How to Organize Your Receipts for Maximum Savings
Can you remember when you last spent any time organizing receipts? Do they often end up in a crumpled mess on your kitchen table, in a drawer or in your purse or wallet? If so, you’re not alone. Many people can’t seem to get a handle on organizing receipts – but it’s so important for money saving success!
Scan receipts for cash back right away.
Also, most cash back programs have limited quantities of rebates available, so you want to make sure to scan your receipts right away to avoid missing out on a rebate.
Send off mail-in rebates right away.
Before the receipt gets misplaced or thrown out, submit it for your mail-in rebate right away. Most people buy items with the intention of sending away for a rebate, but they don’t do it right away, and in turn, lose their receipt and end up having paid for the item out of pocket that was supposed to be free (or discounted).
Fill out the rebate form, address the envelope, make note of the UPC code, and submit everything with your receipt, then watch your mail box for your rebate!
Decide on an organization system.
For all receipts that don’t need to be sent away to claim rebates, you need to find a system that works for you in terms of organizing.
Why keep your receipts?
Just in case you need to return something to the store, or you are checking your credit card or bank statement for discrepancies and need to double check a purchase.
I personally have a bin on my desk that collects receipts and paid bills. At the end of the week, I file them in a filing cabinet in my office. I use these categories for my receipts and bills:
- Miscellaneous (not much goes in here)
- Housing (mortgage)
Every 3 months or so, I go through the receipts and shred what I no longer need to keep. This keeps things neat and tidy for me! At the end of the year, I move all needed receipts/bills to a file folder for taxes, then start filling up my filing cabinet with receipts from the new year.
You don’t have to use my method, though. Here are a few other ways to organize receipts:
- Organize by date
- Organize my month
- Organize by store
- Organize by category
If you want to prevent paper clutter and obtain optimum savings, you need to organize your receipts in a way that makes sense to you. A way you will follow through with.
If you don’t, receipts will start cluttering up your life, and you will miss out on money from cash back programs and mail-in rebates, and you could also miss spotting unexplained purchases (when you’re balancing your credit card bill). So get those pesky little papers organized and start saving money!