If you keep receipts for misc purchases...

[elegantlion]

...what do you keep and how long?

 

After my separation, I kept every stinkin' receipt, even for $3 for gas to mow the yard, just in case. Since those days are behind me, I'm trying to decide what to keep. I have budgeting software, but my expenses are mostly fixed, so it's not a huge help right now. 

 

I'm thinking keep grocery receipts just to track a few months and then keep of things I tend to splurge on, like books. Some records are digital, some are physical copies. 

 

I keep utility receipts and just file those with the taxes each year. 

[Slache]

I don't keep the receipts for Target or Costco because all of those purchases are kept on my card. I have a target debit card which I recommend because of the 5% off and free shipping. I keep the receipts from specialty items like a vacuums in an envelope until it's too late to return. If my store has a one-year return policy and the item breaks onthe 354th day I'm going to return it on the 355th. After that, the receipt is useless. I don't actually have any right now.

[Guest]

I keep them until I have recorded the expenses in my tracker, but after that, I only keep receipts for things I may need to return. Periodically, I throw those out.

 

I'm probably a little more fanatical than most about tracking expenses, though.

[elegantlion]

I don't keep the receipts for Target or Costco because all of those purchases are kept on my card. I have a target debit card which I recommend because of the 5% off and free shipping. I keep the receipts from specialty items like a vacuums in an envelope until it's too late to return. If my store has a one-year return policy and the item breaks onthe 354th day I'm going to return it on the 355th. After that, the receipt is useless. I don't actually have any right now.

 

Sadly, I don't shop at Target much. I do have a debit card, but pay for a lot of items with cash as it's easier for me to be disciplined. I will check return policies. I think the toaster oven is the most recent thing I've bought with a warranty and it's almost two years old. 

 

I keep them until I have recorded the expenses in my tracker, but after that, I only keep receipts for things I may need to return. Periodically, I throw those out.

 

I'm probably a little more fanatical than most about tracking expenses, though.

 

I was doing the tracker, but my expenses are consistent and I felt like I was spending too much time dealing with the minutia of it all. So I've just been keeping the receipts in case I want to delve into the details again.  

[bolt.]

I keep any with purchase over about $20 -- things I might return if they turn out badly.

 

I shove them (by the handful) into an empty Kleenex box (without much attention) and mark the aprox earliest and latest possible date for those receipts on the outside of the box. When I reach the point when it's clearly a box from a really long time ago, I chuck the whole box.

 

I keep receipts over about 150 somewhere else for longer... Things that might have a warranty.

[Tsuga]

Nothing. I buy on my card and then pay it off at the end of the month. It's all on there. Never had an issue with a return. For cash purchases, I take my chances.

 

Utility receipts, student loan payments, etc. are all on the bank statements, along with checks written.

[mamiof5]

Large purchases and stuff with warranty? Groceries, every day purchases...no way, too much clutter

[Pawz4me]

We keep receipts in a shoe box with a slit cut in the lid.  After purchase the receipts go in a basket in our home office.  DH does whatever he needs to do to them, which is minimal now that credit/debit purchases download to his software automatically.  Then they go in the shoe box.  When the box gets near full we throw some of the ones near the bottom (the oldest ones) away.

 

We used to keep utility bills for a year, but those are online now.

 

For anything with a warranty the receipt gets stapled to the owners manual (if there's one worth keeping) and put in an appropriate file.  We have files for household appliances, electronics, vehicles, etc.

[Annie G]

 

For anything with a warranty the receipt gets stapled to the owners manual (if there's one worth keeping) and put in an appropriate file.  We have files for household appliances, electronics, vehicles, etc.

 

That's what we do.  We go through the file every year or so and weed out stuff we no longer need.  Sometimes there's no manual so I staple it to a part of the packaging. Like a nonstick pan that has a lifetime warranty- cut out the warranty part, staple the receipt, and file it. Same with those expensive light bulbs. We've sent several back under warranty and received replacements. 

[Annie G]

I'm a budget tracking weirdo so I keep receipts for either two weeks or a month then toss them. I  log expenses in two week increments because dh is paid every two weeks.  I have a book (like a journal) and every two weeks I start a new page. I track a few categories- groceries, gas for cars, eating out, and miscellaneous.    The utility bills are easy to log at the bottom. 

 

So I toss the receipts into an envelope in my book and then log them as I have time.  Even though I log miscellaneous all together, dh extracts some info to put into his spreadsheets. He tracks things like household repairs, car expenses, education expenses, and some trip costs.  It all sounds complicated but it really just takes ten minutes every couple of weeks.  We're doing this extensive tracking because dh is within 4 years of retirement and we need some real data about how much we spend and what we spend it on to make sure we're set for retirement.  But it also helps us to see trends such as when we get lazy and spend too much eating out. 

 

I track way more than dh does- he just uses his credit card statement and transfers it to his spreadsheet about four times a year.  Keeping money in separate accounts and each of us paying for defined expenses works REALLY well when one person likes to overanalyze while the other just wants to deal with it a few times a year. g

 

 

[Tsuga]

Did you guys know there are apps that will do this budgeting with credit card expenses? So you can pay once a night, if you wish, and just use them. It is basically like using a CC as a budgeting tool. Not saying that would work with everyone, but honestly, I'm shocked how many use cash and then record it later. 

[Guest]

Did you guys know there are apps that will do this budgeting with credit card expenses? So you can pay once a night, if you wish, and just use them. It is basically like using a CC as a budgeting tool. Not saying that would work with everyone, but honestly, I'm shocked how many use cash and then record it later.

Can you expand on this? I'm not sure what you mean. I do use my CC for the vast majority of purchases, but I didn't like the way my CC company gives classifications. (Although it may be different/better now than when I tried it.)

[Annie G]

Did you guys know there are apps that will do this budgeting with credit card expenses? So you can pay once a night, if you wish, and just use them. It is basically like using a CC as a budgeting tool. Not saying that would work with everyone, but honestly, I'm shocked how many use cash and then record it later. 

 

I'm not quite sure what you mean. I do use my credit card when I can but often I buy things that fit into more than one category (I'm looking at you, Target!).   Having my credit card categorize it as department store doesn't help me. 

 

Likewise, we have three cars and I track how much I spend on each. One is dh's car, which I rarely put gas in, one is mine that I share with ds sometimes, and the last is our sports car and I do put gas in that about half the time.  My credit card statement can't help me there.   

 

Honestly I don't want anything to make it EASIER on me. It's already way too easy to spend money. I swipe a card and walk away with my stuff.  Personally I mind my budget better when I have to log data and face my spending. 

[elegantlion]

Honestly I don't want anything to make it EASIER on me. It's already way too easy to spend money. I swipe a card and walk away with my stuff.  Personally I mind my budget better when I have to log data and face my spending. 

 

:coolgleamA: Yup, me too. I do pretty well on a very small budget. As a student I get paid 2-3 times a YEAR, so I have to be diligent, especially toward the end of the semester. 

 

 

All of these replies are helpful. Thank you. 

[momto10blessings]

I keep all my receipts paid with debit/credit card until I match them up on our statements then I toss them.

I keep receipts for larger items that may break or need to be returned. Radio, laptop, cameras. Mostly appliances I guess.

[Garga]

Wait...we're supposed to *keep* receipts??

 

I don't keep any. I'm feeling a little nervous about it now.

 

When have you ever had to use a receipt? I keep a couple of receipts at Christmas time in case a gift doesn't fit the recipient, but that's about it.

[Guest]

Wait...we're supposed to *keep* receipts??

 

I don't keep any. I'm feeling a little nervous about it now.

 

When have you ever had to use a receipt? I keep a couple of receipts at Christmas time in case a gift doesn't fit the recipient, but that's about it.

I keep them until I track expenses because I am a really weird fanatic about accurate expense records. But yes, I have used receipts for some things; returning an item that did not suit me, looking back at a purchase if it broke and might be under warranty, or for anything that has a longer-term guaranty onit. DS's suit I bought him last year has an alteration guaranty on it, so I kept it.

[regentrude]

When have you ever had to use a receipt?

 

When it is

an expensive item that is under warranty;  I need the receipt to have it repaired

an item I might want to return

a work related expense that can be reimbursed or lead to a tax credit

If there is a dispute on a credit card statement where the merchant charged a different amount than I have on my receipt

[elegantlion]

Wait...we're supposed to *keep* receipts??

 

I don't keep any. I'm feeling a little nervous about it now.

 

When have you ever had to use a receipt? I keep a couple of receipts at Christmas time in case a gift doesn't fit the recipient, but that's about it.

 

Ex was self-employed for many years, so keeping receipts became a habit. After my separation, I kept them all to track expenses and in case he got snippy about anything He didn't. I kept them last year because I was trying to update my tracking. 

 

I do the Walmart Savings catcher, so I do keep those until they're validated. It's just become a a habit. I stash them in an envelope for each month. I probably should do tracking again since ds and I are both at school and some other financials have changed.