Im learning how to budget. Should I keep my receipts?

Question

what is the point of holding on to receipts? Should I save EVERY receipt I get? What do I do with them? I always hear 'save your receipts' and I never know why. Thanks

Answer 1

I only hold onto the receipts that I can deduct on my taxes.  So I save the receipts for office supplies or anything that I buy for teaching because I can deduct that.  I don't save grocery receipts or gas receipts.

Answer 2

It depends on the type and amount of your transactions, and the method you pay with.

If you have a lot of small transactions made with a credit card, you probably don't need to save the receipts because you will know where you spent the money by looking at your bill. But if you have a large transaction, save the receipt to make sure there is not a mistake.

Additionally, if you are paying with cash, you should save your receipts, especially when you are just starting a budget.

Hope this helps

Answer 3

Yes, saving papers is useless and annoying if you don't know why.

So here's why, if you can keep evidence you paid for something, it's proof you didn't steal, and proof you've spent money (and have less).

Get into the habit of preparing your spending, and reducing them. Use receipts to record what you spent (learn to use excel spreadsheets).

Keeping papers and memory of my spending has been extremely helpful for me, and I can proudly say I'm always $100+ richer than my friends every month just by being careful (and cheap).

Answer 4

What if you had some company write and tell you you did not pay a certain bill.  If you have a reciept filed properly where you can find it easily, then all you have to do is look under that company name in your file system (either computer or hard copies) which will tell you if it is paid.  I would advise you to get a small file cabinet and keep them in alphabeticely.  

Go to a book store and get a copy of a good budget, ask them for help to find the right book.  WASN'T THAT EASY?  Recommend you educate youreself and find out what common sense is and begin to charge your mind so you can think on your own... God Bless