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6 Steps to De-cluttering Your Finances in 2019

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Has 2019 found you in the same state you were at the beginning of 2018?

Unprepared?

The mistake most of us make is we start the year wondering what we can do to make more money; to live a better life. But, did you know you could save hundreds of dollars by just de-cluttering your finances? I bet if you go through your expenses with a tooth-comb, you will find areas of unnecessary and low priority expenditure you can comfortably do without.

Below are 6 steps on how to de-clutter your finances in 2019.

1. Cancel Any Credit Card You Don’t Need
The very first step to finding money from just under your nose is cleaning your financial transactions. Look closely at how you have been spending money and you will find many leaks. Check your credit cards and ask yourself one critical question: do I need this one? If not, shred it and subject the same drill to the next card. Only spare the one you absolutely need. If you have not used a credit card in the last three months, you probably do not need it; so, why keep paying the monthly fees?

2. Push for a Better Deal from Your Mortgage Lender
The last thing your bank wants is to lose you as a customer. Give them a call and ask to renegotiate the mortgage. If they refuse to budge, subtly drop hints you will be considering moving your mortgage to another bank with better rates. Chances are they will come down a percentage or so. Try it and thank me later.

3. Cell Phone Bills
I bet you can do with lower phone bills. How about calling your mobile company and see if you can get a better deal; or ditch your current phone service provider to sign up with a more competitive one?

4. Review your Insurance Cover(s)
You may have had that insurance cover for years and you have been faithfully paying your regular premiums without fail. Review your policy again and see if you are getting the best deal for your money. Compare the same policy with those offered by other providers to see if you are missing value, or losing money. Is your current cover the best deal you can get?

5. Personal Day-to-Day and Other Regular Expenses
Sometimes the little expenses snowball into huge spending. Watch where your cents are going and you will realize you are giving money away. Those rescued cents or a dollar here and there will add up to a significant income once you tally them at the end of the year.

6. Invest
Now that you have saved yourself a few hundred, perhaps even thousands, of dollars, what do you do with the savings? Well, invest them. Set up a meeting with your financial planner to go over various investment options. Once you identify the best investment vehicle, go for it and dutifully commit to investing your saved funds.

The key to sealing your financial loopholes and stopping the hemorrhage is to adopt the three Ts of financial discipline: track, trim, train. Track where your money is coming from and what you are spending it on. Next, trim or shed off any unnecessary or low-priority expenditure (financial clutter) that could be eating into your finances. Lastly, train; get yourself educated on financial planning (just like you are doing by reading this article). Do this and you will be admitted into the millionaires club soon.

PS: This article was inspired by Charmaine Thring in a Facebook post.