You don’t have to have a business to need proof of purchase.  Keeping bank statements always helps.  If you paid cash for something the receipt is the only proof you have of your purchase, and the bill often incorporates information about extended warranties.

As ES’s predicament shows, there are some situations where hanging onto paperwork does not always provide the perfect solution.  She is right:  many receipts do fade although we have other ways to keep records these days.

Even though we older citizens often avoid having such a thing, nearly every younger family member now has a mobile Phone or smartphone and most will be able to take a photograph of a receipt or bill that is perfectly legible.

We now live in an era where it is often more cost-effective to replace items rather than have them repaired, so it is also a good idea to take a picture of your purchase so that you can be sure which is which.  These phones will record the date that the picture was taken and the information can be stored on computer.  Bills fade and digital information can be lost, but having or knowing a family member who has that picture is doubling your chances of having the information if and when you need it.