Do I need to save old mortgage statements?

[disneysteve]

Is there any reason to save my monthly mortgage statements once I've made the payment and confirmed that it was received? My one file drawer is getting pretty full and that makes up the thickest folder in the drawer. I'm thinking I can just shred everything but the most recent month. Of course, I'll save any loan documents of importance. I'm strictly asking about the actual monthly payment statement.

[sblatner]

I would personally save them for the year and then toss Jan to Nov when I get the 1098. Not sure if you need to do that since the interest/principal payment is carried over from month to month. I also keep December. I'm sure I save way too much overall.

[LuckyRobin]

I don't see the need to keep more than the current one, but if you are worried about it, you can scan them and save them in a file on a thumb drive and toss the originals.

[greenskeeper]

I save them for the ticker-tape parade once the mortgage is paid off

[disneysteve]

I save them for the ticker-tape parade once the mortgage is paid off

Not a bad idea, but I've got plenty of other stuff to shred to use for that.

I guess it's time to start shredding.

[creditcardfree]

I don't know of a reason to keep all monthly statements. I think that year end statement or tax form is the best item to keep. With Wells Fargo we get our statements online, so that keeps the paper statements down. I don't even always download them!

Good luck with the shredding!

[BuckyBadger]

I don't even get a statement, so i can't see why you would need to keep any of them.

[SavingSteve]

It's not important to me to save the statements. The bank sends a yearly mortgage interest statement which I do keep for tax time. Since I signed up for auto pay they don't send a paper statement anymore. But I can download PDFs documents from the bank website. I keep the PDFs in a folder on my computer but I guess I don't really need them either.

[snafu]

Does your mortgage provider send monthly electronic statements? If your bank offers a free 'alert' system you'll know when the withdrawal occurs or you can do a quick review on computer. You could easily cease dealing with all that paper. The IRA accepts electronic receipts for deductions when required. If you don't need your monthly receipts, shred the parts with identifiers.

[WillieGearhart]

I don't think it is really needed but I do save it almost of 1 year. Because sometimes due to some misunderstandings we do need our statements as a proof and justification.Therefore, I suggest you also to keep your statement.