Receipts

When we shop we might never acknowledge the importance of receipts with our purchases. We know they are a proof of what we have bought, also great for return and exchanges. Another good thing about them is that we can decide up to 30 days (90 days with some stores) whether we have changed our minds to whether keep the goods or not. For food, such as eating out, receipts are great to also show proof that a payment has gone through if we have made a card payment.

Well, now that I feel that I have emphasised about the importance of receipts, I've noticed how quick of a pile I get from them in my room or in my purse. 

If you are one to bin your receipts, try not to get too comfortable on binning them too quickly, for example if you are one to have two or more cards, its a great way to see which card you have made a payment with. On the other hand, some payments made via cards do not automatically show on your bank statements or if you were to directly check them on your phone or at a cash machine (this can usually take up to 3-5 working days till it appears) and then you'll still think you have money. 

The importance of knowing where you have used your card is vital. Couple months back, I was updating my spending to realise a random outgoing transaction (roughly £1.85) I know it was not a lot but it had appeared twice with no information of what type of transaction it was. With this information I managed to call my bank and ask, they explained that sometimes a small amount would go out and be sent back in my account. (Sounded like it was a regular thing). So this red alert made me really aware... so yeah, be cautious. It is your bank account with your details after all. How would you have felt if £100+ went out your account with realisation? 

Next Step; 

So back on the subject of receipts, I've decided to drop them all on Excel. I've divided my receipts into monthly categories. The categories which I've named are: food, clothing, food shopping, travel, eating out and other expenses.

This well help me to neatly and easily review how much I have spent and how much I could have potentially save.