28 February 2019
Industry super fund-owned bank ME looks at four ways to de-clutter your finances.
1. Get the easy stuff out of the way first
Tidying guru Marie Kondo says a good way to start de-cluttering is by clearing out items that hold the least emotional attachment. When it comes to your finances, that’s likely to be your transaction account. Having multiple transaction accounts can mean paying unnecessary account fees. Moving to a single account can help you stay on top of your money and save on account charges.
2. Get a clear understanding of what you have
Kondo asks her clients to gather all their clothing in one spot for a clear view of everything they own. Try the same with your finances. Line up all of your accounts and take a look at what’s involved with each. You could find that your home loan or savings account no longer offers a competitive interest rate. If that sounds like you, take the opportunity to look for a product better suited to your needs.
3. Don’t spread the clutter
Kondo has found that people often hide items in different rooms, spreading the clutter rather than addressing the problem. It can be a similar story with credit cards. Constantly shifting balances from one card to another merely delays the issue of paying off the debt. If you’re struggling with multiple cards, consider consolidating to one card.
4. Have a system in place to stay on top of the mess
Don’t leave your newly tidied finances to chance. Use a system to stay on top of money matters. Try setting up direct payments to manage bills, and set calendar dates to regularly review your key accounts.
By taking a few tips from Marie Kondo, it’s possible to see your accounts through fresh eyes, and streamline your finances.
This article is brought to you by ME. For more information, please visit mebank.com.au
Members Equity Bank Limited ABN 56 070 887 679.
The Trustee and ME are not agents or representatives of one another. The Trustee is not responsible for and does not accept liability for the products or services of ME. ME is an Australian credit licensee (Australian credit licence no. 229500). You should use your own judgement before taking up any product or service offered by ME. TWUSUPER invests in ME but does not receive any commissions as a result of members using ME products and services.
General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, consider its appropriateness. Refer to our Product Disclosure Statements (PDS). The PDS is relevant when deciding whether to acquire or hold a product.