Access Your Free Printable Checklist At The End Of This Post! 

Review and Simplify Accounts

▸      Consolidate Accounts:
Having multiple bank accounts can make managing your money complicated. Streamline by keeping only necessary accounts, like a primary checking account and a high-yield savings account for your goals. 

Example Tip: “Transfer balances from older accounts to your current bank, then formally close the old ones to avoid hidden fees or dormant account charges.”

▸       Close Unused Accounts:
Inactive accounts can be targets for fraud or might have maintenance fees. Look for old accounts tied to past employers, schools, or memberships

▸       Update Beneficiaries:
Major life events (like marriage or having kids) can change who you want as beneficiaries. Review them annually, especially for retirement accounts and life insurance policies. 

Audit Subscriptions and Memberships

▸       Track Monthly Expenses:
Use tools like Truebill or Rocket Money to identify sneaky subscription charges.
Tip: Check for annual subscriptions that renew automatically.

▸       Cancel Unnecessary Services:
Ask yourself, “Do I still use this? Is it worth the cost?” Popular cuts often include little-used streaming platforms, premium apps, and old memberships.

▸      Negotiate Discounts:
Companies like internet and phone providers often have promotions or loyalty discounts. Call and ask if they can reduce your bill or match competitor prices.

Organize Bills and Payments

▸       Switch to Paperless Billing:
Consolidating statements digitally saves physical space and makes it easier to search through bills when needed.

▸       Automate Payments:
Set up autopay for essentials like rent/mortgage, utilities, and insurance. Stay mindful of spending and check your bills monthly for any mistakes.

▸       Create a Bill Calendar:
Sync due dates to a financial planner, Google Calendar, or an app like Fudget. Color-code bills based on priority to stay ahead.

Declutter Debt

▸       List All Debts:
Use a spreadsheet or app to track balances, interest rates, and minimum payments. Prioritize debts with higher rates, as they cost you more over time.

▸       Prioritize Payoff Plans:

                                                     •  Snowball Method: Pay off the smallest debt first to gain momentum.

          • Avalanche Method: Pay off debts with the highest interest first to save money.
 

"Use free calculators online to map out repayment plans."

▸      Refinance or Consolidate:
Combine multiple high-interest loans into one with a lower rate to reduce monthly payments and simplify your finances.

Streamline Financial Goals

▸      Set Clear Objectives:

▸       Break goals into categories: short-term (saving for a trip), medium-term (buying a car), and long-term (retirement).

 ▸      Create Separate Savings Accounts:     

 Use accounts labeled for specific goals, like “Emergency Fund,” “Vacation,” or “Home Renovation.”

▸       Use Budgeting Tools:
Apps like YNAB, Mint, or EveryDollar can track income, categorize expenses, and show progress toward goals.

Clean Up Your Credit

▸       Check Your Credit Report:
Access free reports from all three bureaus (Experian, Equifax, TransUnion) at AnnualCreditReport.com. Look for errors like unfamiliar accounts or incorrect balances.

▸Dispute Errors:
Submit disputes online or via mail to the reporting agency. Include supporting documents like account statements or correspondence.

 ▸      Improve Utilization:
Pay down revolving balances to keep credit card utilization below 30%.

Refresh Your Emergency Fund

▸       Evaluate Your Savings:
How many months of expenses does your fund cover? Aim for 3-6 months as a baseline.

▸       Set a Savings Goal:
Break it into manageable chunks. For example, if you need $6,000, set aside $500/month for a year. Make a plan for what fits your budget.

▸       Park It Safely:
Use high-yield savings accounts from banks like Ally, Marcus by Goldman Sachs, or Capital One for higher returns. Do your research and look for any hidden fees. 

Use this Free Checklist to guide your financial decluttering process and make 2024 your most

 organized and financially stable year yet! Financial Decluttering Checklist for the New Year

1. Review and Simplify Accounts

       ☐ Consolidate multiple bank accounts into one or two

        ☐ Close old, unused accounts

        ☐ Update beneficiaries on accounts 

2. Audit Subscriptions and Memberships

        ☐ Track all recurring monthly charges

        ☐ Cancel unused subscriptions (e.g., streaming services, gym)

        ☐ Negotiate discounts on bills

3. Organize Bills and Payments

        ☐ Switch to paperless billing for all accounts

        ☐ Automate payments for recurring bills

        ☐ Create a bill calendar to track due dates

4. Declutter Debt

        ☐ List all debts, including balances and interest rates

        ☐ Prioritize debt repayment (snowball or avalanche method)

        ☐ Consider refinancing or consolidating high-interest debt

5. Streamline Financial Goals

        ☐ Set specific financial goals for the year

        ☐ Create separate savings accounts for each goal

        ☐ Use a budgeting app to track progress 

Clean Up Your Credit

        ☐ Check your credit report for errors (AnnualCreditReport.com)

        ☐ Dispute any inaccuracies with the credit bureaus

        ☐ Work on reducing credit card balances below 30% utilization

7. Refresh Your Emergency Fund

        ☐ Ensure your emergency fund covers 3-6 months of expenses

        ☐ Set up automatic transfers to your emergency fund

        ☐ Keep savings in a high-yield savings account

Link Below 👇

https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:260e13d2-3be8-4cc0-b37e-3d7deb685304 

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Which financial decluttering tip will you tackle first? Let us know in the comments!

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