As adults we all know the importance of keeping receipts and paperwork, but you may not realize that now more than ever, you need to keep everything.
Having worked with banks and lenders in the past, the one thing they all want to know when an applicant is trying to explain circumstances surrounding late payments or credit blemishes is, "Do you have the receipts?" Basically, we are in a time when people are losing their jobs or otherwise having their income substantially reduced. Life doesn't stop because times are tough and medical emergencies, auto catastrophes, and any number of other incidence happens that uses our already decreased funds.
Keep your receipts so when you need to explain the middle of night trip to the veterinarian, or the medical bills that you now have because you lost your job and insurance, you have the facts in writing.
It's always a good idea to keep the paperwork of your life, but my feeling is now more than ever, you need to keep your records organized and easily accessible.