Why You Should Keep Your Receipts: 7 Financial Benefits You're Missing

1. Maximize Tax Deductions

According to CMP CPA, receipts are your proof of payment for tax-deductible expenses. The IRS requires documentation for any deduction over $75, but smart taxpayers keep all receipts regardless of amount.

Tax-Deductible Receipt Categories:

• Medical Expenses: Insurance premiums, co-pays, prescriptions, medical equipment, travel to appointments
• Charitable Donations: Cash donations, donated goods, mileage for volunteer work
• Childcare Costs: Daycare, babysitters, after-school programs that enable you to work
• Business Expenses: Office supplies, equipment, travel, meals, professional development
• Home Office: Utilities, internet, office furniture (if you work from home)

2. Enable Easy Returns and Exchanges

Whether it's clothes that don't fit, electronics that malfunction, or groceries that spoil prematurely, receipts are your ticket to getting your money back. This is especially important for grocery shopping—expired yogurt or sour milk shouldn't cost you twice.

Many stores now accept digital receipts or can look up purchases via credit card, but having your own record ensures you're never stuck with unwanted items or spoiled goods.

3. Protect Your Warranty Rights

When your 6-month-old blender stops working or your laptop develops issues within the warranty period, that receipt is often the only proof manufacturers will accept. This applies to everything from small appliances to major purchases like cars and electronics.

4. Improve Budget Accuracy

While many budgeting apps track spending totals, keepm goes deeper by extracting individual items from receipts. This granular data reveals spending patterns you might otherwise miss.

For example, instead of just knowing you spent $150 at Target, you'll see exactly how much went to groceries versus household items versus impulse purchases. This level of detail makes budgeting incredibly precise and actionable.

"If you've ever caught yourself wondering 'where did all my money go?', detailed receipt tracking is your answer."

5. Protect Against Product Recalls

When products are recalled for safety reasons, companies need proof of purchase to process refunds or exchanges. Having receipts makes this process simple and can even qualify you for compensation in class-action lawsuits.

Food recalls, in particular, happen frequently. Your receipt proves when and where you purchased potentially contaminated products, protecting both your health and your wallet.

6. Ensure Expense Reimbursements

Whether you're buying office supplies, picking up food for a company event, or covering travel expenses, employers typically require receipts for reimbursement. Without proper documentation, you could lose hundreds or thousands of dollars annually.

This extends beyond employment too—insurance claims, FSA/HSA reimbursements, and business expense deductions all require receipt documentation.

7. Claim Rebates and Cash Back

Many promotions require receipt submission to claim rebates. These offers are often more valuable than they appear—that "incredible deal" might only be incredible after rebate, making your receipt worth significant money.

Additionally, cashback apps and credit card rewards programs sometimes require receipt verification for bonus categories or disputed transactions.

1. Capture Everything

Don't try to decide which receipts are "important" in the moment. Scan everything withkeepm and let the AI help you identify valuable patterns and deductions later.

2. Develop a Routine

Make receipt scanning part of your regular routine. Whether it's daily after work or weekly during your financial check-in, consistency beats perfection.

3. Review and Reflect

Use keepm's spending insights to understand your patterns. Look for trends, celebrate improvements, and identify areas where small changes could have big impacts.