Get Organized by Tracking Your Accounts

You opened another new credit card when the sales clerk asked if you wanted to save 10% today on your purchase. You moved and opened a new checking account at the local bank and never got around to closing your old accounts. Your five year certificate of deposit (CD) matured but you kinda forgot about it. You’ve changed jobs a few times and still have retirement plans with…well, you’re not sure how many of them. It happens. Now you have a collection of financial accounts to keep track of. As we continue our series “Organizing Your Financial Life”, we’re discussing the importance of tracking your accounts: not only where they are, but what’s going on inside each one.

Whether you’re keeping track in BrightDime or on a spreadsheet, knowing your total financial picture is important. Are your balances increasing or decreasing? Are you being charged any fees just to keep these open? Looking at these on a regular basis will help you see where your money is going and track any goals; saving for something special, paying down debt or monitoring your retirement. It’s also important to keep your contact information and beneficiaries updated with each of your accounts to make sure they don’t get lost or paid out to an old beneficiary. For more on keeping track of all of your financial accounts, you can read our full article here.

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