If it was your resolution to save more money during the new year, then you’ll want to stay tuned. Did you know that an efficient way to save money during 2020 can be done by keeping your receipts? However, keeping your receipts is only the first half of the job; the second half requires a touch of research. Try to lend a little bit of your smartphone storage for apps that will give you cashback on purchases you’ve made both online and instore. These types of cashback-savings tools are especially great for grocery purchases that are made throughout the week. By simply uploading their receipts on cashback apps, many consumers have reported saving up to $1,500!
In addition to cashback apps, saving your receipts can also prove to be useful in the event of a class-action lawsuit. For example, from October 1st, 2015 to May 19th, 2017, there was a class-action lawsuit against Burger King and their Croissan’wich breakfast sandwiches. In their lawsuit, officials claimed that many Burger King locations were charging customers a higher price for two breakfast sandwiches when customers used a coupon. Customers who purchased these sandwiches between the specified time were eligible for a $5 cash settlement for each purchase. Though small in comparison to many other class-action lawsuits, many customers were able to claim more than one settlement with their saved receipts. However, be aware that settlements from class-action lawsuits aren’t always received in a timely manner. Some affected customers claimed they didn’t receive their settlement until the following year. Scott Hardy, founder and CEO of Tap Class Actions, explains, “The wheels of justice tend to move very slowly. It takes anywhere from six months to a year or more to get paid for any kind of settlement that’s out there.” So, if you are due money from a class-action lawsuit, you’ll have to be very patient in receiving your money. Just remember to always attach your receipts for proof when submitting any claims; you’ll be surprised how many consumers forget to do so, resulting in their claim being thrown out.
Saving your receipts can also prove to be very beneficial during tax season. For example, in South Carolina, there’s a motor fuel income tax credit that went into effect in January of 2018. Any South Carolina residents who saved their receipts from gas fill-ups or car maintenance, can submit them and claim a tax return that will be received in 2019 (source). The South Carolina Department of Revenue explained that this new tax break was designed to alleviate the state’s motor fuel fee that took an increase this year. However, this is not the only instance where residents can submit receipts for tax returns. Those who own a business or are independent contractors have ample opportunities to submit valid receipts that will go towards their tax return–gas receipts, needed items to support their business, educational expenses, etc.
In addition to saving receipts, there’s an abundance of ways to successfully save money this year. Try clipping coupons more often when going food shopping, or enroll in rewards programs that will give your points towards your purchases. The possibilities of saving money are endless.