Answer:
below!
Step-by-step explanation:
People may choose to purge or clean out their financial records instead of keeping every document they receive for several reasons:
1. **Space constraints:** Storing every financial document can take up a significant amount of physical or digital space. Purging unnecessary documents helps to free up space for important or current records.
2. **Organizational efficiency:** Keeping only necessary financial documents makes it easier to locate and access important information when needed. It reduces clutter and streamlines the organization of financial records.
3. **Privacy and security:** Retaining unnecessary financial documents increases the risk of identity theft or fraud. Purging documents containing sensitive information helps to protect personal and financial security.
4. **Compliance with legal requirements:** While it's important to keep certain financial records for tax or legal purposes, retaining unnecessary documents beyond the required retention period may lead to compliance issues or clutter.
5. **Cost savings:** Storing physical documents, such as paper statements or receipts, can incur storage costs over time. Purging unnecessary documents helps to minimize storage expenses.
Overall, purging or cleaning out financial records allows individuals to maintain a manageable and organized financial system while also safeguarding their privacy and security.
