Importance of Keeping Expenses Record

[itsmejob]

Paper receipts are mostly thrown away for decluttering purposes. However, it is important to keep those receipts for a purpose.

Keeping receipts will provide accurate tracking of your expenses. If you are a type of person who keeps receipts from small or huge purchases, you can buy an organizer to keep them. Another thing to do is to have them photo copied as most receipts were printed using a thermal printer.

For Budgeting and Planning Purposes. Do you agree that having list or printed list of expenses, it can help you analyze your spending trend, and can help you cut on expenses? This will help you plan and budget more wisely and avoid buying the things you don't really need.

 

[Starmix]

I agree with you on that. I am keeping muy receipts and screenshots those done from thermal receipts and do last every time I buy goods and others like personal needs.

 

[itsmejob]

I agree with you on that. I am keeping muy receipts and screenshots those done from thermal receipts and do last every time I buy goods and others like personal needs.

It is good to have a photo copy of the receipt because the print can easily fade. Good that you can keep screenshots of all your receipts.

 

[Starmix]

It is good to have a photo copy of the receipt because the print can easily fade. Good that you can keep screenshots of all your receipts.

Yeah and printed them in the faculty office. I keep them on the box just in case . Who knows if there's a contest,lol.

 

[Nomad]

When you know how much you are spending, you will also know how to cut your expenses to save more

 

[Augusta]

There are different reasons but the most is providing accurate tracking of your expenses. You would know how much you have spent monthly

 

[Suba]

There is nothing wrong with keeping all proof of expenses or paper receipts, and the proof of expenses should be grouped according to the type of expenses such as basic necessities expenses, transportation, entertainment expenses, etc., and collected according to the same month and year.

 

[Augusta]

When you look at your expenses records you should know the expenses to cut to enable you save money

 

[neku]

Since hackers are modifying and deleting all digital records, I do not keep any computer records of expenses. Keeping a record of expenses offline is tedious if you have to spend time in different states.

 

[Starmix]

Keeping your expenses record helps you tract how much you spend. This controls your overspending habits.

 

[Hate2Wait]

For budgeting purpose all these receipts and bills will be handy and definitely we need to keep a record of these and this way we can figure out where we are spending the most

 

[King Belieal]

Just be doing your transactions electronically and you don't need to bother about having to keep receipts because they would be kept for you on your electronic payment platform.

 

[Starmix]

There is nothing wrong with keeping all proof of expenses or paper receipts, and the proof of expenses should be grouped according to the type of expenses such as basic necessities expenses, transportation, entertainment expenses, etc., and collected according to the same month and year.

It will be time consuming but it will be made easier through computer. The recording must be designed on3 a way easy to navigate according to dates, months and years. What's the benefit?

 

[Suba]

It will be time consuming but it will be made easier through computer. The recording must be designed on3 a way easy to navigate according to dates, months and years. What's the benefit?

Computers are only capable of writing data or numbers but do not allow us to store paper receipts in physical form. I just agree with the creator of this thread, that there's nothing wrong with it, like in companies that require physical documents. The benefits, you can re-read the thread above.

 

[Starmix]

Computers are only capable of writing data or numbers but do not allow us to store paper receipts in physical form. I just agree with the creator of this thread, that there's nothing wrong with it, like in companies that require physical documents. The benefits, you can re-read the thread above.

But we can screenshot the receipts and send to Google cloud or drive ready to install or paste in the record prep.

 

[Suba]

But we can screenshot the receipts and send to Google cloud or drive ready to install or paste in the record prep.

You are right, for personal finances it is okay to screenshot the receipts or take photos and save them in the cloud, but for companies it will be considered invalid because there are concerns that there will be manipulation of the evidence.

 

[itsmejob]

I cannot reply to all of you but I have read all that you put on here. Thank you for sharing your thoughts. I remember I still have the paper receipts from the payments I made month over month from the apartment I rented before the pandemic. I keep thinking I was able to survive paying the rent for 4-5 years.

 

[Augusta]

Yes you have to be accountable with your financial life and you are only do this by keeping records.

 

[Springtime]

Keeping expense records enable you to keep track of how much you spend. And that helps you to prepare a budget and avoid overspending.