• Clean up an overflowing wallet by storing receipts in a labeled box.the leather wallet image by Zbigniew Nowak from Fotolia.com
  
  

Wait for Your Statement

• Bankrate.com recommends keeping original credit card receipts only until you receive your monthly billing statement. Verify the statement against the receipts and, if they match up, shred the receipts. File the statements to save as your record.
  
  

Save Some Longer

• If the receipts document tax-related expenses, Bankrate.com advises keeping them for seven years to serve as evidence during a possible Internal Revenue Service audit (although there is no statute of limitations for purposeful fraud). OrganizingOnline.com suggests saving receipts for as long as a product is under warranty.
  
  

Bottom Line

• The expert consensus dictates a balance of short-term and longer-term record keeping, depending on what purchases the receipts detail: Save receipts just long enough to verify against credit card statements, with exceptions for tax-related expenditures and warranty programs.