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!
Simplifying
January 10th, 2015 at 03:30 pm
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