Every ATM transaction, every gas refill, every supermarket trip. We get receipts everywhere, but do we know what to do with them?
Should we keep our sales receipts? Should we tear them up? Is it better not to get one at all? How do we know?
Here are a few situations when it makes sense and a few when it simply doesn’t.
When You Should Keep a Receipt
1. Warranty Information
Is there anything more frustrating than when your camera breaks and you can’t find your warranty information? Well, if you keep your important warranty receipts in one place you won’t have that frozen feeling next time something happen!
2. Business Expenses
Anything that you’re going to count as a business expense on your taxes should be well documented. If the IRS ever audits you, there will be no better feeling than being able to defend yourself with the right information.
3. Medical Reimbursement
If you need to submit them to your insurance, make sure you have them! It could ensure that you get back the money you deserve!
When You Should Throw Out a Receipt
1. Returns and Exchanges
Almost all stores now don’t need a receipt in order to look up your order. So don’t worry if you throw it out. They can give you the refund receipt-free!
2. ATM Withdrawals
Unless you want to know your balance, you don’t even need a receipt. And if you do get one, there’s not enough personal information on there for someone to do any damage with.
The verdict? In my opinion, you don’t need receipts very often. Only receipts for big purchases and things you need for legal purposes are really important. The rest? Chuck them!