8. Record keeping Which Financial Records Should You Keep? Keeping good financial records will save you time and make you money. If your records are organized, you'll have an easier time with the following tasks: Compiling a budget Pulling together an updated financial statement . Accessing your records in an emergency Preparing your taxes Preparing for an IRS audit Defending a credit report Which financial records should you keep? Check all that apply. All cancelled checks Adoption papers Copies of all income tax returns, both state and federal, for the past three years, including all supporting documentation Current insurance policies, claims, receipts of premiums paid Pet-related health records for all past and current pets Original insurance policies even after the policy has expired