The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Do you keep every receipt?||Date: 1/8/2005 9:06 PM|
|Author: 500PSI||Number: 75380 of 121114|
"My wife and I are reorganizing our record and filing system in our home. We'd like to know what other people do with their every-day purchase receipts. Do you keep every receipt after you've recorded it in your budgets and expenses? Do you only keep receipts that may be tax-deductable? Do you keep that $5 receipt for milk and bread?
We keep a folder for each month with all receipts and statements (utility and otherwise) for that month. We keep folders back 7 years.
I save all my receipts by immediately putting them in my wallet after a purchase. When my wallet gets too fat (once a week or so) I take the receipts out and leave them on the sofa table. DW then puts them into an envelope which goes into the folder for that month.
For purchases over around $30-50, I put the receipt for the item in the folder with the information (warantee, users manuals etc) for the item. This could be the backpack with the lifetime warantee or the electric screwdriver.
Have we needed the receipts? Sometimes to reconstruct history or to make or dispute a claim as we reconcile statements (some receipts need to be split to categorize the purchases). Have we ever needed a receipt older than a month? To make a warantee claim or to return an item yes. The others (mcdonalds receipt) probably dont matter but it isnt much of a hassle to keep them and it is faster to just put them all in the folder rather than try to filter out the important ones.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|