Money Saver Tips: How Long to Keep Financial Records?

Keeping Financial Records is a Money Saver?

Who knew that keeping financial records like bank receipts could be a real money saver? Wondering why keeping financial records is a money saver? Read on to find out!

I collect so much paper throughout the day – receipts for meals, gas, groceries, purchases I may have to take back if they don’t work out, and bank deposits. I normally keep them in my wallet for too long and eventually sort through them when my wallet is hard to close. Doesn’t sound real organized but, boy, was I happy last week that I’m a borderline receipt hoarder!

The Domino Effect

My bank made a mistake. It posted a deposit a day later than I had actually made it. This caused a domino effect of checks bouncing and fees hitting my account that caused me to take a gasp and let a few expletives pass my lips when I checked my account online the next day. Good thing my five-year-old was still asleep…

How Can I Fix This?

I called the bank and was instructed to go to the branch where I made the deposit. I was there when it opened and had dug out my deposit receipt from the depths of my wallet, so I was prepared. This piece of paper that is tossed by many into the trash can sitting next to the ATM or at the door of the bank saved me $140 in fees. It was my proof! It took 20 minutes for them to sort out the mistake, fix the fees and come up with a solution for the returned checks. And it was all thanks to this crumpled up piece of paper.

The Money Saver Takeaway

I’ve always wondered if it was worth saving the deposit receipts. There is no doubt in my mind now! That receipt was a big (and quick) money saver.

What About Other Documents?

Wondering how long to keep financial records such as bank statements, tax returns, insurance policies and other documents? This comprehensive and easy-to-read table from Consumer Reports tells you how long to keep documents.