Advertising
Advertising

Receipts: Which to Keep and Which to Pitch

Receipts: Which to Keep and Which to Pitch

466583_32876683

    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.

    Advertising

    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.

    Advertising

    • 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.

    Advertising

    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.

    Advertising

    More by this author

    50 Businesses You Can Start In Your Spare Time 8 Replacements for Google Notebook 5 Sites Where You Can Sell Your Photos 7 Tools to Find Someone Online 19 Entrepreneurship Websites Worth Checking Out

    Trending in Featured

    1 How To Study Effectively: 7 Simple Tips 2 7 Simple Rules to Live by to Get in Shape in Two Weeks 3 5 Practical Ways to Get Over a Mental Block 4 How to Learn Something New Every Day and Stay Smart 5 35 Top Productivity Apps for iPhone (2020 Updated)

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on September 28, 2020

    How To Study Effectively: 7 Simple Tips

    How To Study Effectively: 7 Simple Tips

    The brain is a tangled web of information. We don’t remember single facts, but instead we interlink everything by association. Anytime we experience a new event, our brains tie the sights, smells, sounds and our own impressions together into a new relationship.

    Our brain remembers things by repetition, association, visual imagery, and all five senses. By knowing a bit about how the brain works, we can become better learners, absorbing new information faster than ever.

    Here are some study tips to help get you started:

    1. Use Flashcards

    Our brains create engrained memories through repetition. The more times we hear, see, or repeat something to ourselves, the more likely we are to remember it.

    Flashcards can help you learn new subjects quickly and efficiently. Flashcards allow you to study anywhere at any time. Their portable nature lends them to quick study sessions on the bus, in traffic, at lunch, or in the doctor’s office. You can always whip out your flashcards for a quick 2 to 3 minute study session.

    Advertising

    To create effective flashcards, you need to put one point on each flashcard. Don’t load up the entire card with information. That’s just overload. Instead, you should dedicate one concept to each card.

    One of the best ways to make flashcards is to put 1 question on the front and one answer on the back. This way, you can repeatedly quiz yourself into you have mastered any topic of your choice.

    Commit to reading through your flash cards at least 3 times a day and you will be amazed at how quickly you pick up new information.

    As Tony Robbins says,

    “Repetition is the mother of skill”.

    2. Create the Right Environment

    Often times, where you study can be just as important as how you study. For an optimum learning environment, you’ll want to find a nice spot that is fairly peaceful. Some people can’t stand a deafening silence, but you certainly don’t want to study near constant distractions.

    Find a spot that you can call your own, with plenty of room to spread out your stuff. Go there each time you study and you will find yourself adapting to a productive study schedule. When you study in the same place each time, you become more productive in that spot because you associate it with studying.

    3. Use Acronyms to Remember Information

    In your quest for knowledge, you may have once heard of an odd term called “mnemonics”. However, even if you haven’t heard of this word, you have certainly heard of its many applications. One of the most popular mnemonic examples is “Every Good Boy Does Fine”. This is an acronym used to help musicians and students to remember the notes on a treble clef stave.

    An acronym is simply an abbreviation formed using the intial letters of a word. These types of memory aids can help you to learn large quantities of information in a short period of time.

    4. Listen to Music

    Research has long shown that certain types of music help you to recall information. Information learned while listening to a particular song can often be remembered simply by “playing” the songs mentally in your head.

    Advertising

    5. Rewrite Your Notes

    This can be done by hand or on the computer. However, you should keep in mind that writing by hand can often stimulate more neural activity than when writing on the computer.

    Everyone should study their notes at home but often times, simply re-reading them is too passive. Re-reading your notes can cause you to become disengaged and distracted.

    To get the most out of your study time, make sure that it is active. Rewriting your notes turns a passive study time into an active and engaging learning tool. You can begin using this technique by buying two notebooks for each of your classes. Dedicate one of the notebooks for making notes during each class. Dedicate the other notebook to rewriting your notes outside of class.

    6. Engage Your Emotions

    Emotions play a very important part in your memory. Think about it. The last time you went to a party, which people did you remember? The lady who made you laugh, the man who hurt your feelings, and the kid who went screaming through the halls are the ones you will remember. They are the ones who had an emotional impact.

    Fortunately, you can use the power of emotion in your own study sessions. Enhance your memory by using your five senses. Don’t just memorize facts. Don’t just see and hear the words in your mind. Create a vivid visual picture of what you are trying to learn.

    Advertising

    For example, if you are trying to learn the many parts of a human cell, begin physically rotating the cell in your minds eye. Imagine what each part might feel like. Begin to take the cell apart piece by piece and then reconstruct it. Paint the human cell with vivid colors. Enlarge the cell in your mind’s eye so that it is now six feet tall and putting on your own personal comedy show. This visual and emotional mind play will help deeply encode information into your memory.

    7. Make Associations

    One of the best ways to learn new things is to relate what you want to learn with something you already know. This is known as association, and it is the mental glue that drives your brain.

    Have you ever listened to a song and been flooded by memories that were connected to it? Have you ever seen an old friend that triggered memories from childhood? This is the power of association.

    To maximize our mental powers, we must constantly be looking for ways to relate new information with old ideas and concepts that we are already familiar with.

    You can do this with the use of mindmapping. A mind map is used to diagram words, pictures, thoughts, and ideas into a an interconnected web of information. This simple practice will help you to connect everything you learn into a global network of knowledge that can be pulled from at any moment.

    Advertising

    Learn more about mindmapping here: How to Mind Map to Visualize Your Thoughts (With Mind Map Examples)

    Featured photo credit: Alissa De Leva via unsplash.com

    Read Next