To Store or to Throw

In business, a lot of times we are told not to store any correspondence for more than 6 months (unless of course we receive instruction to retain in).  This instruction was given when there was a very old correspondence were used a material against the company.

When it comes to taxes, we are told to keep all supporting documents for at least seven years.   During the seven years, the Inland Revenue Department have the right to request for the supporting documents and we are expected to produce it.

Also quite often, immediately we throw away something (because we don’t need the item), we find that we need it.

This becomes a challenge when we live in a small apartment.  One of the rules I found to be true is that nature abhors vacuum.  As soon as we clear up a space in the house, it will get filled up within a very short time.

After a while it is a surprise we all do not become compulsive hoarders.  Recently, there were a few cases in the news of the authorities having to come and remove items because of the amount of times that was stored 

End of the day, we need to be careful on what we decide to keep and what we decide to keep.    Recently, my father found a very old driving license of his.  It was a wonderful surprise since the license was dated 1956.  So sometimes this can be wonderful memory.  I wonder how much it is worth????

So I guess we need to have some control to avoid crossing the line and become a compulsive hoader.

Other articles that might be of interest:

Financial Management Based on Lifecycle

Livelihood at Stake

Maximizing Your Money with Credit Card

Moths and Butterflies II