Saving Receipts?

[lotsahats]

Should I get into the habit of saving a receipt for every single expenditure, or are there only certain purchases that warrant it?

For example, our bank statements show that we go to Target twice a month, and spend $20-$25 each time. Obviously, it would be a good idea to start saving these receipts, to prove that these purchases are for diapers and wipes, and not something like magazines and candy.

On the other hand, when I get gas, I usually pay at the pump, and opt not to print a receipt. The trustee could reasonably believe that I spend $40 a week on gasoline, right? Or should I start saving these, too?

And, how long should I collect them?

[lotsahats]

Never mind. I should have searched first, because I found a similar thread with all the answers I needed.

My bad.

So, bottom line, better to have them and not need them, than need them and not have them.

[feelingnutsy]

I had a one-year-plus type of deliberate money meltdown
before I filed---and I saved about 99% of my receipts----
even if they*were*only for 50 cents---and my lawyer got
a good chuckle from the pile---but he knew that I was
being scrupulously honest in my dealings with the court---and fully prepared.

[AngelinaCatHub]

I had a one-year-plus type of deliberate money meltdown
before I filed---and I saved about 99% of my receipts----
even if they*were*only for 50 cents---and my lawyer got
a good chuckle from the pile---but he knew that I was
being scrupulously honest in my dealings with the court---and fully prepared.

That's good to be. Best tip for an easy BK, honesty. 'Hub

[rustymich]

I save everything helps to keep track of money and where its going

Should I get into the habit of saving a receipt for every single expenditure, or are there only certain purchases that warrant it?

For example, our bank statements show that we go to Target twice a month, and spend $20-$25 each time. Obviously, it would be a good idea to start saving these receipts, to prove that these purchases are for diapers and wipes, and not something like magazines and candy.

On the other hand, when I get gas, I usually pay at the pump, and opt not to print a receipt. The trustee could reasonably believe that I spend $40 a week on gasoline, right? Or should I start saving these, too?

And, how long should I collect them?

[discouraged]

I saved everything too. Just put them in an envelope on a monthly basis. Didn't need then in the end, but always better to be safe than sorry. My bk took longer than I thought it would as I had to save up the money for a lawyer so I had a years worth.

[IamOld]

You guys are so much better - I pay for everything pretty much with the debit card, but I've no clue what I do with receipts. Supermarket I pay with check...nothing that's out of line for where I live...supermarket, some Koh'ls and staples (school supplies) and bills - electric, water, gas, etc.

Gas is on the debit card too...

[lotsahats]

I pay for everything pretty much with the debit card, but I've no clue what I do with receipts.

That's the boat I'm in. I tend to absentmindedly discard them, or my little one tears them. I need to get into the habit of keeping them intact.

What if I printed them? It would be easier to organize and keep up with a few 8 X 11 pieces of paper, than a bunch of little ones. I could put them in a binder, with a three-hole punch...okay, now I'm officially obsessive-compulsive. They'd probably prefer the originals, anyway.

[IamOld]

That's the boat I'm in. I tend to absentmindedly discard them, or my little one tears them. I need to get into the habit of keeping them intact.

What if I printed them? It would be easier to organize and keep up with a few 8 X 11 pieces of paper, than a bunch of little ones. I could put them in a binder, with a three-hole punch...okay, now I'm officially obsessive-compulsive. They'd probably prefer the originals, anyway.

Well I can get receipts from Wegmans, but I think a gas stations is obvious especially with my 90 or so mile commute per day. The utilities are self-explanatory, and so is anything else...like a few take outs this past week (wife's been sick)...I mean I don't think that staples and kohl's raise any red flags...school supplies and clothes for kids...and that's really it.

[discouraged]

Another thing I did up until my bk (and I should continue it!) is what I did for receipts when I worked and had to prove every purchase. I put all receipts in order and taped them onto a sheet of paper and stapled everything together with the statement when it arrived. It sure kept everything in perspective at work (and bookkeeping never, ever yelled at me).

I think I'll keep this up for my own statements, come to think of it. Easy way to see where you are spending and make sure the bank and you balance at the end of the month.