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Just got me thinking... I had Midas put in a lifetime muffler in my car 35 years ago... that receipt sure has come in handy over the years... did the same with the JC Penny lifetime Battery but there are no more JCP auto centers.
One of my friends when through the Oakland Hills Fire... she still misses some family things handed down... but she said she never keeps anything anymore... it was a fresh start for her and it helped she was well insured.
When Dad Passed I culled the files... got several grocery bags of paper to shred... I did not touch the house and property folders...
My Statements often have mixed use... things I have to buy for the job and put in for reimbursement... not as much as before but it still happens... I can go back to my notes on the CC Statement and know exactly what each charge was for.
I have been audited by the IRS 3 times. I learned my lessons.
This is not true.
In my experience, credit cards statements and bank statements are not what the IRS or state is looking for. They want the actual receipt. I've been through an audit as well.
Not true. They need to cross check. They required hard copies of monthly statements of every credit card and bank account so they could match receipts to the actual payments.
That wasn't my experience. They wanted the actual receipts. They didn't want statements.
I love getting my statements in the mail! Every time I decline the online statement view setup, I get a quiet joy. Why? Because When each year they up the interest and add fees I figure that 52 cents to mail it came from my monthly 'admin' fee .
I have my items scanned into a software and stored online .
Sure I can just download it from the cc site. But that would defeat my cause
I keep records for ten years . Particularly when a third party collection tries to come after me for a debt that was paid and closed. I do not give them that info though . I let them do the work
I love getting my statements in the mail! Every time I decline the online statement view setup, I get a quiet joy. Why? Because When each year they up the interest and add fees I figure that 52 cents to mail it came from my monthly 'admin' fee .
I have my items scanned into a software and stored online .
Sure I can just download it from the cc site. But that would defeat my cause
I keep records for ten years . Particularly when a third party collection tries to come after me for a debt that was paid and closed. I do not give them that info though . I let them do the work
So naive and foolish.
You really think you're going to get the better of thecredit card companies and cut into their profits by increasing their admin expenses? Maybe that's why your interest rate gets upped in the first place.
And when a debt collector comes after you (does this happen to you often?), it's because it's been turned over to them by the creditor and it gets reported to the credit bureaus if you don't pay it or prove it inaccurate. They don't need or care about your "records". The burden is on you to get it cleared.
I don't get it with the ledger, doesn't your bank have online tools to see your purchases? Mine even attempts to put them in spending categories that it gets right about 90% of the time gas, groceries, restaurant, utilities, etc. It also lets me make custom categories to put stuff in and learns so I don't have to repeat it, like if I buy bait and put it in a custom category "fishing" then next time I buy from that shop it'll automatically be categorized as fishing.
Then at end of year tracking spending is far better than handwritten, can generate basic reports for spending by category, make pretty pie graphs, and download the data to a spreadsheet.
Also good idea is to have it text you for any credit card purchase. My wife hates this component of it but if someone swipes my card and uses it to buy something I'd know in about 3 seconds.
By writing it down, I remember the numbers and it makes me realize how much I spent in a given day at a given store. Also, I don't like communicating by text. I know. I'm old fashioned.
I don't understand the need to save statements more than 3 months old. If I need to save financial documents, I'll keep them on my computer while backing them up to DropBox or my Amazon Drive.
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