Is it time to tidy up your finances? Discover the easy steps to organize, consolidate, and automate your way to financial clarity.

Do these questions sound familiar?

• "Did I pay that bill on time?"
• "What's my insurance account password again?"
• "How long will it take to move money between my accounts?"
• "What's the balance in my old 401(k)?"

If so, you might be dealing with financial clutter. This isn't just annoying - it can actually harm your financial health. Disorganized finances can damage your credit score, cost you money in late fees and interest, and slow down your long-term financial growth.

But don't worry! At i-bank, we're here to help you tidy up your finances. You can clear out the clutter and take control of your money with a few simple steps to organize, consolidate, and automate. Let's get started on creating a clearer financial picture for your future.

Organize Your Accounts

First, gather all your financial information in one place. You might be surprised by the number of accounts you have:

• Financial institution accounts: checking, savings, money market, CDs
• Credit cards: bank and store cards
• Insurance: health, homeowners, life, car, disability
• Investment accounts: brokerage accounts
• Loans: mortgage, auto, student, personal, home equity
• Retirement accounts: 401(k), 403(b), traditional IRA, Roth IRA, annuities, pensions
• Education accounts: 529 plans, Coverdell ESAs

Create a simple spreadsheet listing each account with the following details:

• Account name
• Account number
• Website for access
• Login and password
• Type of account (bank, credit card, loan, retirement, etc.)

For each account, also include:

• Financial institution accounts: current balance, interest rate
• Credit cards: current balance, APR
• Insurance: monthly payment
• Loans: current balance, monthly payment, estimated payoff date
• Investment, retirement, and education accounts: current balance, monthly contribution

Update the spreadsheet monthly to reflect changes in balances, passwords, or account statuses.

Consolidate for Efficiency

Managing multiple accounts across various institutions can be overwhelming. Consolidate accounts to simplify your financial management and potentially gain rewards like better interest rates, fewer fees, and improved customer service.

Financial clutter can lead to more than just frustration and wasted time. It can negatively impact your credit score, result in higher interest payments, and prevent you from effectively growing your savings for the future.

Consider closing some accounts and consolidating everything with one financial institution. Choose one that offers competitive interest rates, excellent customer service, and a comprehensive mobile banking platform.

If you have multiple credit card balances, transfer them to the cards with the lowest interest rates and best rewards. For loans, check interest rates and refinance if you can secure better terms.

Consolidate retirement accounts from different employers into one account, if possible. Rolling over funds into a single IRA can simplify management and potentially reduce fees. Consult your investment or tax advisor to understand the rules and benefits of different retirement plans.

Automate for Ease

After organizing and consolidating, automate your finances to reduce human error and streamline management.

Set up automatic bill payments and transfers from checking to savings and investment accounts. Most businesses and financial institutions offer these options through their online portals.

Use mobile alerts to stay informed about deposits, cleared payments, and low balances. These alerts can also help prevent fraud by notifying you of significant transactions.

If you’re still cashing paychecks, set up direct deposit to ensure timely and secure payments. Use your bank’s mobile app to deposit other checks from anywhere, at any time.

For assistance in organizing, consolidating, and automating your finances, reach out to us today. We can provide resources and support to help you achieve financial order and peace of mind.