8 reasons why saving your receipts can save you money
Think you do not need to save your receipts? Think again!
Here are 8 reasons why you should keep your receipts.
1. To return/exchange purchased items
Ever bought an item only to go home and think “I should not have bought that!” Or how about coming home and finding out the item is defective or broken.
In which case, you may want to exchange or refund the item. Having your receipts enables you to get a refund or store credit.
Most stores give you a 14 day time limit for returns but some stores such as Kohl’s and Macy’s have a much longer time limit.
2. Proof of services performed
Ever had a service performed in your home, on your car or on yourself and it turns out the issue was not completely resolved?
Save your receipt and tell the company of the issue to get it fixed.
This receipt also serves as proof of the details of the services performed.
Let them know it was not done right the first time or if something was missing from the promised services.
3. To price match within 14 days
If the price of an item you purchased drops in price within 14 days of you purchasing the item, then you can request a price match adjustment on the item that was purchased. Most stores will give you a one time price adjustment as long as you are within the 14 day time limit.
In addition, many credit cards also offer price adjustment protection as an added benefit. Cards such as Capital One Quicksilver, allow you a price match. You can send them a copy of your receipt as well as a screenshot of the ad documenting the change in price or the new price in store and they will credit you the difference.
Another option is to use Paribus. They do all the work for you and automatically find price reductions for you. The only issue is they do not work with every merchant out there. Nonetheless, if you shop online a lot, Paribus can help you save $$$. Here is a great review on Paribus.
4. As proof of purchase for manufacturer warranties
Did you know that most items come with a manufacturer’s warranty?
This is especially true for big purchase items such as electronics and jewelery, but also for everyday items like clothing, shoes, etc. A manufacturer warranty is essentially a guarantee of the quality of the item.
Let’s say for instance, you purchase a pair of Nike shoes and the shoe rips after just wearing it a few times. You can contact Nike with your receipt for a replacement or a refund.
5. For class action lawsuits
If you have not heard about class action lawsuits, these are lawsuits where one or several people sue a company for suffering the same injury by using a particular product or service. Many products on the market end up in class action lawsuits at some point for a variety of reasons.
Not too long ago, Nutella underwent a class action lawsuit because they claimed their hazelnut spread was a healthy alternative. If you happened to purchase Nutella, you could join in on the class action lawsuit and reclaim some of the money you spent on the product.
Check out Class Action Rebates and Top Class Actions for the most up to date list of class action lawsuits. Having your receipt enables you to claim the maximum amount allowed for individuals with proof of purchase.
6. For tax purposes
It’s tax time! And you realize you have a huge tax bill to pay because you did not pay enough during the year. Don’t panic. If you saved your receipts during the year, and you itemize your taxes, there could be expenses you can claim for school, work or medical related issues.
Also, if you have claimed any of these items on your taxes, you should save the receipts for a minimum of three years in the event of an audit.
7. To make money
Did you know that there are several apps that allow you to scan your receipts to make cash?
Receipt saving apps such as Yaarlo, ReceiptPal and Receipt Hog offer a payout for scanning your receipts.
8. Use it to spend the funds in your FSA account
Ever get to the end of the year and realize you still have money in your FSA account that you will lose if it’s not spent by the deadline?
Checking your old receipts is a great way to find money you’ve already spent on things that can qualify for FSA reimbursements. Many stores will note the FSA eligible items on the receipt.
If saving your receipts seems like you will just end up with a big pile of paper that you cannot make sense of, consider organizing them using a system like this. This makes it much easier when you need to pull it out for any reason.
Do you know of other reasons to save your receipts?
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