Ken Takahashi
Author: Ken Takahashi
JPMorgan
When you think about your financial mess, the first thing that probably comes to mind is a pile of receipts and bills sitting in a drawer at home.
But what about your digital mess?
Have you ever forgotten your password because you have too many accounts? Or do you find yourself switching between multiple websites and apps when trying to pay your mortgage or credit card bill? If so, your finances may not be as digitally organized as they should be.
Digital clutter can reduce your productivity and hinder your ability to manage your money effectively. It can even cause you to miss out on opportunities to meet your financial goals.
A University of Utah study found that people with multiple bank accounts spend 10% more money than those with just one.
close up.businessman workplace in office.
Here are some more reasons why you should control digital clutter:
Your finances will be more secure
When you combine your account with a bank, you only need to remember one username and password. Not only is this a major score for your sanity, but it also means your financial data will be better protected. After all, when your finances are all in one place, they’re easier to monitor.
Better understand your overall financial situation
It’s hard to troubleshoot when you’re not sure what the problem is in the first place. This especially applies to your financial situation. When you have multiple accounts spread across different bank accounts, it can be difficult to understand how they all work together (or not).
When your checking, savings, loan and investment accounts are all in one dashboard, you can see exactly where your money is. Keep your checking and savings accounts together with your mortgage or credit card and you can get a quick look at your instant finances.
you can save money
In addition to giving you a better understanding of your overall finances and improving your security, consolidating your finances can even save you money. Many banks offer discounts when you put all the different accounts together. Some banks offer discounted loan rates to existing checking and savings customers. What’s more, many banks offer further discounts if you set up automatic payments from an existing checking account. Talk to your bank to see what discounts they are willing to offer!
solution
Cleaning up your digital finances is easy. Start by looking at what your bank offers to make sure it can meet all your needs. Does it offer a full range of financial services from checking and savings to home and auto loans? Does it have a robust app that allows you to view and manage all your financial accounts?
When you find the bank you need, consider transferring your account there. If you have a mortgage there, consider opening a checking account and setting up direct deposit for your paycheck.
In addition to saving you time with your account, simplifying your digital account can give you a better understanding of how much money you have, how much you owe, and where you stand overall. This way, you’ll be better able to set goals, track your spending, and develop a financial roadmap for your future.
Sponsored content provided by JPMorgan Chase.
