9 Tips for Living Without a Bank Account and Fees

7) Make Sure to Get Receipts

When you are living without a bank account, you will also be living without bank statements of how much money you are withdrawing and using each month. Since keeping track of spending is important for budgeting and tax purposes, it will be immensely helpful for you to keep and organize receipts from your expenditures. This is especially important when you make purchases with cash, since you will not have any other record of how much you are spending. Having a well-kept record system will make it easier for you to fill out your tax forms each year, and it may also be necessary if the IRS audits you. An added benefit of organizing and looking over your receipts is that you will have a better idea of your patterns of spending, so you can make changes and adjustments to your budget if you need to.