Having multiple accounts at different banks and other financial institutions is nothing new under the sun. Many people live that way, especially nowadays. There are various good reasons to open new accounts, and you may often get some attractive bonuses to go with them as well. But at some point, you might realize that you’re struggling to stay afloat and keep track of that huge mess of information.
This tends to happen especially often in situations where you have lines of credit and other types of debt that you’re paying off on a regular basis. You need to have some way of getting a good overview of your finances in a concise manner, and thankfully, modern tech has plenty of answers on that front.
Figure Out Which Ones You Don’t Need
But first, you should start by cleaning out your accounts list in the first place. You probably don’t need every single one of those – so talk to your banks and other institutions and start closing the ones that are no longer relevant. It might take some time to figure out which accounts this applies to, and sometimes you’ll also have to let go of certain things, like your subscription at a specific service or something along those lines.
But in the end, this will free you up to a great extent, and it will lift a huge weight off your shoulders. Living with the knowledge that you are no longer maintaining accounts that are irrelevant to you can be a huge relief in itself, once it’s all said and done.
Use Your Smartphone and Computer
Use any electronic devices you might have to improve your overview of your finances. Your smartphone is a particularly useful tool in this regard, although unfortunately many people underestimate its usefulness even today. From linking your online banking accounts, to comparing deals, you can do a lot on that small screen. You can even easily compare deals on loans if you come to a point where you need to take one out.
The possibilities are practically endless, but it’s still up to you to actually start using that device to its full potential. You should learn how to use the more advanced features of your smartphone at the earliest convenience, and keep yourself informed of any new developments in that field as well.
Talk to Your Bank
Your bank may also have some solutions readily available for people in your situation. It’s not rare for a person to have multiple accounts even at the same bank, and in those cases the situation needs a unique approach from both ends – both the bank and the customer need to align their actions to that.
In fact, your bank may already have been considering getting in touch with you to discuss that situation. You’ll never know unless you take the initiative and talk to them first.
Don’t Forget Security
Having multiple accounts means that you also have multiple places where you can get intruded from. Digital security is no joke, even if some people have a generally careless attitude towards it. You have to make sure that all of your accounts stay secure, and that you always have a good overview of all of them, no matter the circumstances.
Digital security can be approached in many different ways, and these trends are changing fast as well. You should check some of the recent advances in this field, and integrate them into your current situation as best as possible. This is something you’ll ideally only have to do once – after that, you’ll just have to maintain things in a good state. But it also only takes one incident to completely mess up your situation, so you should never allow that to happen.
Are You Losing Money on Any of Those Accounts?
Remember what we said above about unnecessary accounts? Sometimes this actually goes even farther, and you may even have accounts that you’re bleeding money from. This happens often when you’ve forgotten about an old account opened for a specific single purpose. It’s not a rare occurrence either, and many people have to deal with that realization at some point in their lives.
Just go over them and clean them out before closing them. That should put an end to the story, and you shouldn’t have to go through any more complicated operations to keep things clean around yourself. And it’s something you’ll only have to do once too, so the sooner you get it over with, the better you’ll feel in the future.