Should you check every receipt on every statement?

DropTheNeedleAndPray

Just wondering: every month I go through my statements and check every receipt.

My wife thinks that in this automatic age it's a waste of time as I never come across any mistakes and I've never been charged a different amount to the receipt I have in my hands.

I fully appreciate that one should at the very least check the statement for signs of fraudulent activity. That makes sense, but every receipt? I have friends who throw them away immediately.

What's the general view here: waste of time or time will spent?

ceh209

I do it, as my dad always did.


I guess I could check against online banking but for some reason I always wait for the statement.


However my husband thinks it's a big waste of time aswell and he chucks receipts away straight away (although it's hardly a big waste of time, takes me 10 mins a month whilst watching TV)

pvt

I always scan through statements to make sure I recognise everything on there, and that the amount is roughly what I recall I paid. But if a transaction were never charged to my account I wouldn't notice it missing, unless it was a very significant amount.

Even before the days of everything being entered electronically, I don't ever recall an error.

The only transactions I am wary of and check carefully are those made in American restaurants where it is normal for them to leave a transaction 'open' until you have signed the slip and written in the amount of tip you're giving. They subsequently enter the tip amount and close the transaction once you leave. Even then, I have never seen an "error" occur.

cajef

Yes, keep all receipts and make a note in a book of each or any items bought online and check against the statements every month, hardly a major job once a month.

PeacefulWaters

You should.

I don't. I just sense check retailer names and values.

Nick_C

I never bother with statements.

I have an Excel workbook where I record all my bank and card transactions. I use first direct internet banking plus to check all my account balances on a daily basis. Doesn't take long, and enables me to keep an eye on cash flow. I also track my net worth on a monthly basis.

I think in 40 years of using credit cards, I've only had two errors; they were both in my favour and go back to the days of paper slips.

But I think its import to know exactly how much you have and owe in each account to avoid going overdrawn, identify fraud, and keep the minimum possible in accounts that don't pay interest.

It's also useful having a record of when you bought things and what you paid for them. My spreadsheet goes back to 1/1/2001.

Paully232000

Possibly I should but I dont, and only keep receits for expensive things which may break/need repairing; TVs, electrical good and the like.

I do look through my online banking every week just to check that i recognise everything. My other half however, keeps every receipt and checks it off against her bank/CC every month.

Superscrooge

pvt wrote: »

I always scan through statements to make sure I recognise everything on there, and that the amount is roughly what I recall I paid. But if a transaction were never charged to my account I wouldn't notice it missing, unless it was a very significant amount.

I used to match up receipts with transactions shown on my statement and there was one payment I made that never appeared on my statement. It was back in the days when payments were recorded on carbonated paper and I can only assume the retailer lost their copy of the transaction. £25 which I guess is equivalent to about £60 in todays money

Now I just look at the statement each month to confirm I recognise each transaction and no fraudulent transactions.

agrinnall

I reconcile every transaction on every credit card and bank account statement against the entries I have recorded in MS Money. It takes a few minutes each month. I can't see any reason why anyone wouldn't do it.

TheShape

I do almost all my spending on a credit card. If I kept every receipt, I'd have masses of them. I don't keep receipts from buying a sandwich or a bag of crisps but will keep them for purchases over perhaps £30 and have a check of my statement to make sure I broadly recognise all the transactions.

pantaiema

DropTheNeedleAndPray wrote: »

Just wondering: every month I go through my statements and check every receipt.

My wife thinks that in this automatic age it's a waste of time as I never come across any mistakes and I've never been charged a different amount to the receipt I have in my hands.

I fully appreciate that one should at the very least check the statement for signs of fraudulent activity. That makes sense, but every receipt? I have friends who throw them away immediately.

What's the general view here: waste of time or time will spent?

I just heck it when there is a good chance theere is mistakes. For intance hal price, bogof item

I found it they sometimes maka a mistake hwere the systme has not been updated ...