Why Should You or should not keep Paycheck Stubs
There may be many reasons why it may be essential to keep the record of paycheck stubs. The first thing that will I ir necessary is because they are proof of your income. When you are renting an apartment, one way of proving that you can raise the needed rent is by showing a copy of your income. The other time when you may want to use the paycheck stub is when you are filing your income tax. As much as is advantageous to keep a clean financial record, you will also find that you need to keep your record clean by discarding what you will not use again.
What is most important is to make sure you can tell what of the many records you are likely to use again and then discard what will no longer be useful. With the following information you will be able to know which of the items you may want to keep and for how long. That will help you keep your file clean and less bulky.
What is interesting is that with the current technology you can have your digital storing of your information to make the file less bulky. That will help you store your paycheck stubs without taking physical space. The cloud-based solution offers users the ability to store a large amount of information in a more affordable way and also one that reduces the use of physical filing space. With this new technology you can store so much information without looking like you are tiring your computer. That means it is not likely o fill the storage space with just pay stubs.
That does not mean that you must keep a record of your paycheck stubs from employment to the day you retire from the organization. That is why it is crucial to know the documents that you need to keep and the ones that you can discard and after how long. You will still need to delete absolute files even after you have kept them for a long time.
There are some set rules that will help you to know what to keep and what to discard. When it comes to paycheck stubs, keeping them for one year is sufficient enough. After that you may want to replace them with the most recent ones. You will also need to use your bank statements together with paycheck stubs. When it comes to getting financial support like a loan the financiers will ask you is to provide your paycheck stubs for a certain period of time as well as the bank statement.You will be able to produce the information that is needed at a given time when filing is done in the right away.