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Receipts: Which to Keep and Which to Pitch

Receipts: Which to Keep and Which to Pitch

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    A shoebox full of receipts seem to be the norm for most of us, whether or not we manage our money online. Every time we make a purchase, we shove receipts in wallets, pockets or purses. We bring them home, sometimes sort them and drop them into a shoebox. From there, we ignore them until tax time — often even longer. But we don’t actually need most receipts. While some we may need to hold on to for taxes or records, the grand majority can be out of your house within a week.

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    Short-Term Keepers

    Receipts tend to fall into two categories: those you need to keep at least long enough to double check them against your purchases when you get home and those you need to hold on to for a bit longer. The short-term keepers can be thrown away as soon as you’ve taken care of checking them — I tend to shred these sorts of receipts, but many don’t have any sort of information you really need to worry about.

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    • Cash Receipts: If you keep track of where you spend your cash (as opposed to using a debit or credit card), you may need to note any receipts for cash spending on your money management software. After that, you can get rid of it.
    • Clothing Receipts: Once you’ve put on an outfit and taken off the tags, you can generally get rid of the receipt.
    • Restaurant Receipts: It’s generally worth keeping receipts from restaurants at least long enough to check them against your card statement if you left a tip on your card. There is a chance that the tip can be altered or misread, and you’ll need your receipt to dispute it. If everything checks out, and your meal wasn’t a business expense, you can trash the receipt.

    There is a school of thought that you should keep a receipt until you get rid off whatever you purchased — for instance, you should hold on to a receipt from the grocery store until you finish off your gallon of milk. That’s because you can get reimbursements in many situations (like recalls) or may need to take the item back. It comes down to your personal choice just how long you want to keep receipts for things like groceries and gas, but generally, less than a month seems like a good choice. Otherwise, though, most personal expenses aren’t even short-term keepers. Your grocery receipt may not even need to make it out of the store’s door with you.

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    Long-Term Keepers

    There are some receipts you may need to hold on to significantly longer than the month it takes for your card statement to arrive. Receipts can be used as proof of a whole list of different things, from tax deductions to warranties, so you’ll need to hold on to a few receipts. I know many people that scan these important receipts to make sure that they have them handy. The IRS does accept scanned receipts, but if you’re trying to work with a credit card company or insurer, you may need to hang on to the original.

    • Business Expenses: If you own your own business, most expenses are tax deductible. Hold on to those receipts, though — in the event of an audit, they come in handy. That includes some receipts you might otherwise get rid of, like gas or meals, as long as they are business expenses.
    • Job Search Expenses: You can deduct many of the expenses associated with a job search, so hold on to those receipts.
    • Employer Reimbursement: With most companies, you’ll need the receipt for any expense you’re reimbursed for. It’s generally worth making a copy to hold on to until you actually get a check — you’ll likely have to turn the original over to your employer.
    • Medical Expenses: Between tax deductions and insurance, holding on to any receipts for medication, doctors’ visits and procedures is a must.
    • Big Purchases: Hold on to the receipts for big purchases, like appliances and electronics. Defining how big can be tricky, but consider how you paid for it — if you used a credit card, you may have a warranty beyond what the store offered you, as long as you have the original receipt. You may also need receipts for big ticket items in order to make an insurance claim.
    • Warranties: If you purchase any product with a warranty, you’ll want to keep the receipt — you may need it to claim the warranty or even prove that you have it. When possible, it makes sense to keep warranty receipts together with the product that they came with. Taping them inside owners’ manuals can be an easy way to keep track of them.
    • Donations: It often takes an extra step to get a receipt for a donation — but it’s worth it. You’ll need it if you want to write your donation off on your taxes.

    Just how long you need to keep receipts for depends on just who might ask to see them. A good rule of thumb is that anything related to insurance or warranties can be thrown away once you get rid of the item in question — if you replace your stove, for instance, you’ll want to keep the new receipt, but you can throw away the receipt for the old appliance. For the IRS, how long you need to keep receipts can vary significantly: the very longest you might need a set of receipts is seven years.

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    Last Updated on March 30, 2020

    What to Do in Free Time? 20 Productive Ways to Use the Time

    What to Do in Free Time? 20 Productive Ways to Use the Time

    If you’ve got a big block of free time, the best way to put that to use is to relax, have fun, decompress from a stressful day, or spend time with a loved one. But if you’ve just got a little chunk — say 5 or 10 minutes — there’s no time to do any of the fun stuff.

    So, what to do in free time?

    Put those little chunks of time to their most productive use.

    Everyone works differently, so the best use of your free time really depends on you, your working style, and what’s on your to-do list. But it’s handy to have a list like this in order to quickly find a way to put that little spare time to work instantly, without any thought. Use the following list as a way to spark ideas for what you can do in a short amount of time.

    1. Reading Files

    Clip magazine articles or print out good articles or reports for reading later, and keep them in a folder marked “Reading File”. Take this wherever you go, and any time you have a little chunk of time, you can knock off items in your Reading File.

    Keep a reading file on your computer (or in your bookmarks), for quick reading while at your desk (or on the road if you’ve got a laptop).

    2. Clear out Inbox

    Got a meeting in 5 minutes? Use it to get your physical or email inbox to empty.

    If you’ve got a lot in your inbox, you’ll have to work quickly, and you may not get everything done; but reducing your pile can be a big help. And having an empty inbox is a wonderful feeling.

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    3. Phone Calls

    Keep a list of phone calls you need to make, with phone numbers, and carry it everywhere.

    Whether you’re at your desk or on the road, you can knock a few calls off your list in a short amount of time.

    4. Make Money

    This is my favorite productive use of free time. I have a list of articles I need to write, and when I get some spare minutes, I’ll knock off half an article real quick.

    If you get 5 to 10 chunks of free time a day, you can make a decent side income. Figure out how you can freelance your skills, and have work lined up that you can knock out quickly — break it up into little chunks, so those chunks can be done in short bursts.

    5. File

    No one likes to do this. If you’re on top of your game, you’re filing stuff immediately, so it doesn’t pile up.

    But if you’ve just come off a really busy spurt, you may have a bunch of documents or files laying around.

    Or maybe you have a big stack of stuff to file. Cut into that stack with every little bit of spare time you get, and soon you’ll be in filing Nirvana.

    6. Network

    Only have 2 minutes? Shoot off a quick email to a colleague. Even just a “touching bases” or follow-up email can do wonders for your working relationship. Or shoot off a quick question, and put it on your follow-up list for later.

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    7. Clear out Feeds

    If my email inbox is empty, and I have some spare time, I like to go to my Google Reader and clear out my feed inbox.

    8. Goal Time

    Take 10 minutes to think about your goals — personal and professional.

    If you don’t have a list of goals, start on one. If you’ve got a list of goals, review them.

    Write down a list of action steps you can take over the next couple of weeks to make these goals a reality. What action step can you do today? The more you focus on these goals, and review them, the more likely they will come true.

    9. Update Finances

    Many people fall behind with their finances, either in paying bills (they don’t have time), or entering transactions in their financial software, or clearing their checkbook, or reviewing their budget.

    Take a few minutes to update these things. It just takes 10 to 15 minutes every now and then.

    10. Brainstorm Ideas

    Another favorite of mine if I just have 5 minutes — I’ll break out my pocket notebook, and start a brainstorming list for a project or article. Whatever you’ve got coming up in your work or personal life, it can benefit from a brainstorm. And that doesn’t take long.

    11. Clear off Desk

    Similar to the filing tip above, but this applies to whatever junk you’ve got cluttering up your desk. Or on the floor around your desk.

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    Trash stuff, file stuff, put it in its place. A clear desk makes for a more productive you. And it’s oddly satisfying.

    12. Exercise

    Never have time to exercise? 10 minutes is enough to get off some pushups and crunches. Do that 2 to 3 times a day, and you’ve got a fit new you.

    13. Take a Walk

    This is another form of exercise that doesn’t take long, and you can do it anywhere. Even more important, it’s a good way to stretch your legs from sitting at your desk too long.

    It also gets your creative juices flowing. If you’re ever stuck for ideas, taking a walk is a good way to get unstuck.

    14. Follow up

    Keep a follow-up list for everything you’re waiting on. Return calls, emails, memos — anything that someone owes you, put on the list.

    When you’ve got a spare 10 minutes, do some follow-up calls or emails.

    15. Meditate

    You don’t need a yoga mat to do this. Just do it at your desk. Focus on your breathing. A quick 5 to 10 minutes of meditation (or even a nap) can be tremendously refreshing.

    Take a look at this 5-Minute Guide to Meditation: Anywhere, Anytime

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    16. Research

    This is a daunting task for me. So I do it in little spurts.

    If I’ve only got a few minutes, I’ll do some quick research and take some notes. Do this a few times, and I’m done!

    17. Outline

    Similar to brainstorming, but more formal. I like to do an outline of a complicated article, report or project, and it helps speed things along when I get to the actual writing. And it only takes a few minutes.

    18. Get Prepped

    Outlining is one way to prep for longer work, but there’s a lot of other ways you can prep for the next task on your list.

    You may not have time to actually start on the task right now, but when you come back from your meeting or lunch, you’ll be all prepped and ready to go.

    19. Be Early

    Got some spare time before a meeting? Show up for the meeting early.

    Sure, you might feel like a chump sitting there alone, but actually people respect those who show up early. It’s better than being late (unless you’re trying to play a power trip or something, but that’s not appreciated in many circles).

    20. Log

    If you keep a log of anything, a few spare minutes is the perfect time to update the log.

    Actually, the perfect time to update the log is right after you do the activity (exercise, eat, crank a widget), but if you didn’t have time to do it before, your 5-minute break is as good a time as any.

    More Inspirations on What To Do During Free Time

    Featured photo credit: Lauren Mancke via unsplash.com

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