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6 Reasons to Keep Receipts…Or Not!

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6 Reasons to Keep Receipts…Or Not!

When we work with clients in person to sort out their papers and create systems for them, we always run into the issue of keeping receipts.

For purposes of this article, we’re speaking about personal receipts for managing your household. Businesses should keep all receipts and should definitely use financial management software like QuickBooks or Peachtree to track and report on the information.

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Most personal expenses, however, are routine and irrelevant, and keeping all receipts would be a waste of time and energy. Do you really need a receipt to prove that you bought some gum along with your gasoline?

There are essentially 6 reasons that people should keep receipts:

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1. Proof of purchase for warranties: Receipts for any major purchase such as appliances, electronics, or jewelry should be filed in your warranty files and retained as long as you own the item. We usually make files with the major heading “Warranties & Instructions” and then have folders for subcategories of Major Appliances, Small Appliances, Electronics, Computers & Peripherals, etc. depending on the person’s buying habits.

2. Proof of major expenses: Receipts for any major expense for your car should be kept in a file for that vehicle, as long as you own it. Major home improvement expenses should be kept in a file for “Home Improvements & Repairs” and then kept with your tax records after you have sold the home.

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3. Merchandise returns or exchanges: If you possibly could return an item (or if you gave it as a gift), you may want to hold onto the receipt for 30 days or as long as the store’s return policy applies (some are only 14 days). After that point, you can either throw away the receipts or file them if you need them for warranty reasons. We recommend having a spot for these kinds of pending receipts, such as a slot in a letter sorter or a “waiting” folder, and cleaning it out periodically when full.

4. Expense reimbursements: You may need to be reimbursed for work expenses made with personal funds. First, find out if your company can give you a credit card to use for these items in the future to keep things simpler. You also might enjoy using NeatReceipts, a scanner/software combination made just for this purpose.

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5. Budgeting and reconciling: You may be trying to make sense of how much you spend in certain categories. With online banking providing more and more data, do you really need to track everything? Sometimes we talk with our clients about what I call “Quicken Guilt,” the feeling of inadequacy of not entering every receipt into financial software and reconciling everything to the penny. If you feel you must keep receipts for this reason, we recommend having a simple January-December expandable accordion file to quickly and easily put them away.

6. Tax deductions: If you are going to tell the IRS something, you need to be ready to back it up. We recommend having an income tax file for each year. Always have at least one year’s tax folder made up in advance so you’ll be ready when the paper arrives. When you do have a receipt that will be tax deductible, you can jot a quick note on it first and then drop it in your tax file. Tax organization needs can vary widely depending on your situation, but most households don’t have that much and one folder will do.

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Other than these reasons, you generally do not need to keep receipts, so liberate yourself and throw some away today!

Lorie Marrero is a Professional Organizer and creator of The Clutter Diet, an innovative, affordable online program for home organization. Lorie’s site helps members lose “Clutter-Pounds” from their home by providing online access to her team of organizers. Lorie writes something useful, funny, interesting, and/or insanely practical every few days or so in her Clutter Diet Blog. She lives in Austin, TX, where her company has provided hands-on organizing services to clients since 2000.

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Last Updated on November 18, 2020

15 Tips to Restart the Exercise Habit (and How to Keep It)

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15 Tips to Restart the Exercise Habit (and How to Keep It)

It’s okay, you can finally admit it. It’s been two months since you’ve seen the inside of the gym. Getting sick, family crisis, overtime at work and school papers that needed to get finished all kept you for exercising. Now, the question is: how do you start again?
Once you have an exercise habit, it becomes automatic. You just go to the gym, there is no force involved. But after a month, two months or possibly a year off, it can be hard to get started again. Here are some tips to climb back on that treadmill after you’ve fallen off.

  1. Don’t Break the Habit – The easiest way to keep things going is simply not to stop. Avoid long breaks in exercising or rebuilding the habit will take some effort. This may be advice a little too late for some people. But if you have an exercise habit going, don’t drop it at the first sign of trouble.
  2. Reward Showing Up – Woody Allen once said that, “Half of life is showing up.” I’d argue that 90% of making a habit is just making the effort to get there. You can worry about your weight, amount of laps you run or the amount you can bench press later.
  3. Commit for Thirty Days – Make a commitment to go every day (even just for 20 minutes) for one month. This will solidify the exercise habit. By making a commitment you also take pressure off yourself in the first weeks back of deciding whether to go.
  4. Make it Fun – If you don’t enjoy yourself at the gym, it is going to be hard to keep it a habit. There are thousands of ways you can move your body and exercise, so don’t give up if you’ve decided lifting weights or doing crunches isn’t for you. Many large fitness centers will offer a range of programs that can suit your tastes.
  5. Schedule During Quiet Hours – Don’t put exercise time in a place where it will easily be pushed aside by something more important. Right after work or first thing in the morning are often good places to put it. Lunch-hour workouts might be too easy to skip if work demands start mounting.
  6. Get a Buddy – Grab a friend to join you. Having a social aspect to exercising can boost your commitment to the exercise habit.
  7. X Your Calendar – One person I know has the habit of drawing a red “X” through any day on the calendar he goes to the gym. The benefit of this is it quickly shows how long it has been since you’ve gone to the gym. Keeping a steady amount of X’s on your calendar is an easy way to motivate yourself.
  8. Enjoyment Before Effort – After you finish any work out, ask yourself what parts you enjoyed and what parts you did not. As a rule, the enjoyable aspects of your workout will get done and the rest will be avoided. By focusing on how you can make workouts more enjoyable, you can make sure you want to keep going to the gym.
  9. Create a Ritual – Your workout routine should become so ingrained that it becomes a ritual. This means that the time of day, place or cue automatically starts you towards grabbing your bag and heading out. If your workout times are completely random, it will be harder to benefit from the momentum of a ritual.
  10. Stress Relief – What do you do when your stressed? Chances are it isn’t running. But exercise can be a great way to relieve stress, releasing endorphin which will improve your mood. The next time you feel stressed or tired, try doing an exercise you enjoy. When stress relief is linked to exercise, it is easy to regain the habit even after a leave of absence.
  11. Measure Fitness – Weight isn’t always the best number to track. Increase in muscle can offset decreases in fat so the scale doesn’t change even if your body is. But fitness improvements are a great way to stay motivated. Recording simple numbers such as the number of push-ups, sit-ups or speed you can run can help you see that the exercise is making you stronger and faster.
  12. Habits First, Equipment Later – Fancy equipment doesn’t create a habit for exercise. Despite this, some people still believe that buying a thousand dollar machine will make up for their inactivity. It won’t. Start building the exercise habit first, only afterwards should you worry about having a personal gym.
  13. Isolate Your Weakness – If falling off the exercise wagon is a common occurrence for you, find out why. Do you not enjoy exercising? Is it a lack of time? Is it feeling self-conscious at the gym? Is it a lack of fitness know-how? As soon as you can isolate your weakness, you can make steps to improve the situation.
  14. Start Small – Trying to run fifteen miles your first workout isn’t a good way to build a habit. Work below your capacity for the first few weeks to build the habit. Otherwise you might scare yourself off after a brutal workout.
  15. Go for Yourself, Not to Impress – Going to the gym with the only goal of looking great is like starting a business with only the goal to make money. The effort can’t justify the results. But if you go to the gym to push yourself, gain energy and have a good time, then you can keep going even when results are slow.

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