Day - to - Day Receipts
In another thread, someone wrote:
"I keep almost no receipts. Everything you buy is itemized at the end of the month and you know exactly where you money goes."
The above statement about not keeping receipts is a practice I've considered. Although I want to abandon receipts, I'm not sure I'm ready to. I'm talking about the credit card receipts for day-to-day purchases: gas, grocery stores, haircuts, that sort.
(I should add that one of my VISA credit cards is a debit card in disguise - the funds are deducted directly from my checking account so it is similar to writing a check.)
I keep all of these receipts and enter them into Microsoft Money until the statement arrives. Then I cross-reference them for accuracy.
The receipts take over my wallet or handbag until I tuck them in an envelope on my desk before entering them into the MS Money register. Then when the statement arrives I spend the time to go over each entry and match it with the receipt and then it gets shredded.
Logically I know I'm devoting too much time to this process. And some months I tend to let the receipts accumulate until the statement arrives and then I do the entering and cross-referencing. In all these years, the only errors found have been in my favor.(i.e. Made a purchase at a store that was closing and it never collected from my bank.) This has happened maybe three times in 20 years.
Am I to understand that the original poster gets rid of the receipt basically the same day of purchase? I know my Dad no longer saves his receipts....just pays the bill when it comes.
Except for items that may need to be returned, is there any good reason to hold on to these day-to-day receipts -- or should I just have faith in the bank statements that arrive each month?