** This article was originally written in early 2014, good information to remind everyone about **
Receipts are something we get with just about every purchase; even if we don’t want them. We should want them and we should hang onto them for minimum of 2 years! Why 2 years?
That is how long insurance companies consider something to be in “good condition” After the 2 year period should you require an insurance claim for your home, apartment or continents in your home. Many people are under the illusion that if you have a $40 000 worth of tenants insurance and your house burns down that when you file a claim you expect the insurance company will cut you a check for the $40 000 of losses. NO NO NO NO NO, Your going to need to PROVE you had $40 000 worth of stuff! What if you had a 3D surround sound HD TV that you spent thousands of dollars on it, how does the insurance company know that you had that opposed to a cheaper TV with a cheaper surround sound?
Warranties – Have you read the actual warranty that comes with most of your appliances or electronics? Most require you to have proof of purchase! How can you prove that if you don’t have your receipt?
Rebates– I cannot count the time I have purchased items such as Air Fresheners, granola bars and 3 weeks later find a mail in rebate for it that was valid when I purchased it. If only I had not thrown out my receipt, now that I found the rebate form!
Income tax deductions – Elections in Canada are as unpredictable as the weather lol You never know who is going to come into office and offer the next rebate for something. If you get rid of your receipts and a new deduction is announced, how do you plan on claiming it!
Cash Price Promise – Many retailers have what is called a “price promise” if you have purchased something from that retailer and it goes on for a lower price within the next 30 days with proof of purchase they will give you the difference back!
Returns– Most retailers require a receipt as proof of purchase to receive a refund; if you do not have a receipt and you want a credit; if that items is on sale when you return it you will only get the credit for the current price which is lower!
Coupons – There are many coupons printed right on the receipt and in habit we toss those in the trash, throwing out valuable savings!
Cash Back Apps – There are many cash back apps for your phone that after your purchase an item you can scan your receipt and get cash back!!
SCOP– How many times have you got to the car or got home only to see your have been over charged? How are you going to convince the store they overchaged you if you do not have your receipt.
Free Item – Fast food restaurants often have a quick survey on the back; if you take a minute or two to do the survey you get a code that gets you a free burger, etc on your next visit!
Contest– Many receipts have surveys that will enter you into a draw for a gift card (Did you know most of these are limited to 200 entries before they draw)
Budget– In the world of debit and credit we often lose track of our spending; when you have physical amount and pile of receipts in front of you; its quite a reality check!!