Personal Money Management Tips in Three Hours or Less

Follow these four steps to take control of your financial life in just a few hours.

Cut the Clutter

Invest a few hours in getting rid of the financial detritus that’s filling your filing cabinet, and you’ll take a psychic load off your shoulders, says therapist Debbie Stanley, author of Organize Your Home in No Time ($17, amazon.com).

The Only Stuff You Need to Keep

Document: Tax returns
How long to keep: Forever

Document: Tax backup (receipts, W-2s, statements, etc.)
How long to keep: Six years (the IRS has up to this amount of time to audit returns)

Document: Year-end investment statements
How long to keep: Until six years after you sell, for proof of gains and losses for taxes

Document: Pay stubs
How long to keep: Until you get your W-2 in January

Document: Receipts for home improvements
How long to keep: Until six years after you sell the home, for tax purposes

Document: Receipts for big-ticket purchases
How long to keep: As long as you own the item, for warranty and insurance claims