Time it takes: Two to three hours
Invest a few hours in getting rid of the financial detritus that's filling your filing cabinet, and you'll take a psychic load off your shoulders, says therapist Debbie Stanley, author of "Organize Your Home in No Time."
The only stuff you need to keep (and how long to keep them):
Tax returns: Keep them forever.
Tax backup (receipts, W-2s, statements, etc.): Hang onto these for six years (the IRS has up to this amount of time to audit returns).
Pay stubs: Keep these until you get your W-2 in January.
Receipts for home improvements: Hold onto them for six years after you sell the home, for tax purposes.
Receipts for big-ticket purchases: Keep them for as long as you own the item, for warranty and insurance claims.
Year-end investment statements: Retain until six years after you sell, for proof of gains and losses for taxes.
NEXT: Juice your credit score
From the editors of Real-Simple and Money. Text by Stephanie AuWerter - Last updated November 30 2011: 6:39 PM ET
