Do You Keep Receipts?
 

I'm thinking I ought to learn to manage my personal finances a bit better. I don't spend too much, but I don't really keep track of what I spend and where. Should I?

I'm tempted to start hanging onto my receipts but that sort of seems like a pain in the ass. Does anyone here do this? How do you keep them organized/filed? I've always used my bank statement as a way of keeping track of expenses but sometimes I use cash (and tend not to save receipts when I do).

Re: Do You Keep Receipts?
 

I'm really just wondering if there is a need for me to do this. I know some people do and the whole concept seems odd to me for some reason. Also, I'm talking about receipts as they relate to my personal expenses.

Re: Do You Keep Receipts?
 

I keep very few receipts. I see no point to it since I'm not organized enough to do anything with them anyways.

Re: Do You Keep Receipts?
 

If the point is just to find out what you are spending money on, you don't have to keep the receipts. Just keep a notepad, or keep records in a PDA. Write down everything you spend money on for a month. Put them in a spreadsheet, categorize it, and then you'll know.

If it's for another reason (like tax deductions?), let us know. (It's probably not deductible.)

-Tom

Re: Do You Keep Receipts?
 

I don't keep receipts, but I use MS Money and it downloads all of my checking account and credit card transactions automatically and categorizes them for me. Very little effort on my part and (if I wanted to) I could very easily generate some pretty detailed spending analyses.

I can't imagine living without some type of personal finance software, although I might be more anal than the average person.

Re: Do You Keep Receipts?
 

I pretty much credit card anything over $5-10, makes it very easy to see what you're spending money on, and you get rewards + purchase protection as well. Very easy to just DL your statements for the past year or past 5 years to analyze.

Re: Do You Keep Receipts?
 

I did this years ago, but it does take a little bit of time every few days to enter and track it down. I used Quicken and tracked everything I spent daily by receipts or notes for small cash stuff (no reciept).

If you're wondering where some of your monthly income is disappearing, this is a good exercise. I'm sure many people would be surprised/shocked to see how much their daily coffee (latte, whatever) and lunches adds up to in a month.

Re: Do You Keep Receipts?
 

[ QUOTE ]
I don't keep receipts, but I use MS Money and it downloads all of my checking account and credit card transactions automatically and categorizes them for me. Very little effort on my part and (if I wanted to) I could very easily generate some pretty detailed spending analyses.

I can't imagine living without some type of personal finance software, although I might be more anal than the average person.

[/ QUOTE ]

I do this also, I also put my credit cards, cash etc in there too. At the end of the first month your jaw will drap at how much money you waste, and then it became a game for me to see how low I could keep expenses on stupid stuff, so i have more money to spend on nicer things.

Re: Do You Keep Receipts?
 

kids from duke just started this: www.shoeboxed.com

Re: Do You Keep Receipts?
 

my mum has shoeboxes full of recipts and it seems like a waste of shoeboxes tbh