To what extent should you keep Paycheck Stubs?



You have number of reasons to keep and save our paycheck stubs. You may need paystubs as a proof of your income for various loans, rent agreements and others. Paystubs also helps in calculating wages for the filing of income tax returns. In case of any dispute with your employer, it comes as a handy resource for settling the dispute.
This makes it tough in determining that how long shall we save paystubs? We understand that its good practice to save financial records but yes you also need to make your house clutter free and you also need to get rid of the documents which are no longer in need. You don’t need to save paystubs which are decades ago unless you like to save those stuffs.
So here, we will offer you help in knowing, what is the perfect time to move out from relationship with your paystubs.

Go Digital

If you want to save the physical space of your house, then there is nothing better than going digital. With this you can easily store large number of paystubs with little or no physical space. Additionally, there are number of cloud storage based solutions which allows users to store large amount of information and at affordable rates. Cloud storage solutions are needed because if you save every damn thing in your computer then you will surely make your computer slow and in case of malicious attack, you will lose your data whereas it is safe in cloud based services. While saving the documents in cloud storage like google drive and dropbox, you can store your paystubs forever. You can also use online paystub maker for generating paystub if you wish to go digital.

Sort out Important Documents

Going digital helps in storing financial documents for longer period of time, we can’t ignore that we can keep up the trash going. You do need to sometimes occasionally clean up your online files otherwise it would be tough for you to search the needed document. This is the perfect time when it is helpful for you to know that except few, you don’t need to keep all the financial documents forever. The financial document that you need keep consists of a very short list which includes:
  • Income Tax Returns
  • Mortgage records
  • Wills
  • Property Papers
  • Debts
  • Debt repayment
Except these documents, all financial documents can removed at some safer time period.

How long should you hold your paycheck stub?

Paycheck stubs are extremely important documents but they are not that important that you need to hold on them for lifetime. As a thumb rule, it is a good idea to discard all the paystubs after a year as you won’t need them in future. Within the span of year, you must have cleared all the taxes, social security contributions and others so you can surely remove them after a year and keep the tax documents and others with you as a proof of how much you earned that year. Paystubs help you in keeping eye on the amount of taxes that you pay either it is adequate or not?

Safe Disposition of old Paystubs

Paystubs contain your personal information so its disposition is important. You can’t imply throw it in dustbin and get rid of it. Someone can reuse your information which might turn dangerous for you. The best possible way to discard the paystub is to cut it into minute pieces and then throw it in dustbin or burn it. Burning the paystub won’t leave any of the financial details as a proof so there are no chances for misusing of your personal information.
For more details, you can feel free to contact us for at any time through our live chat or support@stubcreator.com or you can also contact us here.
Location: United States

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