I just closed out an old account. I had a money market account at a credit union for the past 10 years. It was linked to my old employer. Being that I don’t work there anymore, and I was no longer eligible to contribute to the account, I decided to close it out.
Financial Decluttering
I am attempting to simplify my finances, so closing this old account made sense. It was as simple as making a phone call and asking them to send me a check. The money was moved to my main savings account as soon as I received it. It is now earning better interest while I decide what to do with it.
Next on the consolidation list is to roll my old 401K into an IRA. That will be more complicated, and I’ll have to do some research to decide how to invest it, but it will help put things in less places. I was running into a situation where I was adding accounts as time went by. Things were getting too complicated to manage, so I am now making an effort to simplify my finances.
Too Complicated
Years ago I was yield chasing. I was opening savings accounts at multiple online banks and moving money around based on who was offering the highest yields. As you can imagine, I soon ended up with more accounts than I could manage. For years, I just let them all open. I’ve since closed out most of them, and now I’m just doing some final housecleaning, but you can see where this could be a problem.
Final Thought
I just closed out an old account. This was one of several that I’ve recently closed. Having too many accounts can be too complicated to manage. If you have multiple old accounts or 401K’s from former employers, then now would be a good time to start consolidating them. Your finances will be easier to manage, and tracking your net worth will be simplified.
Read Also:
How Investing Can Boost Your Financial Growth
Saving Money With These Financial Tips
Based in the Pittsburgh, PA area, Brian holds full-time employment as a Warehouse Manager for an electronics firm. Brian enjoys wealth building, investing, gardening and the great outdoors. Brian holds a B.A. in Environmental Studies from the University of Pittsburgh and an MBA from Robert Morris University.
