I hate clutter; having extra papers floating around my office really grates on my nerves. However, I’ve made my peace with the fact that some papers are worth keeping around. Some types of paperwork that should be kept are pretty obvious: investment paperwork, mortgage documents, and tax records are easy examples.
What should you do with all of your receipts, though? Do you keep them all? That would add up to a lot of paper and filing, so I vote “no.” So, which ones do you keep? We keep these:
Expenses for Major Assets: Have you replaced your hot water heater? Did the roof need a repair? Maybe your car has had a new transmission installed recently. All of these receipts should be kept in a file labeled for the related asset. You’ll need the home repair receipts when you sell your home and need to calculate your basis in the house. The car repair receipts will come in handy when you sell your car.
Employee Expenses: Many employers will reimburse you for expenses you incur on their behalf, but you have to have the receipts to prove what you paid. Try to turn these expenses in to your supervisor right away so that you don’t have to keep chasing them around the house. You’ll get your money faster, too.
Potential Return Items: Keep your receipts for retail purchases until you know that they don’t need to return. Receipts for clothing should be kept until you know that the clothes fit. Receipts for other items should be kept until you know that they work. Keep the receipts for gift items, too, in case the recipient needs to return something.
Warranty Items: Even if the new television you bought worked just fine when you took it out of the box, you probably want to keep that receipt for quite a while. I have a folder for purchases that are covered by a warranty for circumstances like this. I staple the receipt to the warranty literature and file it away.
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{ 4 comments… read them below or add one }
We also keep everything we need for tax deductions. But I scan them and and back them up online along with keeping a hard copy.
This is something I have been doing more. I have been keeping more receipts of things I may return at some point. You never know when you need it. Also should keep receipts from credit purchases just in case there is a mistake at the end of the month.
And I always print and save any reeceipt from something that I purchased online.
Retruninrg something bought online can sometimes be nightmarish
Warrenty items are the only ones i usually keep with me.Is any other needed?