Most people throw away their receipts moments after they walk out of a shopping mall. When you throw a receipt into the garbage bin, you are actually throwing away money. This is because you can use the receipts to earn redeemable points at convenience stores. Keeping your receipts in hard copy format is highly discouraged due to the fact that the papers will have many creases due to multiple folds which might cause them to tear away.
It’s actually advisable you scan all your receipts after shopping. Even if you don’t have a receipt scanner at home, you can still store your receipts electronically by using web based scanners that are supported by smartphones. All you have to do is download the app on your phone and you will be able to scan receipts while on the go.
The advantage of using mobile scanners is that you don’t have to wait until you return home to store your receipts. You therefore don’t have an excuse for not scanning your receipts. In fact, you should encourage all the members of your household to scan their receipts so that you can take advantage of the hidden benefits together. Below is a list of three reasons why you should scan your receipts.
1. Warranty Replacements
When you buy stuff that is secured by a limited time warranty like fridge or furnace, you can always get a replacement if the appliance malfunctions before the end of the period that’s specified in the warranty. The manufacturer or the dealer is under obligation to repair such an appliance without asking you to pay even a single cent. But for your warranty to be genuine, the dealer will expect you to produce the receipt that you were given after buying the appliance.
If you don’t have the receipt, the warranty may not be of any help. At the end of it all, you will have to pay for all the repairs with your own money or buy another appliance altogether. It’s therefore important you scan all the receipts you get after buying something at a store because you might need it later. The good thing is that you can throw away the hard copy receipt after scanning it. An online scanner is the best option because you can always access your receipts even after you have lost your mobile phone.
2. Returning Products
Most online retailers have a return policy that allows buyers to take back any stuff that doesn’t meet their needs and specifications. For instance, if you bought shoes at a convenience store, you can always return them when you realize they don’t fit you or they are too big. But this can be difficult if you have not been scanning your receipts. This is because you must enclose the receipt that you got after making the purchase in the package to prove that you in deed bought the shoes as you are claiming. Once you produce the receipt, the seller will allow you to pick another pair of shoes with asking any question.
3. Tax Purposes
Receipts can be a savior when you want to file your tax returns. You can actually refer to your receipts when elaborating on your expenses to the tax man. As a taxpayer, you are actually entitled to some deductions. But you must first produce all the receipts for all the purchases you have made to start enjoying these tax deductions. At the end of the day, you will pay much less money than another fellow that was unable to account for his purchases.