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January 10th, 2015 at 07:30 am

I had a scare this morning. I went to log into one of the online savings accounts and it didn't have a record of us having an account. This is the account that holds our largest balance, north of $20k. So I freaked out.

Then I realized this WASNT the main online savings account, and we didn't have any money in this bank at all anymore. So yeah. That was my wake up call that maybe I have too many accounts, and I need to simplify. I had kept multiple credit cards, and online savings accounts so that I could shift money around for the highest interest rate or the best rewards. It's a great idea in theory. In practice, our lives are just too hectic and disorganized and simple is better.

So I consolidated our online savings accounts from three to two, and cancelled a credit card that started off with a great reward but no longer has one. The third online savings account had a balance of $722 that I had forgotten about. I closed it, and transferred that money to help me catch up on my 2014 IRA contribution shortfall.

Boy, was my heart racing when I thought I couldn't get to my cash!

6 Responses to “Simplifying”

  1. scottish girl Says:

    So glad you got it sorted Smile

  2. LittleMissSplendid Says:

    Omg that freaks me out! I'm so glad you were able to find your accounts and decided to simplify them. My lifestyle is pretty hectic too so I could see myself having a similar scare.

  3. LuckyRobin Says:

    I've got 3 credit unions and one bank. I keep track of everything in a spreadsheet. That way I don't get anything confused.

  4. creditcardfree Says:

    That would scare me too! I did cancel one credit card recently. I hope to cancel two more soon.

  5. rob62521 Says:

    Wow, I would have freaked out! Glad everything is OK.

  6. FrugalTexan75 Says:

    Glad you figured it out!

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