How long should you keep your pay stubs?

People generally do not need to keep their pay stubs for more than one year. They should be kept to verify information on an employer's annual W-2 form. If the numbers match, the stubs can be shredded.

However, if a person is planning to buy a home, he should keep his pay stubs for several months, as lenders often like to see that information.

Other documents that generally do not need to be kept for more than a year include utility and medical bills, credit card statements and bank statements. However, if any of these may play a role in tax filing, they should be kept for several years.