Consolidate Accounts and Save Time

By | January 28, 2008

Goal: Reduce the number of accounts being tracked in Money

On the front page of Money, I see a list of all my accounts every time I open it. I remember I started with only a few accounts in 2003. Today, I have 40 accounts actively tracked in Money. I think I have way too many accounts now and it’s time consuming to keep track of all the accounts, even with Money. I will close accounts I don’t need and keep only those I still use.

Here’s a snapshot of my Account List in Money:
Bank Accounts: 6 accounts
Credit Accounts: 12 accounts
Investment Accounts: 12 accounts
Loans and Liabilities: 9 accounts
Asset Accounts: 1 account

Total Accounts: 40 accounts

I plan to consolidate my Account List. I will close bank and credit accounts I no longer use. There are some accounts I use infrequently, but I will still keep them open for now. After analyzing which accounts I can close, I think reduce my Account List by 10 accounts, to a new total of 30 accounts.

Here is a list of accounts I will be closing off in Money by March 1, 2008.
My HSBC
Ing Direct
Capital One Credit Card
Chase Perfect Card
Chase Visa card
Washington Mutual
Old tenant accounts
Old loan accounts.

The new snapshot of my Account List in Money should be:
Bank Accounts: 4 accounts
Credit Accounts: 9 accounts
Investment Accounts: 10 accounts
Loans and Liabilities: 6 accounts
Asset Accounts: 1 account

Total Accounts: 30 accounts

I think managing 30 accounts would be much better than managing 40 hours. This should shave some weight off my accounts list and will save me time when I try to balance my Money accounts.

3 thoughts on “Consolidate Accounts and Save Time

  1. naveedsmind

    Keeping things simple is a fundamental step in proper personal finance. But I think you could probably consolidate even further than 30 accounts if you really tried to simplify. Perhaps one or two credit accounts that are used less than others. After all – 30 is still quite a few.

    Reply
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  3. Smarty

    naveedsmind,

    I agree that 30 accounts is still a lot. Maintaining the transactions on all these accounts has become a chore. I will try to cut down the number of accounts to 25 by June of this year.

    Reply

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