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Weekly pay stubs - save 'em or shred 'em?

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Weekly pay stubs - save 'em or shred 'em?

Old 02-13-06, 09:18 PM
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Weekly pay stubs - save 'em or shred 'em?

Any reason to save your weekly pay stub? I've heard mention of needing them to prove income for a mortgage, but why wouldn't W2 suffice? Thoughts?
Old 02-13-06, 09:22 PM
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I think I had to provide the last 2 months of pay stubs when I applied for my mortgage. Like bank statements, I keep my pay stubs for 7 years.
Old 02-13-06, 09:33 PM
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7 years? I've heard 3 but 7 seems a bit much. I don't even bother with my bank statements anymore.
Old 02-13-06, 09:38 PM
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I used to have them in a nice little file system, along with copies of credit card statements, bank statements, etc. Now, I just shred them. If you really need a pay stub I'm sure HR can get it, and you can order bank statements or even download your history if you bank online. Even if you need them to apply for a mortgage, you can just order copies.
Old 02-13-06, 09:47 PM
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Originally Posted by ShallowHal
I used to have them in a nice little file system, along with copies of credit card statements, bank statements, etc. Now, I just shred them. If you really need a pay stub I'm sure HR can get it, and you can order bank statements or even download your history if you bank online. Even if you need them to apply for a mortgage, you can just order copies.
Old 02-13-06, 09:48 PM
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I suggest keep them 5 years (I think) - after that, shred them. At my work, we couldn't shred any important information till after 5 years (?) because of auditor reason.
Old 02-13-06, 09:51 PM
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I keep them through the year. Once you have your year-end W-2s, I don't see a need for them.
Old 02-13-06, 10:02 PM
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Shred'em.
Old 02-13-06, 10:23 PM
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I shred them.
Old 02-13-06, 10:30 PM
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Old 02-13-06, 10:32 PM
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I go for the 3 year theory.

2 reasons on a mortgage they sometimes want them

1. to prove overtime if you are not salary

2. to prove you still make that much this year (more importantly 1 pay statement ago)

Other than that and/or tax purposes (prove W2 is correct) I see no reason to keep them.
Old 02-13-06, 10:34 PM
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I have a few years worth in the filing cabinet.
Old 02-14-06, 12:27 AM
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Originally Posted by B.A.
I have a few years worth in the filing cabinet.
Me too. I don't know if I really need them, but they are organized and don't take up much room, so what the hell.
Old 02-14-06, 10:07 AM
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Same here. I keep 'em for about 2-3 years.
Old 02-14-06, 10:13 AM
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I keep mine. I file away household bills, pay stubs, and income tax information each year. I suppose I have about eight or ten years' worth in my files. When my guest bedroom closet gets too full, I will throw away the oldest stuff.
Old 02-14-06, 10:25 AM
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I just went through all my personal files and shredded all kinds of crap that was totally unnecessary, including pay stubs from three jobs ago.
Old 02-14-06, 11:09 AM
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Originally Posted by Charlie Goose
I just went through all my personal files and shredded all kinds of crap that was totally unnecessary, including pay stubs from three jobs ago.
Me too! Just before Christmas, I shredded all my old pay stubs, bank statements and credit card statements going back to 1985. My file cabinet was packed with crap like this, now it's usable again.
Old 02-14-06, 11:48 AM
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All of my pay stubs are available online. I don't even receive them in the mail anymore.

I've still got some from several years ago, but I'd probably shred them if I had one.
Old 02-14-06, 12:02 PM
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Two years then shred.
Old 02-14-06, 05:28 PM
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I have them in PDF and ADP's website keeps for them for 3 years I think.
Old 02-14-06, 05:31 PM
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my company does them electronically and i never really bother to print them.
Old 02-14-06, 07:28 PM
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Check it, shred it. I only keep the last one of the year because my accountant needs it for tax purposes.
Old 02-14-06, 07:36 PM
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The reason I go for 7 is because I once heard that the IRS can audit you up to 7 years after you filed. I think it's actually 10, but I figured 7 was enough.

As far as electronic statements and/or requesting old copies from your bank/HR. That works fine if you're still employed/banking with the same company. But what if you switch? In my experience, the HR departments of former companies haven't been terribly helpful.
Old 02-15-06, 05:21 AM
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I keep them but have no real use for them.
Old 02-15-06, 09:57 AM
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Originally Posted by Duran
The reason I go for 7 is because I once heard that the IRS can audit you up to 7 years after you filed. I think it's actually 10, but I figured 7 was enough.

As far as electronic statements and/or requesting old copies from your bank/HR. That works fine if you're still employed/banking with the same company. But what if you switch? In my experience, the HR departments of former companies haven't been terribly helpful.

Surely they don't audit individual pay stubs though. Wouldn't the W2's from 7 years ago be enough?

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