Have you had the itch to shred or delete important information lately? As the years go by, more and more documents begin to pile up whether that be on our desks or on our computers.
You might feel tempted to clear the clutter from both places. However, you might want to stop in your tracks before it’s too late!
There are several reasons why you might need to keep those paperless paycheck stubs. From proof of income to saving yourself from banking errors, you never know why you might need your pay stubs.
For 7 reasons to save your paperless paycheck stub, continue reading below!
- It’ll Act as Proof of Income
There are so many reasons why you might need proof of income in your life that we most likely won’t be able to name all of them. When one of these instances comes up, you’ll need your paycheck stub to act as your proof.
You might be thinking that you won’t need proof of income because you’re already set on your car loan and mortgage.
However, you might need proof of income if you’re planning on taking out any other type of loan including a cash advance. If you don’t have a hefty savings account built up for a rainy day, then you never know when you might need a cash advance for emergency purposes.
If you want to apply for any type of government assistance, you’ll also need some form of proof of income.
Keep your pay stubs for at least one year. This ensures that you have everything you need to show for when applying for any of these things.
- It’ll Come in Handy During Tax Season
Acting as your proof of income isn’t the only thing that your pay stubs will help you with. When tax season approaches, your pay stubs will come in handy. You won’t necessarily need your pay stubs to file your taxes, but they will provide you with a bit of help.
For example, you can look to your collected pay stubs to double-check your W-2 forms. Check how much you’ve given to social security throughout the year and be sure that the numbers add up correctly with your W-2. At the very least, having as much documentation and information as possible when sitting down to do your taxes is always beneficial for you.
This is true whether you opt to file your taxes yourself or to have an accountant do it for you. Your accountant most likely won’t need to see your pay stubs, but if they do, you’ll have them ready to show.
- It’ll Help Check the Accuracy of Your Earnings
When payday hits, most employees are satisfied with their check on their hands. Too often than not, employees take their check and throw their pay stubs in the trash or delete them from their computer’s system.
However, these pay stubs might be the only thing keeping you from getting gypped on your pay.
Use your pay stubs to check the accuracy of your earnings. Do this every week or every two weeks, depending on how often you receive a paycheck. Your pay stubs act as a tool to help you understand your earnings better.
For example, your pay stubs will tell you how much you’re contributing to taxes, retirement, and much more every payday.
- Use It When Filing for Compensation
If something happens, such as an accident, and you’re not able to work for a certain amount of time, then you’ll be glad that you kept your pay stubs on your computer. Having quick access to your pay stubs is the best way to quickly show how much you should be compensated for.
They’re one of the best ways to prove your earnings and make your claim a successful one. Calculating how much money you’re missing out on can sometimes be a difficult task. Have your pay stubs ready, and it’ll be much easier to prove.
- It’ll Save You From Banking Errors
How often do you take the time to check your bank statements for errors? Do you put all of your trust into your banking institution? When being paid by bank transfer or direct deposit, it’s easy to forget to stay on top of your earnings and bank deposits.
Because you’re so used to the money being automatically placed into your account, you don’t think to look at your statements. With that being said, it might be weeks or months before you notice an error. If this were to happen, your pay stubs would be there to save the day.
You’ll know the exact dates of when payments were made to you and how much each payment was for.
- It’ll Save You Space
Having your pay stubs as paperless paycheck stubs, you save space and save yourself from a disorganized mess. Do your best to keep all of your pay stubs within one folder on your computer. If you want to keep your pay stubs for longer than a year, then you can have a folder for each year.
You won’t have to worry about keeping a folder or desk drawer organized. Everything will be easy to locate and tidy.
It’s Time to Keep Your Paperless Paycheck Stub!
After reading through this post, it’s safe to say that it’s time to start saving your paperless paycheck stubs! You never know when you might need to pull them out as proof for something. And with so many different possible instances needing proof from your pay stubs, it’s best that you have them in a safe place.
Are you needing to generate your own paystubs for safekeeping? Be sure to use the paystub generator to get started today.