With small apartments that can barely fit enough people to consider a "party," the last thing we need is paper cluttering our shelves. But you should keep receipts for your technology purchases, at least for a little while.
When we say, "receipt," we mean proof of purchase. You don't need to hang on to those thermal paper scraps for any longer than it takes to scan them or match them up with your bank and credit card statements. (In fact, if you stash the actual receipts you might find they've burned or faded by the time you need them.)
But you do need to hang on to those digital images and statements for at least a little while. Here are a few timelines to keep in mind, ordered from the shortest to the longest:
- Until the return period has passed. If you're known to suffer from buyer's remorse, hang on to the receipt until the return & exchange period has passed, or until you're sure you want to keep your gear.
- Until your warranty expires. This includes the length of a factory warranty and any extended warranty you might have purchased. You also should consider informal ways to extend your warranty, like through your credit card company.
- Until the end of your tax review period. If you claim your devices as a work expense, you'll want to hold on to any receipt until the end of the IRS' basic tax review period, 3 years. Even though you've already filed and paid your 2009 taxes, the IRS can still audit you and ask for some documentation of your claims.
- Until you get rid of the device. In the event of a fire or flood, you'll want some proof of purchase for the gear you've lost. Receipts are a great addition to your home inventory.
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This is why I wish more retailers (electronics or not) would be like Apple and offer to email you a copy of your receipt. A lot of retailers already have your email address to send you promotions, so why not take it half a step further and offer to send a copy of your receipts. The storage space is effectively free.
I actually keep all the boxes my electronics come in. I put the reciept in the box. I did it for a long time because I moved often, and the boxes were great for ensuring that my gear didn't get damaged in a move. I keep the box until I get rid of the item.
@Nerves - I used to keep all of my boxes, but 2 people living in 600 square feet pretty much meant I had to chuck everything that wasn't essential...
I always keep receipts and usually my boxes too. I'd say maybe 30 percent of everything I buy I return due to change of heart. Way too indecisive.
More love for apple's email receipts! I wish everyone did that.
The teeny tiny itsy bitsy paper shredder in the top picture is hilarious too. I hope it's real.
^ Ditto. Also, I have RLS and having a large shredder under the desk (this is the least bad place for it) aggravates it a fair bit sometimes. And I have yet to find a retailer in Canada that carries any of the slimline shredders and charges less than 60% of the price of the item for shipping.
The little one in the pic is real - but it's manually operated. You crank the little wheels at the ends to process the paper thru. WAY too much work IMO. There are a couple hand held shredders available at amazon. One is called a Ziszor.
I completely agree about Apple's digital receipts. I'd love to live with a lot less paper. Plus, filing is a lot easier!
here is a tip for keeping receipts. when you make an important purchase snap a photo of it on your iphone. make a event folder in iphoto called "receipts" and store them there.
you may be able to get them to automatically filter by using the face recognition feature.
@p_scheff - any tax experts who can answer if a photocopy of a receipt is valid documentation?
Just scan the receipts (along with any other papers), store them electronically forever, and throw away the paper originals. The electronic copies are just as valid in the event that you need to proof the purchase.