To Throw Or Not To Throw? That Is The Question….

Many of my clients have files of financial papers and they are unsure whether they should throw them away or keep them.  So here is a guideline.


Bank and Credit Card Statements – one usually receives bank statements in the mail, you should keep your current account statements for 3 months.  Those who have internet can access their bank statements and credit cards for even longer.   With Credit Card statements remember to check your receipts against the debits to ensure that there was no credit card fraud.

Cheque books – one can keep the cheque book stubs for up to a year.  Again, remember to check the stubs against your bank statements.

Telephone, Electricity, Cables and Internet – up to a year as proof of payment.

Mobile – up to a year.  Check debits and every 6 months phone the mobile company to see whether you can reduce costs.

Work Contract – you need to keep the work contract and any revisions for the period of employment.  However, it is also wise to keep the contract for at least 7 years after leaving the place of work in case of any legal disputes.

Salary slips – up to two years, you can throw away the salary slips when you receive Form 106 for that particular year.

Form 106 – you receive this form from your employer. NEVER throw it away. This form proves that you have worked and paid Mas Hachnasah (income tax) and Bituach Leumi (social security). If you are checking whether you have paid too much income tax you will be required to produce this form.

Savings schemes, Kupot Gemel and Kranot Hishtalmut – you should save all of these statements until the scheme comes to fruition.

Mortgages, Bank Loans and Credit Card Loans – keep all these statements until you have finished paying off the loans.

Manager Insurance, Life Insurance, Health Insurance, Nursing Insurance and Pension – it is wise to keep all these statements and to check the statements when you receive them.

Health Care – keep the last statement until you receive the next one.

Parking and Driving Fines – up to 5 years, to prove that you paid the fine.

Warranty Certificate – make sure that the shop fills in the certificate with the date of purchase and their stamp.  Keep these until the warranty expires it does come in handy.

New Bank Account Papers – until the bank account is in action.  If you are closing your bank account keep these papers for about a year.

New Credit Card Papers – until you receive the credit card.  If you are cancelling your credit card keep these papers for about a year.

Internet Papers and Mobile Phone Company – until you have internet access and you have received your mobile phone and it is working.   If you decide to move to another supplier keep these papers for about a year.