Just like household clutter, money clutter is a pile of unmade decisions. Simplify your financial life by dealing with those long-delayed decisions now.
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Professional organizers might define household clutter as a pile of unmade decisions. Money clutter is much the same. 1. Consolidate accounts The more financial accounts you have to monitor, the more stress you’re likely to feel, says Chicago financial planner Sheila Padden, president of the Alliance of Comprehensive Planners. It’s too easy to lose track of an account, miss a due date or fail to notice a fraudulent transaction.
Closing unused credit cards is another task worth considering, although shuttering accounts may ding your credit scores. Minimize potential damage by hanging on to your oldest and highest-limit cards. If you have multiple cards with the same issuer, ask whether the credit limit on a card you want to close can be reallocated to one you want to keep. And don’t close cards if you’re about to apply for a major loan such as a mortgage or an auto loan.2.
Bills that vary each month can be trickier. Many people worry an unexpectedly large utility or credit card bill could overdraft their checking accounts if they don’t have a sufficient cash cushion. A “set it and forget it” mentality also can set in, Padden notes.
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