8 {Money-Saving} Reasons Why You Should Save Your Receipts

Organization isn't my strong suit. It's just not. I like organized people and organized systems, but it's not something that comes naturally to me. My husband though, it's his thing. He loves spreadsheets and envelopes and labels and order. I appreciate that because time and time again, this one thing has come in clutch {look it up in Urban Dictionary}. For the last 23 years, I've saved crumpled receipts placing them in my husband's inbox and he smoothes every one of them, inputting the numbers and reconciling them with our bank statement before carefully putting them into a monthly envelope. Why save receipts? I've got a few reasons why this one habit could save you money!


 8 {Money-Saving} Reasons Why You Should Save Your Receipts

why save your receipts

Most receipts seem like a waste of the paper they are printed on. Why bother? I shared that our family lives debt-free without a budget. One of the ways we are able to do this is by having an account of the money that we do spend. If I want to know how much money I spent at Hobby Lobby or Starbucks last month or heck, even last year, I could do a quick search on our Quicken software to see a report. That's because every receipt gets entered into whatever beboop system my husband uses and I secretly love though would never admit it. 

Save your receipts! It's one of the easiest money-saving hacks I could give someone. But why?

1. Easy Returns

Sure, some of the more sophisticated stores {like Costco and Target, pinkies up!} can look up your purchases by using the credit card you used at check out. But even then, it can still be a hassle. Having your receipt makes returns so much easier. Not only that, if you return without a receipt sometimes you can only get the lowest sales price and/or store credit. You return your items with the receipt and my friend, you get your cash back.

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2. Account Reconciliation

It doesn't happen often but when you compare your transaction statement from your credit card and/or bank statement and something doesn't match up, you have the receipt to prove it. When you reconcile your account, you are just making sure that your charges and your purchases coincide with one another. Just taking the time to look through your statements monthly can help you catch costly mistakes and save you hundreds if not thousands of dollars each year.

money saving receipts

3. Price Match

We've all done it. You make a purchase and then a week later the item you just purchased goes on sale. Most businesses will price match if you can show your receipt. Many stores differ in their policy, but it's often only done with a purchase within two weeks. 

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4. Product Warranty

Having your receipt for items covered under warranty could be the difference in a whole new replacement item. If you can't show proof of purchase, you often won't have a leg to stand on, but if you can pull out that receipt from the time of purchase, you will have much better recourse in having the warranty applied to your item. 

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5. Proof of Service

I recently shipped knives back to Cutco to be sharpened. It had been months since I had seen them and I just assumed their service department was running behind. However, a call to their customer service department had me referring to a months-old receipt for tracking information which then led to the replacement of six knives that had been lost in transit. Had I not had the tracking information from that receipt there would be no record I had sent them in and there would have been nothing they could have done.

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6. Recording

Saving your receipts certainly makes it easier to record them into whatever budgeting software you are using. We are old school and use Quicken. It was literally the best thing back in the last 90's. I know there are apps that scan in receipts as you get them, saving the receipts just makes it easier for how we do it.

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money saving tips

7. Insurance

While we save receipts for most purchases for only one year, receipts for larger more expensive purchases are kept indefinitely for insurance purchases. If we ever needed to make an insurance claim we have the receipt to back it up.

8. Tax Deductions

If you make a claim on your taxes, you better have a receipt that can back it up! Some people keep these receipts in a separate file just in case. If you are audited, you'll be happy you have them.

Do you have any tips you would add? I'd love to hear how and why you save receipts and if this has ever been helpful for you.

disclaimer: this post may have affiliate links. By clicking on them and purchasing through them, I may receive a small commission. These small purchases help me to continue to keep writing content and creating at Rachel Teodoro. Thank you!

1 comment

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