Saving things....

I don't keep much paperwork around, like you said it is almost always available online. I have a single file box for important things like passports and ss cards etc. I go through and clean it out every now and then.

But... if you are really attached to papers or feel that you need to keep stuff there are scanners you can buy that come with organizing software that might suit your need well. All you do is scan whatever it is, the software reads the page then organizes into a file on your computer. Because it reads the page you can search for it later and the software will bring it up. So every time you empty your purse just take a few minutes to scan it all then throw it all away. If you need it, it is on your computer. 

If I didn't have a designated office space in my home this is what I would do. 

I gave up on receipts a few years ago (unless it's something I might return, usually throw these away after a week or so).  Fantastic.  I do look at my checking and credit card accounts online every couple of days.

I don't even receive bank statements, cancelled checks or pay stubs anymore.  Everything is paperless.

If you think you really, really need it, scan it as mentioned - but you probably don't need it.

For purchases, I throw away the receipt (whether paper or emailed) when I have received it and plan to keep it.  I don't keep receipts for dinner out, gas, etc.  Only things I might return.

I don't keep any paperwork for bills paid. I know many who keep phone bills, utility, etc.  I have never needed that - why?  Assuming you don't need them for tax purposes of course.

The only thing I could see possibly keeping is bank statements and other financial documents. I don't, but it seems like every few years I need one.  If you refinance your home, for instance, suddenly you need actual bank statements.  They complain if you print it off, and I don't really want to have to do the bank to request one.    That's just an outside chance sort of thing.

So, long story short, I keep almost nothing.  I have a folder called "Taxes" that I stuff receipts for donations and other tax documents. That is emptied each year of course.

Sadly, my husband doesn't do the same...

I keep all my documents in an expand-a-file like this.  I wouldn't necessarily recommend this one as it's expensive, but just as an example.  I keep everything from personal info like soc sec cards, birth certs, insurance documents, receipts, financial statements, bills, owner's manuals, registrations, tax docs, charitable giving recepts, etc......  anything and everything you would put in a file cabinet.  I have one expand-a-file per year and I keep them for 7 years (random time period I use based on my job requirements).  Any documents that stay "current" like soc sec cards and passports, i move from past year to current year file.  I keep current year in the kitchen in an easily accessible yet out of the way place so that I can keep them all put up.  Once the year changes over I move them to our closet.  I have room in my closet though (as an example I iron inside our closet every morning while my wife gets dressed in our closet, so space is not necessarily an issue).  However we store them on the floor behind my slacks.  When I need them they are easy to get to.  After 7 years I shred and throw them away making sure to keep any documents I feel aren't outdated.  I write in paint pen on the outside which year it's for.

Some other things I do that you didn't ask about:
1.  We keep a firesafe box with passports, marriage license, etc, long-term documents, in our office closet.  Pretty simple, no organization. This is stuff to keep forever.

2. I have a magazine file with manuals and the associated receipt for electronics and house items.  I have one called "Manuals - house", and one "Manuals - our stuff".  In my mind, this is separated by what is permanently going with the house (major appliances, carpet installation, etc) and what goes with us (small appliances, mattress set, TVs). I do this for the sake of warranties.   

This is the very low pressure version of book keeping. I am super impressed by what jgaither does...

I'm a type-A organization freak.  I'm also lucky enough to work in a paperless office with a boss who doesn't care how much of my stuff I scan in our system and I can take it with me on flash drive if the need arises; nothing I wouldn't trust people in the office viewing of course.

I still keep a file cabinet at home for bills, receipts, tax info, etc.  It's only about 3 feet high with two large drawers.  Each drawer has a labeled hanging file.  Whenever I get a bill, receipt, etc, it has a home and just gets easily filed immediately.

The rule of thumb on saving bills, etc. is two years but in this day and age where so much is paperless, I don't know if you even need to save stuff that long as it's all electronically accessible online.

Your tax preparer should have copies of all your tax documents.  If you self prepare, save to your computer and back it up.  No need to keep the paper copies of anything if you do that.

As for receipts, I have had a bank make a mistake twice by debiting a different amount from my bank account than showed on my receipt.  Having the receipt made it infinitely easier to correct; just faxed the copy over instead of having to call the store, etc, etc.  I usually purge my receipts file every 3 months.  I've definitely dug back through there a few times also for things I didn't think I'd want to return but later changed my mind.

Lucky again that I have a pimped out shredder at work so all the purge items come to work with me and through the shredder.

Oh goodie, I'm going to go on a shredding rampage after my trainer ride.

I don't WANT to save any of this stuff. I've just always felt like I was supposed to. I'll credit my mother for that one. She has a desk with file drawers. She has a file for each credit card and when she makes a purchase with that credit card she files the receipt. Then when the bill comes she goes through every transaction and matches each charge with the receipt. Super organized. Here, my husband pays the bills and throws all of the bills on our bedroom dresser (again, no designated home office). Then when things get piled up to the point of obnoxious clutter I go through and file everything.

I keep social security cards, kids birth certificates, adoption records in the fire safe. Then I have a file box in a hall closet for all that other stuff I was asking about - pay stubs, EOB's, bank statements etc. Do you keep EOB's? I have some from insurance I'm not even covered on anymore. My file box is about to bust.

I have ONE file box that has every single receipt/bill/bank statement I've gotten for the last 7 years.  I also keep EVERY single tax return I have ever filed and all associated paperwork.  The seven years of data fits nicely in a standard size file box (Really useful boxes are actually really useful!).  Why 7?  I was once told that is how far back the IRS can audit you.  I just went and googled it and they TYPICALLY only audit up to 3 years back.  But if they find a big error they can go up to 6 years back.  So, that semi-validates my random 7 number. :D

I sort my receipts, put them in date order and staple them to the applicable credit card receipt.   I have another folder for each year for shipping statements for online purchases.  I do a sort probably once every 3 months or so.  Between sorts I use a plastic shoe box to gather receipts and statements so that they are not floating all over the house.

When the moving company broke a desk I had owned for 5 years I only had to go to my file box to find my original receipt to prove how much I had paid for it.  The amount that I move probably increases my need to save receipts.  Though, I should start myself a "big ticket items" file and stash receipts for purchases over $100 there for moving claim purposes.  Honestly, if it's under $100 they probably will just pay for the item without blinking.

In addition to keeping whatever paper arrives in the house I also save all PDF files that I can get my hands on.  If my bank offers PDF I download them and file them on my computer.  I keep those forever.  Disc space is cheap.  I also have paper copies of most of that stuff if they will still send me a paper copy...I just shred the paper copies after 7 years.

It was kinda fun to shred stuff after 7 years...I look through it and I can remember certain purchases or certain vacation weekends just based off the receipts I'm looking at.  Of course, many of them are very faded at this point.  But it's still kinda fun. :D

I used to save everything.  Now I only keep 2-3 months of bills and shred the old stuff.  I am working though a backlog of magazines and stuff that just occupy space.  99% of it will get shredded or recycled.  If I don't reference that last 1% after a few months...shred it.

I do keep medical statements for myself and family, to include pets.  Pulling out that shot record or bill paid stub has saved us a few times.  If you move a lot, keep the recipts for important stuff so you can get replacement value!

I am liking a new philosphy of I control the "stuff" it does NOT control me.

at first I thought this topic about saving sentimental stuff...which I do.  I have drawing my kids made in preschool, a bottle of beer I brewed and labeled for our wedding.  Concert tickets going back to the 70s and some mj paraphernalia from back then as well. I even have some cards that my HS girlfriend gave me.  I keep a lot of weird stuff...but I'm not a packrat!

As far as receipts and that stuff.  I pretty much charge everything on AmEx and pay it off at the end of the month.  Once I pay the balance the receipts are gone.  I have several folders on my yahoo mail account and I keep track of payment, invoices, confirmations, insurance, etc. there.  Yea, if you're not sure if you should delete something or not...just put it in a mailbox folder. That really works well!  I hate a lot of paper but last night I must have spent over an hour getting medical receipts together to send in for my flex plan.

Here's one more fun reason to keep ALL of your receipts...

If you itemize you taxes you can deduct sales tax or income taxes.  Obviously if you live in a state like Texas that has no income tax then you will be itemizing sales tax.  The tax tables they provide to "come up with a number" work fine most of the time, but what about a year like I just had?  I moved to a new house, needed appliances for it, bought furniture for it, and took a big trip to Hawaii...all "big ticket" items that come with a lot of sales tax (especially when sales tax is 8.25%!!!).  So it made sense for me to keep all of my receipts so I could add up ACTUAL sales tax paid vs. using the IRS tables.  If I get audited I will have to produce my receipts to prove my number.  But I spent nearly $1k over what the IRS tax tables estimated (because of said big ticket purchases) so it made sense.

If you shred your receipts you'd have no proof of actual sales tax paid....

I keep a file box with a labeled binders to store paperworks.  In more recent years I found I don't accumulate as much because I have set up online banking/access to almost everything. 

All financial statements are online.  Unless it isn't an option for that particular institute.  Salary is directly deposited into my bank and paystub is online only. 

All purchase receipts - trashed right when I walked out of the store.  If I need to return anything, well, I purchased mostly with credit cards, so stores are always able to track my record, and refund directly to my credit card. If I pay cash, I would get a store credit. 

Any other regular statements that are mailed to me, and if I must keep them:  1 year.  That includes insurance policy, medical records, condo fee statement (they don't do it electronically) etc.  The day following my tax return filing is also the day I shread the statements of the prior year.  e.g. the other day I just shreaded all my 2011 papers. 

Tax returns:  3 years.  I use turbo tax and keep the final pdf file for 3 years. 

I rarely write checks anymore.  Online banking all the way.  If I do, the image of the check would be automatically saved to my online banking site which is accessable for at least a year. 

Other mailings:  if I need to keep, it's probably one of the above and will go to the file box.  Otherwise toss into recycle bin right after reading.

Emails of purchases and notification:  delete right after I made the payment / received shipment.  e.g. T-mobile emailed me the latest statement.  Once I am done setting up payment through my bank, I delete the T-mobile email. 

Edited:  I think my system works well for me.  I am in the process of re-financing my mortgage.  Underwriter sent me a list of items she needs from me.  I go online to each of the financial institutions to download the statements, then upload all pdf files onto google drive.  Then grant access to my underwriter.  When she is done, I would take everything out from google drive. I gave her everything she wanted within a day.

Those are exactly what I do.