We only take out half of our cash for the month at a time, so if my husband has to run to the grocery store after work and get a few items but does not have cash with him he will use our debit card. I only save the receipts that I may have a possible return (clothing stores, Target), or the receipts that I had to use my debit card for.
I understand that its a lot of receipts to keep up with, but we have a box where all receipts go as soon as they come in the house and the good thing about this program is that since i’ve started couponing not only do we claim way less in income spent, but we get a huge tax credit baised on the amount we’ve spent on sales tax – almost to the point where it all evens out.
#STORE RECEIPTS 2021 FREE#
(Because sometimes if a coupon says something like X item is free, we may pay the sales tax on said free item, unless a cashier errors of course.) This can come in quite handy to couponers as we can sometimes walk out of a store for a negative balance only really having paid sales tax. The gov then gives you a sales taxs credit of so much per person (depending on where you live, what the average cost of living in that area is and how many people you claim) assuming a general amount UNLESS you can PROVE that you spent MORE than the federal average by adding up all the sales tax on every recepit you have. My whole family saves our receipts BECAUSE when you file your federal income tax records, the gov basically says “you’ve spent X much last year and we’re going to tax you on that but you paid a sales tax on what you spent, so we won’t tax what you paid in said sales tax”. Bt works for us right now–and best of all, it’s very simple!ĭo you save your receipts? Why or why not? What’s your system for tracking your expenses? I’d love to hear! If you want to have detailed reports of all your purchases each month, this system wouldn’t likely work for you. We’ve used the envelope system almost all of our married life, so we’ve gotten pretty accustomed to being able to divvy up the money so it lasts the whole month. When the money in the envelope is gone, it’s gone. We have found, however, that it works great for us to just put a specified amount of cash in our envelopes for each of our different spending categories for the month. Yes, that might seem shocking to some of you who like to account for every penny! We keep detailed tracking of our bills and other expenses which change somewhat each month (my husband track these in Quicken), but for the items we pay for with cash using our envelope system, believe it or not, we don’t keep detailed track of each of these expenses. The only time I will hang onto a receipt is if I have a rebate or if there’s a possibility I might be returning the item. Truth be told, I only save my grocery shopping receipts until I have time to post about my shopping trips and then I throw them out immediately. I personally disdain clutter–especially paper clutter–so I would likely go crazy if I tried to save all my shopping receipts. Or at least, let’s hope not, seeing as I currently don’t have a single grocery receipt saved! Is it necessary to save every receipt once the expense has been recorded in the budget expenses? I have grocery store receipts coming out my ears! -Julie
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