Digital? Secure Your Documents 

If you’re transitioning to a digital system, ensure all documents are stored securely online in a protected, easy-to-access location. Use encryption, strong passwords, and backup systems to safeguard your information. 

Learn More: An IT Professional on How to Stay Safe Online, Avoid Scams, & Keep Information Secure – Season 2, Ep.3 

What to Keep and What to Shred 

1. Bank Statements and ATM Receipts:

• Keep physical copies for up to one year. 

• Shred them securely if they’re no longer needed. 

• Consider digital storage to reduce clutter. 

2. Tax Returns:

• Retain tax returns and supporting documents for at least three years after filing. 

• After this time, dispose of them properly using a shredder or a secure drop box. 

3. Medical Records and Legal Documents:

• Keep records of major surgeries or medical events indefinitely for reference. 

• Preserve any legal documents you acquire, such as wills or contracts, permanently. 

4. Retirement Account Statements:

• Preserve statements for 401(k), IRA, Roth IRA, and other investments to monitor your progress. 

• Consolidate annual summaries for easier tracking and digital storage. 

5. Major Life or Home Records:

• Permanently keep records related to mortgages, home improvements, major purchases, and significant life events. 

Need guidance on what to keep or toss? Call us at (309) 263-1333—our advisors at 210 Financial are here to help! 

 

The Benefits of Decluttering 

Organizing your financial documents not only reduces stress but ensures you’re prepared for tax season, major life events, and future financial planning. Whether you opt for physical or digital storage, taking the time to declutter now saves you headaches later. 

Start Fresh with 210 Financial 

Not sure where to begin? Our team of advisors is here to guide you every step of the way. Call us at (309) 263-1333 to schedule a consultation and start 2025 with your finances in order. 

 

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