Million Dollar Journey

Building Wealth through Saving and Investing

Welcome to Million Dollar Journey! If you're new here, you can learn about me, read our user guide, and even follow my net worth updates. A great place to start reading is with the popular articles located in the right side bar. If you would like to join thousands of others and keep up with the free daily updates, you can subscribe to the RSS feed via reader or E-mail.

On your way out, make sure to check out the exclusive Million Dollar Journey Freebies and Deals.

Platus Awards, Cheap Acts, Selling Wine and More Links

Million Dollar Journey was nominated for the best Canadian personal finance blog in the new Platus Awards.  If you have a moment, vote for your favorite blogs here.

Cheapest thing you have ever done @ Canadian Money Forum

Selling Wine – Almost Like Blogging @ Lazy Man and Money

Why are people so bad with money? @ Thicken My Wallet

9 Tips to Stretch the Life of Common Household Items @ My Dollar Plan

Tim Hortons Brews an Expensive DRIP and SPP @ Canadian Capitalist

small human regrets @ Brip Blap

Working With Computer Nerds @ Four Pillars

8 Tips to Keep Your Credit Card Information Safe When Shopping Online @ Generation X Finance

Becoming a Ninja of Happiness @ The Financial Blogger

Guide To Sewing Buttons: How To Sew On A Button Correctly @ The Digerati Life

New Firm Focusing On Reducing Currency Conversion Fees For Canadians @ Where Does All My Money Go

Sometimes, The Best Lessons Learned in Life Are Learned The Hard Way @ Sun’s Financial Diary

Inflation up 1.9% Hold on Bumpy Ride Ahead! @ Canadian Personal Finance Blog

Justifying Poor Investment Choices @ Michael James on Money

Top 100 Commodity, Materials and Energy ETF’s @ Intelligent Speculator

The Art Of Saying No @ Frugal Dad

7 Comments


5 Ways to Reduce Financial Clutter

1. Pick a bank, any bank

I’ll confess, we have too many bank accounts.  Our main chequing account is at one bank.  Our RESPs are at another.  My RRSPs through work are with one financial institution and my husband’s are with another.   It’s too many accounts!  I often see worse.  Many people I meet with have multiple checking accounts.  Most of these have a monthly fee.  It keeps things simple if you can keep your banks and financial institutions to a minimum.

2. Keep a checklist

I keep mine in a Google spreadsheet.  It’s an easy way to keep track of month end balances without having to refer to all the statements.

A lot of financial clutter comes from not knowing where everything is located.  Having an up to date checklist all in one place is a simple way to keep track of your accounts.

3. Use one credit card or debit card

You can have more for emergencies or if ever you find a place that takes one and not the other.  I have two credit cards, a Visa and a Mastercard but I only use the Mastercard.  I have the Visa in case of emergency, if the card doesn’t work, gets lost or stolen or I find a place that doesn’t take Mastercard.  The less bills due every month, the less financial clutter in your life.

4. Automate as much as you can

Every bill we pay except for the Mastercard bill is paid out automatically every month.  Automatic deposits are great too.  Gone are the days where I had to stand in line at the bank every payday.  Now I check online on the day it’s due and there it is.  Automation means the only thing you have to worry about is making sure there is enough in your account to cover the bills.

5. Out with the old

In Canada, you need to keep your tax information and tax receipts for six years. After that, it’s time to shred them.   I shred the 7th year file when I place the next year’s file in the filing cabinet. You can shred old cheque books.  Throw out any warranty information or manuals for things you no longer own.  Now that it’s possible access Visa and Mastercard information online, I don’t even keep statements.  I can print a new one if I really need it.  I keep receipts in my wallet.  Once a month I go through them and throw out any receipts that are past their return by date.  For larger items with longer warranties, I staple the receipt to the manual and keep it in the filing cabinet.  I only keep ATM slips until I confirm online that the right amount was withdrawn.

Just because we’re heading towards paperless fiances, doesn’t mean it will reduce the financial clutter in our lives.  We need ways of tracking and organizing our finances so we know what we have, where it is and how to find things when we need them.

How have you reduced the financial clutter in your life?

Kathryn has been a staff writer for MDJ since January 2009. During the day she works in an office. In her off hours, she volunteers as a financial coach helping ordinary Canadians with the basics of money management. Kathryn, along with her husband and two children live in Ontario.

30 Comments


Page 1 of 1012345...10...Last »

Get the Latest

      

Money Tips Newsletter

Premium Sponsors



Recent Comments

  • JT: @FT, lucky you! I’ve got just over $100k left on my mortgage with the plan of converting my remaining...
  • FrugalTrader: @JT, we paid off the instalment portion of our mortgage a few years ago. The dividends are reinvestd in...
  • JT: Just to confirm; you are using the approx. $5,600 in annual dividends to pay down your existing mortgage and...
  • Ed Rempel: Hi Mark, An important question in this debate is: Is it a good idea to pay off your mortgage early? I have...
  • Ed Rempel: Hi Mark, I think you are missing the mark. (Pardon the pun.) From working with thousands of people and...
  • R: “Guaranteed by the government ” is baloney. Somebody flies a jet into a skyscraper and all of the...
  • Hemgi: If you can get a RRSP return on investment over 6%, or a TSFA return on investment, then you can think of not...
  • Cashinstinct: We invest with DCA in index funds to avoid trying to time the market, each month some money goes from...
  • My Own Advisor: @cashinstinct, nothing wrong with your plan, it sounds great actually, the long-term equity SHOULD be...
  • SST: Clutter is also cognitively exhausting, thus perhaps resulting in poor investment decisions = even more money...
 css.php