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4 Ways to Get Your Receipts Out of the Shoebox

4 Ways to Get Your Receipts Out of the Shoebox

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    I find receipts in the craziest places: not only do I find them in wallets and purses but it’s not uncommon to fish them out of the filing cabinet or out from behind the couch. After all, those tiny slips of paper can slide away the moment your back is turned. The only way to keep them in line is to have a simple organizational system. For years, the classic approach has been a shoebox stuffed full of receipts. It’s a great way to ensure that all of our bits of paper are in one place, but it still leaves something to be desired. Come tax season, we get the choice between handing that box to an accountant or sorting through them ourselves.

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    There are other plans that can make more sense: we can eliminate a lot of the work that goes along with tracking expenses with a little technology. The options below can simplify the situation and make for a smoother tax season.

    1. Stick to plastic

    If you can make all of your purchases with a credit or debit card, you may be able to eliminate your receipt collection. Most bookkeeping software packages can retrieve your account information for your accounts — and interpret it to a certain extent. There are certain drawbacks to relying entirely on your card statements, though. Most don’t specifically identify just what you’ve purchased and it can be hard to remember whether a particular payment to the bookstore last year was an education expense. Cash payments can also through a big wrench in the system — there are plenty of opportunities for expenses that you need to keep track of that will be cash only (think splitting a meal with a client). There are other specific issues that go along with whether you decide to use a debit card or a credit card.

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    You can annotate your expenses in most bookkeeping programs, though, so as long as you keep up with your receipts, you can avoid organizing and categorizing your receipts beyond once a month. It’s not a perfect solution, but it won’t make your accountant cringe the way that shoebox of receipts does.

    2. Pick a service

    For a fee, services like Shoeboxed will take your receipts and scan them in. They use a system that not only recognizes the text and puts it in a format you can use but it can also automatically categorize your receipts. Because Shoeboxed and other services typically operate on a monthly basis, the number of receipts you can get scanned between now and April 15th may come up short. However, you can do a brief triage on your receipts and eliminate all those that don’t actually affect your taxes: groceries, movies and what not may not need to be scanned, unless you’re working on getting all of your expenses and your budget under control.

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    Pricing can vary on such services. Shoeboxed has plans that go from $9.95 a month up to $49.95 — I consider that a deal. It’s significantly cheaper than paying someone to scan in your receipts for you.

    3. Scan in your receipts yourself

    At first glance, it might seem that scanning in your own receipts is a step backwards from paying a service to do it for you. But with the right equipment, you can pretty much automate the process at home. In this case, the right equipment is a scanner meant specifically for receipts: I’ve been using the NeatReceipts system and actually find it easier than packaging up my receipts and sending them off. I sit down in front of a television show or movie and feed my receipts into the scanner. Its optical character recognition is very good — for the majority of receipts, the scanner extracts all of the pertinent information and puts it in a format that I can dump it into my bookkeeping software (as well as saving it as a PDF).

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    Whether the price tag that goes along with purchasing a scanner just for your receipts is worth it can depend on how many receipts you plan to process: depending on where you pick up the scanner, the price can be more than the cost of a year’s basic plan at Shoeboxed — but less than a mid-level plan. Use it for more than a year, or scan more receipts with it than a service allows for, and it’s not actually all that expensive. And, as long as you’ve got the receipt, you may be able to write off the scanner on your taxes.

    4. Going Old School

    If you’d rather not spend the money on tools or services to take care of your receipts for you, there’s always the old school approach. You can enter your receipts into Excel or another bookkeeping option by hand. But it’s worth noting that such an approach isn’t just expensive in terms of time: it requires more discipline than most people are willing to devote to managing receipts. If you get even a little behind, it can seem absolutely impossible to catch up.

    Other Services and Tools

    I mentioned tools and services that I’ve actually had the chance to use and found reliable. But I know there are many other options out there — if you’ve used a service or tool to organize your receipts that you’ve particularly liked, please share a link in the comments.

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    Last Updated on January 2, 2019

    7 Steps For Making a New Year’s Resolution and Keeping It

    7 Steps For Making a New Year’s Resolution and Keeping It

    Are you keen to reinvent yourself this year? Or at least use the new year as a long overdue excuse to get rid of bad habits or pick up new ones?

    Yes, it’s that time of year again. The time of year when we feel as if we have to turn over a new leaf. The time when we misguidedly imagine that the arrival of a new year will magically provide the catalyst, motivation and persistence we need to reinvent ourselves.

    Traditionally, New Year’s Day is styled as the ideal time to kick start a new phase in your life and the time when you must make your all important new year’s resolution. Unfortunately, the beginning of the year is also one of the worst times to make a major change in your habits because it’s often a relatively stressful time, right in the middle of the party and vacation season.

    Don’t set yourself up for failure this year by vowing to make huge changes that will be hard to keep. Instead follow these seven steps for successfully making a new year’s resolution you can stick to for good.

    1. Just pick one thing

    If you want to change your life or your lifestyle don’t try to change the whole thing at once. It won’t work. Instead pick one area of your life to change to begin with.

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    Make it something concrete so you know exactly what change you’re planning to make. If you’re successful with the first change you can go ahead and make another change after a month or so. By making small changes one after the other, you still have the chance to be a whole new you at the end of the year and it’s a much more realistic way of doing it.

    Don’t pick a New Year’s resolution that’s bound to fail either, like running a marathon if you’re 40lbs overweight and get out of breath walking upstairs. If that’s the case resolve to walk every day. When you’ve got that habit down pat you can graduate to running in short bursts, constant running by March or April and a marathon at the end of the year. What’s the one habit you most want to change?

    2. Plan ahead

    To ensure success you need to research the change you’re making and plan ahead so you have the resources available when you need them. Here are a few things you should do to prepare and get all the systems in place ready to make your change.

    Read up on it – Go to the library and get books on the subject. Whether it’s quitting smoking, taking up running or yoga or becoming vegan there are books to help you prepare for it. Or use the Internet. If you do enough research you should even be looking forward to making the change.

    Plan for success – Get everything ready so things will run smoothly. If you’re taking up running make sure you have the trainers, clothes, hat, glasses, ipod loaded with energetic sounds at the ready. Then there can be no excuses.

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    3. Anticipate problems

    There will be problems so make a list of what they’ll be. If you think about it, you’ll be able to anticipate problems at certain times of the day, with specific people or in special situations. Once you’ve identified the times that will probably be hard work out ways to cope with them when they inevitably crop up.

    4. Pick a start date

    You don’t have to make these changes on New Year’s Day. That’s the conventional wisdom, but if you truly want to make changes then pick a day when you know you’ll be well-rested, enthusiastic and surrounded by positive people. I’ll be waiting until my kids go back to school in February.

    Sometimes picking a date doesn’t work. It’s better to wait until your whole mind and body are fully ready to take on the challenge. You’ll know when it is when the time comes.

    5. Go for it

    On the big day go for it 100%. Make a commitment and write it down on a card. You just need one short phrase you can carry in your wallet. Or keep it in your car, by your bed and on your bathroom mirror too for an extra dose of positive reinforcement.

    Your commitment card will say something like:

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    • I enjoy a clean, smoke-free life.
    • I stay calm and in control even under times of stress.
    • I’m committed to learning how to run my own business.
    • I meditate daily.

    6. Accept failure

    If you do fail and sneak a cigarette, miss a walk or shout at the kids one morning don’t hate yourself for it. Make a note of the triggers that caused this set back and vow to learn a lesson from them.

    If you know that alcohol makes you crave cigarettes and oversleep the next day cut back on it. If you know the morning rush before school makes you shout then get up earlier or prepare things the night before to make it easier on you.

    Perseverance is the key to success. Try again, keep trying and you will succeed.

    7. Plan rewards

    Small rewards are great encouragement to keep you going during the hardest first days. After that you can probably reward yourself once a week with a magazine, a long-distance call to a supportive friend, a siesta, a trip to the movies or whatever makes you tick.

    Later you can change the rewards to monthly and then at the end of the year you can pick an anniversary reward. Something that you’ll look forward to. You deserve it and you’ll have earned it.

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    Whatever your plans and goals are for this year, I’d do wish you luck with them but remember, it’s your life and you make your own luck.

    Decide what you want to do this year, plan how to get it and go for it. I’ll definitely be cheering you on.

    Are you planning to make a New Year’s resolution? What is it and is it something you’ve tried to do before or something new?

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