Usually the only type of people that I see that keep all of their receipts are say self employed people who are looking to write off expenses for when they do their taxes. Usually too, these types of people are good in managing their money as the mindset is that they want to have as much money left at the end of the day as possible and in a sense spending less overall.
One thing that is overlooked Iâ€™d say is actually keeping records of your purchases in general. Whether it is something as simple as buying apples at the grocery store or a making a large purchase at the electronics store, being able to review your purchases can do so much in helping you to manage your finances.
For myself I use the credit card a lot and so that is a great way for me to review my purchases as when it comes to paying the bills I can say â€œThose purchases was well worthâ€ or other things like â€œHmmmâ€¦I never realized 20% of my bill was forâ€¦â€¦I should try to find cheaper alternativesâ€ and so fourth.
There is a good reason why people do it in business for example. Can you imagine how much of a wreck it would be if one didnâ€™t keep track of their expenses? Personal finance is no real difference Iâ€™d say except that there is no immediate consequences to not keeping track of your spending.
If you donâ€™t use the credit card a lot, then keeping receipts can be just as good. I have no doubt too that if you tend to spend money like crazy, just being able to look at your own expenses will encourage you to change your habits as after awhile it becomes a challenge too. Just like doing anything that affects you in a negative way, Iâ€™m pretty positive for example if there was a way for say a smoker to see how black their lungs are getting in real time they would definitely be inclined to change their habits.
I believe it all starts with self realization and habits. So if your goal was to manage money better, physically keeping track of your expenses consistently will go a long way.