All about the challenges of Midlife Finance

Saving Money by Saving Documents

The quest to save money can lead us down many different paths. One of the best routes available is saving important documents. But how? What does keeping documents have to do with saving money?

The following are five types of documents and how keeping them saved and filed away can lead to saving money: 

Receipts

Most people don’t give receipts of their purchases a second thought. They might toss them in their purses or wallets only to throw them away a few days later. While this is okay when it comes to most small purchases, failure to keep the receipts of major expenses can end up costing you down the road. For example, you might not be able to return a faulty appliance unless you have your sales receipt. Or, if you’re self-employed, a lack of receipts can cost you money at tax time. If the thought of keeping every receipt you ever receive sounds like a cluttered nightmare, consider using a phone scanner app to make digital copies. That way you can hold onto your receipts without worrying about losing them or finding a place to safely store them.

Manuals

Many electronic products come with instruction manuals. It’s important to keep these manuals for as long as you own the products they’re for. This is because seemingly broken and unfixable electronics might actually have some life still in them. Consulting the manual can clue you into what can be done to revive a TV, computer, or gaming console. If you succeed, this keeps you from buying a replacement. Saving several hundred dollars can be as simple as finding the reset button, which you wouldn’t have known about if it weren’t for the instruction manual.

Warranties

Expensive electronics, home appliances, and other large purchases will eventually stop working at some point. While this is an inevitable outcome, there are situations where the manufacturer is willing to repair or replace the product free of charge. This option is included in the warranty. With that said, many manufacturers take steps to keep consumers from knowing the extent of these warranties. By saving the warranty paperwork that comes with many expensive electronics, appliances, and other sophisticated equipment, consumers can avoid the costs of replacing them when they malfunction.

Contracts

You should always hold onto a copy of any contract you sign. In the event of a financial or legal disagreement between the signing parties, a contract can be the difference-maker between being held liable for compensation or left on the hook for expenses, and not. When it comes to e-contracts digitally signed online, use a capture app to screenshot the digital document. While you’ll hopefully never have to be forced to present a contract in order to prove your case, the one or two times you do can potentially save you thousands of dollars.

Miscellaneous

Anyone with a home printer knows ink cartridges can cost a fortune. Those who’ve ever gone to the trouble of requesting hard copies of documents from government agencies probably had to pay a fee for the privilege. These and other costs of creating and acquiring documents means it’s important to save them. Printing a copy of your child’s birth certificate 20 times is 19 times too many if you’re doing it for your own recordkeeping. Save money on ink and fees by creating a filing system for all the important documents you have.

There are many ways to save money. One of the best is to hold onto important documents. Doing so helps to avoid spending when it’s unnecessary.

Leave a reply