To Keep or Not to Keep: What Should You Do With Your Receipts?

 

Receipts can start piling up quick. Before you know it, you have shoeboxes and filing cabinets full of paper. And, in today’s electronic world, your email inbox probably has its fair share of digital receipts. But, is it a good idea to keep each and every receipt? Are there reasons to keep some and throw others out?If you own a business, then the answer to that question is

If you own a business, then the answer to that question is undoubtedly yes. Saving your receipts is super important for businesses because it not only lets you track your expenses, but also can help you when it comes time to do your taxes. It’s a different story, however, if you’re talking about personal receipts.

Is it paramount that you have a record of the Coke you bought at the gas station 3 years ago? Probably not. Should you keep the receipts you accumulated for the new addition you put on your house last summer? Probably yes. There are lots of reasons to either keep or pitch your receipts and if you’re thinking about a purge, here are a couple of reasons you may want to spare certain types of receipts.

 

Proof of Major Purchases

 

Proving that you spent money on a big-ticket item can be very useful. One reason is for the warranty. If you dropped a lot of cash on something and it breaks, then you’ll want to take advantage of any warranties it came with. It can be tough to claim a warranty without proof that you actually bought the item. Filing your receipts from your large purchases in one place, either a file cabinet or digital location will be a big help if you ever need to take advantage of the product’s warranty.

You should also keep receipts for any repairs or modifications you make for major things like your cars or your house. Having these may come in handy when you go to sell these assets. Not only can you prove you increased the value of these items to the purchaser, but they will also help you claim certain deductions for your taxes.

 

For Returning Purchases

 

While there are some places that allow you to return items without a receipt, these are more the exception rather than the rule. If you want the ability to return products that you either don’t want or need, then it might be a good idea to have a specific spot for these receipts.

The good news is, you don’t need to keep them forever. Most retail outlets have a thirty-day return policy. After that, you’re probably ok to pitch the receipts you don't need.

 

Budgeting Reasons

 

This might be the one reason to hang onto even the most insignificant receipts. If you’re trying to get a handle on your expenses and reconcile your bank accounts, then making sure you know where you’re money is going is incredibly important.

With online banking becoming more and more comprehensive, you probably don’t need to worry too much about every receipt for every purchase. But, if you absolutely must reconcile to the penny, then you’ll want to have a way to organize all that paper and all those emails.

There are plenty of ways to get your receipts organized into one convenient location. You could go old school and use an accordion folder with a slot for each month. Or you could utilize a digital account to keep a record of your expenses. With the increasing popularity and availability of email receipts, you might want to look into a platform like Filtroe. We can help you keep your digital receipts organized so you know exactly when and where you spent your money!

 

 

Sign up for Filtroe today and start getting your receipts under control.