7 Reasons to save Receipts ...

1. Easy Returns

Of course, the number one of the obvious reasons to save receipts is for quick and easy returns! Many times we buy an item and then decide we don’t like it or don’t need it. If you have saved your receipt and know where you put it, returns will be easy and hassle-free! Especially when it comes to big and expensive items, hold onto your receipts, but this goes for the little items too.

2. Record Keeping

I’m very big on keeping records and staying organized. I love to be able to pull out my file and see where my money has gone over the past few months and make sure I’m not spending money on unnecessary items or making duplicate purchases. One reason to save your receipts is so that you can look back and see major purchases throughout the year, and have perfect records of where your money went.

3. Budgeting Purposes

If you are on a budget like me, you will want to know the benefit that saving receipts has for budgeting purposes! I categorize my receipts each month, sorting them out according to expenses. I have a category for groceries, eating out, gas, vehicle and pet expenses, shopping, and a few other categories. By looking through these receipts at the end of the month, you can see where your money is going and help curb your cash flow and fix the areas where you may be overspending a bit!

4. Taxes

Saving receipts for tax purposes can be a lifesaver, especially when dealing with the IRS or deductibles and that sort of thing. Having proof to back up what you are saying will make things go much easier, and you can’t rely on word of mouth or just keep your fingers crossed that a store or company might still have you on file for a purchase or a loan. Save your receipts to make tax season go by efficiently and smoothly!

5. Proof of Purchase

Saving receipts for proof of purchase is a great reason to hold onto those receipts. Again, tax purposes come into play here, but sometimes you may need to produce a receipt in order to get an insurance claim filed or when selling an item to a second party, such as a vehicle or a home. My husband recently placed an insurance claim on a package that had been lost through the mail and we were told we would not receive re-imbursement unless we produced proof of what was in the parcel. This is when those receipts came in handy!

6. Expense Reimbursement

Depending on where you work, you may need to save receipts for expense reimbursements that are job related. If you are traveling, or if you do a lot of shopping or buying things for the company who employs you, saving those receipts may mean that you get reimbursed for any and all expenses you may have. And if you have a company credit card, you definitely want to hang onto those receipts and make sure they go on file at the end of the day.

7. Peace of Mind

One of the main reasons I like to save my receipts is just to have peace of mind. You never know what this life may throw at you, and if you have proof as to where your money has been going, and careful record of big expenses or loans, you can be at least partially prepared for emergencies or anything else that rears its head up!

My tips for keeping receipts in order and organized will be posting on the blog soon, so keep your eye out. For now, I will say that it’s a good idea to save receipts from up to 2-3 years past, and you can sort them by month, per year in various ways, including accordion folders or notebooks. Do you have any reasons to save receipts? Please, comment below with your tips!