keep pay stubs

 

Over 50% of American workers have received erroneous paychecks during their career.

Has this happened to you? Without tangible pay stubs, it may be hard to prove. So as insurance, you may be keeping all your pay stubs in storage.

But are you wondering, how long should you keep pay stubs? Then keep reading—we’ll tell you how long you should save them and what you can do as an alternative.

How Long Should You Keep Pay Stubs?

You’ve probably always heard that you should keep your pay stubs so you can compare them with the actual payment you get in your bank account.

There may come a point where you’re not sure if they’re completely outdated or might be needed sometime in the future. However, holding onto all your pay stubs can end up in a ridiculous situation where you have boxes and boxes of them in your home.

In general, you should keep pay stubs for up to a year, then it’s considered safe to throw them away. Make sure you properly shred them so no one can get ahold of your old pay stubs and glean personal information you don’t want public.

Why Save Your Pay Stubs?

Here are a few reasons why you should save your pay stubs:

  • Make sure you’re paid correctly: Compare each pay stub to the amount deposited into your bank account to ensure you’re not getting shorted. Use the pay stubs as proof if your pay isn’t correct
  • Make filing taxes easier: With records from the entire year, your accountant will have an easier time filling out your forms and checking how much taxes you’ve paid
  • Use it as proof of income: When applying for things like mortgages, you can submit your prior pay stubs with your application

They also allow you to keep good records of your salary. But how can you do so after that year’s time?

Paper pay stubs may be hard to keep track of—plus, they take up room. After shredding them, consider moving your pay stubs online with a program such as PayStubCreator.

Here, you can keep track of your income with each paycheck you get. All you have to do is enter the information in, and you’ll get an email with the pay stub. If you ever need to look back on your records, all you have to do is open your inbox and find it to check for the relevant information.

Never Throw out Your Pay Stubs Immediately

Just because you’ve received a pay stub doesn’t mean you can just toss it. With errors in pay being a regular occurrence, you’ll want to double-check that what you’re paid is correct.

How long should you keep pay stubs? In general, it’s okay to throw away your pay stubs after keeping them for a year. To make things more convenient, make it a yearly thing to do after you’ve filed your taxes.

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