5 Reasons To Keep Your Receipts

5 Reasons To Keep Your Receipts

Yes, I am telling you to hang onto those little crumpled up pieces of paper in your coat pocket, car cup holder or bottom of your purse! 

It may seem annoying to keep track of all your receipts, but read on to understand why it may be a good idea. 

Here are 5 reasons to keep your receipts for all purchases:

1. Tracking Your Spending – By hanging onto the receipts for all of your expenses each month, you can see everywhere you are spending. This is a great way to be accountable for the money, and will also help you decide if there are expenses you can cut back on.
2. Returns or Exchanges – Keeping receipts for any items you buy will help if you have to return or exchange the item. It proves the price you paid, as some retailers may always take your returns, but may only give you the lowest price the item has sold for.
3. Price Matching & Guarantees – Did you know that many stores will guarantee to give you the lowest advertised price within a certain time frame. If you pay $25 for an item today, and it goes on sale for $15 next week, you may be able to get the $10 back! You may also be able to Price Match competitors and get money back as well. Check your local retailer’s policies.
4. Claim Expenses – If you have a business and need to keep track of expenses, it is very important to keep receipts. You will need to keep proof of expenses for 7 years in case of tax audit. CLICK HERE for an option for How to Organize Your Receipts.
5. Warranties – Warranties will require proof of purchase. Always keep receipts, especially for larger value purchases.

BONUS #1: Answer Surveys – Many retailers have survey links on their receipts. By answering the online surveys you may be entered into a contest, or receive a coupon or freebie in return. 

BONUS #2: Gift Cards – When purchasing gift Cards, it is possible to receive a card that is not activated. A mistake at the cash can cause you to have a blank card. Keep your receipt to ensure you have proof of purchasing the value you want on the card.