1. Old Bills and Receipts
If you’re not careful, you can find yourself living in a paper jungle. It can be challenging to know how long to hold on to bills, receipts, and other paperwork. The IRS recommends keeping tax records for three to seven years depending on whether you have filed a claim for debt reduction or have unreported income. Meanwhile, Suze Orman suggests shredding paycheck stubs, canceled checks, utility bills, and credit card receipts not needed for tax purposes after one year.