On Sunday my post showed how many receipts I needed to enter into Quicken. Commenter Ken from Money Making Sense shared that he throws his receipts away once he’s entered them into his checkbook. Kudos to Ken for saving his receipts long enough to record them, some folks don’t bother keeping them for any length of time.
Top 7 reasons why I save my receipts:
- Don’t want the item - although usually I know within a week or two if this is the case. In this event, I put the receipt into a special pocket in my purse, or I give the receipt to Mr. A to keep in his wallet for his next trip to the store.
- Item breaks within return period, typically 90 days – this has happened countless times, unfortunately. It’s a horrible feeling when something breaks and I can’t find the receipt!
- Price Matching – The item might go on sale cheaper somewhere else or at that store. Typically we shop at the same stores, and some have 30 day price guarantees.
- Business expense receipts – all of Mr. A’s receipts are saved and filed by the month. If we lose a receipt we write down what the items were purchased on a piece of paper and include that with the other receipts. I don’t want to be unprepared if we were ever audited by the IRS.
- Receipts for business not purchased on business account – sometimes we buy items with our personal cards or cash for the business, so the business expense wouldn’t show up on Mr. A’s business credit card.
- Reimbursement – I buy products for my employer regularly, and I have been amazed at how many times I come across a receipt for an item that I forget to get reimbursed.
- Rebates – although usually if I need the receipt for a rebate I already know about it in advance and make a point to turn in the rebate soon after purchase.
Added by commenters:
- Oregon Sun shared that they were double charged on their debit card and had to have their receipt in order for the money to be placed into their account.
Do you have any other good reasons to save your receipts? Please add them in my comments and I will add them to this post.