I have mixed feelings about stopping paper statements for bills, bank statements etc. On the one hand, I get some sort of comfort and peace of mind having the hard copy. On the other hand, I never look at them for longer than maybe 5 seconds.
From an organizer's viewpoint, it is nice to not receive statements in the mail every month. All they do is clog up your in-box, get moved when you pay the bill, goes in the "to-file" pile, then gets filed along with all the other statements you never look at.
There have been a few times that I was glad I had the hard copy - I needed some information and the bank's website was down for maintenance or it went too far back in history. But really, it wouldn't have killed me to wait another day to get the information from the website or survive without the historical information.
I know everyone is thinking, Jen, you need to "go green" and get "paperless statements." Ok, I have 2 comments about that. One, I think "going green" is just another bandwagon for people, and especially companies, to jump on to be popular. Plus, when I think of "going green" I think of someone "looking green" when they are sick. Before you get upset, I have been recycling since I was a little girl (it killed me to watch my parents throw away a soda can or a piece of paper that could be reused) but "going green" is a dumb phase and should be banned. Second, "paperless statements," really? Why can't they be called electronic statements? Oh, right, companies have to make it obvious that they are "going green" so consumers will buy their product.
Anyway, back to organizing, if you find comfort in having a hard copy statement, open it immediately, toss out the extra envelope, extra pages, and the ads (talk about not going green), staple the pages and put in your "to do" pile, box, or whatever system you have.
Unless you are buying something expensive and don't have an actual receipt (which you should) or at risk for being audited by the IRS, shred the statements every year. If you insist on keeping them, there is absolutely no reason you need them past 7 years.
Now, if you have broken down, like I just did, and have moved to electronic statements, here are a few organizing tips:
1. Make sure your email address is only used for statements and payment confirmations. Check the privacy policy and "opt-out" of the advertising, or select "unsubscribe" on the email.
2. For bank statements, create a folder for each group (credit card, checking account etc). Better yet, scan the statement for unusual activity and delete it. After all, it is available on the bank's website and if you use a financial database software, you can download the information from most websites.
3. For bills and account transfers keep the payment confirmations until the payments posts on your account then delete it.
Reduce, Reuse, Recycle, but don't be "green." :)
Jen
