I bought a pair of sandals some time ago. They looked very cute but the straps on the top of the foot were very uncomfortable.
I decided to return them and within a minute or two, had retrieved the receipt from FOUR months ago.
I could find the receipt easily because I do 5 specific things to keep my receipts organised and in order.
1. Have a specific place in your wallet just for receipts
I have two sections in my wallet so I keep cash separate from paper. I also always keep the credit card slip on top of the receipt and always add new receipts to the back of that section.
2. Dedicate a regular time to clear out your wallet
You need to decide how regularly to clean it out. If you’re out shopping a lot, you may have to do it every day or two. I only go to the shops on the weekend so I clean out my wallet once a week. When I’m on holiday, I do it more regularly because I’m spending every day.
3. Sort into categories
I then make piles of credit card slips and piles of cash receipts and sort in date order. It’s quick and easy because of the way I store them in my wallet.
If you sort properly now, it’s really quick and easy to update your budget.
4. Enter into your computer, notebook, etc.
Take each pile and update your budget.
I don’t use my credit cards as credit cards so I like to be really careful with this step so I know exactly how much money I have left to spend for each category every month.
5. Store simply
Staple each pile together every time you follow this process, and then at the end of the month, place in a labelled envelope.
You can store your envelopes in a shoebox, CD holder, magazine holder, project folder, etc.
At the end of the year, take all the envelopes to your accountant to do your taxes – easy!