Simplifying My Closet and My Finances

August 5, 2013 - Christen
A few weeks ago, I realized that I have too much stuff in my closet — specifically, too many things that I either don’t use or want anymore. I’ve decided that now is the time to pare down my closet and reduce the visual clutter that an abundance of stuff often creates. This also had me thinking about simplifying my financial life. If I can do it with stuff, surely it can be done with money, too. Here are a few steps that I’ve decided to take:
 
Roll over
For starters, I’m going to finally roll my money from a former employer’s retirement plan into an IRA. Of course, you may also want to enroll into your current employer’s plan, particularly if the plan offers a matching contribution, if you want to continue making pre-tax contributions, and if you want to diversify the tax treatment of your retirement savings.
 
Pay online
Scheduling payments through my bank’s automated bill pay service will make it easier to pay bills because I won’t have to write checks or even buy stamps. In the long run, I’ll save time and money. Also, I won’t have to worry about missing a payment because I let the bank know when my bill is due and when I want the payment to be received, and then it is paid according to my request.
 
Review insurance policies
I’m going to review the insurance policies my husband and I have to make sure the information is correct and up-to-date, for example, on our homeowners and car insurance policies. We may even be eligible for additional savings based on our driving habits or the use of an alarm system in our home.
 
No more subscriptions
I’ll admit that I have a problem getting rid of my magazines after I’ve read them. I always feel like there’s some really good nugget of information that I’ll need to refer to in the future. So when I get those very kind letters in the mail about extending my subscription for the low, low price of $6 for 12 issues, I’ll politely decline because all this does is cost me more money for content that I can usually find for free online. Cutting out subscriptions will reduce the clutter on both my living room table and in my financial life.
 
These are some of the small steps I’m taking toward simplifying my life, what are some of yours?

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