Stop the Shoebox Madness:  How to Get a Handle on Your Receipts  By Jamie Novak

Good and bad uses for shoeboxes

Ok, so I know you love the shoeboxes, they are great for holding shoes, fantastic for making 3-D dioramas, and they even double as drawer dividers! And yes, it can be hard to throw out a good shoebox, you know the one, it has an attached lid, or it’s a cool color or it is made from the thick corrugated cardboard. And while it is true that shoeboxes can be good for containing some items, loose receipts is definitely not one of them.

So, if not a shoebox, where?

A receipt station is a quick and easy way to manage all your receipts without having to shuffle through months of tangled ribbons or dig through purses and coat pockets to locate a wayward proof of purchase. 

1.      Get a few letter size envelopes.

2.      Label the back of each one with the types of payment you commonly use. For example, VISA, AM EX, MACY’s, TARGET, DEBIT and VISA GOLD.

3.      Then place one envelope in your purse, this one will be for the receipts you collect throughout the day. 

I suggest writing on the back of the envelope to save yourself a step, since you fill the envelope from the back why flip them over? Make your system as easy as possible. Some people are more visual and relate to color-coding, if you are one of them then feel free to use one color per category. Plus, by using fun and funky envelopes to your system organizing your receipts might actually be, dare I say it- fun!

Give it a home

Next, place these envelopes in a basket or box, I can already hear you asking, can the envelopes live in a shoebox? The answer is yes, go right ahead and place them in the fun colored, attached lid, thick corrugated box you couldn’t bear to part with.

The basket or box needs to live in a central location, maybe the kitchen or entryway so it is always nearby. You’ll want to pass it as you come in so you can stop there as you enter the house, and pull out the receipts from your single envelope and place them in the correct envelope.   

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Using your system

When you pay bills take the envelope and match the receipts from inside to the correct statement or check debits online. Clip the receipts to the statement and file it in a thirteen pocket accordion folder, use one slot per month. At the end of the year write the year on the front of the accordion folder and file it away with your tax return.

“Lost” money

Expect to locate some errors as you check your statement. Many people report finding “lost” money. Examples are: double billing at a gas station, over tipping at a restaurant, incorrect debits by companies and auto debits you thought had been stopped but are still being billed. Plus since you can now locate your receipts if you need to return an item you can, that’s a big savings!

Keep in mind that these are not magic envelopes, there is a little upkeep involved. The great thing is that the system is simple enough that you can maintain it with minimal effort. Imagine no more overwhelming boxes of receipts, lost receipts or wasted time spent searching for a missing receipt. So grab your envelopes and set up your system today!