Do I need to keep all of those receipts?

Probably not!

Which receipts to keep:

Everyone has unique needs, but the following questions may help:

Do you need to reconcile them with a bank or credit card statement?
Do you need them for tax purposes?
Is there a warranty or service agreement on any of the purchased items?
Might you need to return any of the purchased items?

NO? Recycle or shred them immediately (unless you have a personal or business-related reason to keep them.)

YES? You need systems to store the receipts for a specified period of time, but not indefinitely!

Effectively managing the receipts you do choose to keep can reduce clutter, streamline your finances and simplify tax preparation and documentation.

Below are a few suggestions for effective receipt management.

Find the receipts you need when you need them: Create a central place for receipt storage (an envelope, a file, a box.)

If you keep receipts for both personal & business purposes, keep them separate.

Develop the habit of “processing” your receipts on a regular basis, daily if possible, weekly at a minimum.

You might also find our “What should you shred” free PDF resource useful.