RV Finances on the road

[Smoky]

OK.

For years I have turned down all request by payees to go to a paperless billing system.  Even though I have banked and paid bills electronically for ten years now, I always felt I had to have a filebox with all my paper receipts and bills.

Today I am thinking how much space all that takes up.  In my new fulltiming life, I could deposit prior year fileboxes in my cargo storage trailer, that remains in one place, and just take the current year filebox.  However, the paperless billing and statements is looking more attractive now. 

I don't even wait for statements to come before paying.  A few years ago I set up an alert system in Outlook 2003, that automatically notifies me two weeks ahead of time when a bill is due.  Then I go on the web site to determine the amount due.  Then I go on my bank web site and use Bill Pay to pay it, scheduling it so that it is transmitted one week before the due date, keeping cash in my accounts for float as long as possible.

I am thinking since this system works so well for me, and I have been using it for several years now, why do I even need paper bills?

Has anyone here accepted the option to eliminate paper billing and go directly to paperless statements?

I am interested in hearing from those who have tried it, the pros and cons, and how well they like it.

Yes, I do plan to continue to keep receipts of course, as the IRS will require them and so far I have not heard of paperless receipts, only statements.

Smoky

 

[Terry A. Brewer]

Smoky

>>Has anyone here accepted the option to eliminate paper billing and go directly to paperless statements?<<


We have used paperless bills for years...even all our stock info like confirms & prospectives are paperless. 90% of our bills are deducted from a checking account & the rest from a credit card account...I prefer it be withdrawn from the checking account as some accounts forget to remind you when your credit car expires & then you miss a payment.? We also use on-line banking & have for over 11 years with only one screwup. I only write 1-2 checks a year & 99% of our daily expensive are charged to a credit card that gives us a category printout each year... I rarely use cash anymore as almost everyone accepts credit cards, even the fast food joints.<G>

Terry
Leaving for John Day Dam tomorrow.

 

[Smoky]

I have not used much cash for years.  Could even say no cash now that McDonalds has credit/debit machines.
The only thing I have not done is got rid of paper statements.  I think I will do this this week, unless someone here stops me.

 

[BernieD]

Smoky

Like Terry, I've switched as many of my monthly bills to either auto deduction from my checking account, auto charge to my credit card (my preference) or scheduled recurring payment by my bank for non-variables (mortgage, insurance premiums, etc.). Any of my bills that are not business related I have converted, where available, to paperless if they fall into one of the above categories. If not, I continue to get paper bills just to make sure I remember to pay them.

As far as paperless goes, I haven't had any issues with it. As you say, less paper to handle and, if I don't deduct the expense on my tax return, I don't need a copy. I can always look it up in the website. Everything runs thru Quicken so I have the $ amounts and timing for them all on my computer.

 

[Smoky]

Bernie:

Thanks for the info.  I am pretty sure I am going paperless.  Like you I am a Qucken user also

Will the IRS accept paperless statements?  I know usually they just want receipts, which I will have, of course, in paper form.  Can;t think of a reason they would want a statement, but was just wondering.  Maybe for business interest deduction proof?

 

[BernieD]

Will the IRS accept paperless statements?  I know usually they just want receipts, which I will have, of course, in paper form.  Can;t think of a reason they would want a statement, but was just wondering.  Maybe for business interest deduction proof?

Smoky

Unless you are audited, the IRS doesn't require anything. THEN you need proof. Receipts are the best, statements would sometimes be a alternative. But unless you are running a business on the road, nearly all of your expenditures would be personal and therefor non-deductible and of no interest to the IRS.

 

[Smoky]

Understood Bernie, but who wants to be caught by an audit?  And yes I do run a business while on the road.

 

[DougJ]

Well, Smoky, I'm not a full-timer, not even an extended-timer, and I'm a Canadian living in Canada.

Nevertheless, while I rarely pay a bill by check--generally to the credit card and then pay-off the credit card each month by an EFT over the InterNet--I do still receive paper bills which I keep for income tax purposes.  I'd do that even if I were not continuing to operate a small consulting business.

My view of the paperless approach is that it's wonderful, saves trees, all that sort of stuff until for whatever reason some higher authority--and often not necessarily very much higher --wants the paper.  Then, in common parlance, you're SOL.

Ciao,

Doug

 

[Smoky]

Doug:

I have been paying my bills electronically since the early 90s.  But I was paranoid about not getting paper statements until last week.  I finally have cut the last cord and am one by one converting all my accounts to electronic statements.  Will save a LOT of room by not having more than one filebox in our new coach.