Simplify Your Finances

Next in line in “a so called series” to manage my own finances better this year, I figured a good way is to simplify them. As I keyed in my own data into Money Manager Ex, I realized I had too many accounts all over the place. I mean literally. Some of my accounts I opened when I was in university, some 30 km from where I currently stay.

I have a bank account I opened when I started my first job, then my second, and third. Plus I had CD at a branch when I lived with my parents. By the way, they are across town from where I lived. I’m sure you get the picture and very likely, you’ll probably are in the similar situation. Oh, when I got married, my wife bugged me to open a joint account near where we live, and that is another account, I almost forgot to mention. Then there are the credit cards and stock broking account, which I have two.

In the past, I did close some checking accounts and move them closer to where I work. Now, that might change as well since I base quite a lot of work from home and only go to the office once or twice a week.

Now, I’m one person who totally dislike filing papers. I’ve turned down offers of credit cards because I know I need to file those statements. Two days ago, I filed some bank statements and found that I haven’t filed them for 3 months. Yes, I’m guilty as charged on this one.

Part of the plan is to close some of these account and maintain probably only three. It might be a bit difficult to just have three, but I’ll try my darndest to get them down. If you are like me and have bits of money stashed all over multiple bank accounts, I urge you to consider reducing them and simplifying your finances and your life.

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