This list will tell you at a glance which financial records you should retain and which ones you can dump.

Toss Every Month

ATM And bank-deposit slips, after you've recorded the amounts in your check register and checked them against your monthly bank statement.

Credit-card receipts, after you've checked to make sure the item appears correctly on your monthly statement.

Sales receipts for minor purchases, after you've satisfactorily used the item and if it has no warranty.

Toss After One Year

Monthly bank and credit-card Statement (if you don't itemize deductions).

Monthly or quarterly brokerage and mutual-fund statements, after you've reconciled them with your year-end summary.

Monthly mortgage statements, as long as your year-end statement clearly shows the total amount you've paid in interest and property taxes over the course of the year.

Phone and utility bills (as long as you don't have a home office, use your phone for business calls, or anticipate any need to prove long-term residency).

Paycheck stubs, after you've reconciled them with your annual W-2 or 1099 forms.

Retain for Seven Years

W-2 AND 1099 forms.

Year-end statements from credit-card companies.

Phone and utility bills (only if you deduct any portion for business expenses, have more than one home, or have moved within the past few years).

Canceled checks and receipts/statements for: annual mortgage interest and property taxes, deductible business expenses, child-care bills, out-of-pocket medical costs, or any other tax-deductible expense.

Keep Indefinitely

Your annual tax returns. Your year-end summaries from financial-services companies.

Confirmation slips that list the purchase price of any investments you own.

Home-improvment records.

Receipts for major purchases. (any item whose replacement cost exceeds the deductible on your homeowners' or renters' insurance policy).

Benficiary designations.