What Is Receipt?
Definition
A record of a completed transaction showing the date, amount, and what was purchased or paid. Important for tracking spending and returns.
Example: "I saved my ATM receipt to confirm the $200 deposit went through."
Why It Matters
Receipts serve as proof of purchase and are essential for returns, warranty claims, expense reports, and tax deductions. Digital receipts sent to your email are becoming more common and are easier to organize than paper ones. For budgeting purposes, reviewing receipts helps you understand exactly where your money goes. Keep receipts for large purchases, medical expenses, business-related costs, and charitable donations, as these may be needed at tax time. Many people photograph paper receipts with their phone to create a digital backup.
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