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Should You Throw Away Receipts?

November 21, 2022

Shredding

It is easy for receipts to accumulate. You may find yourself leaving them in your car, bag, or in and around your home. They could be receipts from medical visits or from your last grocery shop. Yes, it is safe to throw away some receipts. But, others should be kept for various reasons.

Let’s go over which receipts should be shredded and which should be kept.

What Receipts Get Shredded

In general, the more personal the receipt is, the higher it goes on your shredding list. You do not want to risk any of your personal information getting into the wrong hands and resulting in a security breach.

However, it can be challenging to know which receipts to shred, especially when they can be complicated to read. When debating whether or not to shred a receipt, ask yourself the following:

  • Is my signature on the receipt?
  • Does the receipt have any of my banking numbers on it?
  • Does the receipt have any important information that could give someone access to personal accounts?
  • Is my Social Security Number on the paper?

If you answer yes to any of these, then shred that receipt. You can take a photo of the receipt if you want to keep it on your file.

What Receipts Are Kept?

One of the most common reasons to keep your receipts is for tax purposes. But, you don’t need to keep your receipt from your local convenience store for tax purposes. The following are a list of receipts that should be kept:

  • Medical, dental or eye care insurance that you are not covered for
  • Cost of eyeglasses, contact lenses, prescription medication, medical aids, and costs associated with guide dogs or medical exams
  • Nursing care, hospital stays, personal health programs such as weight-loss or AA.
  • Parking fees, tolls, transportations, or mileage from one appointment to another.

If you liked this blog, check out this one on, “When To Get Rid Of Old Bank Statements.”

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