{"id":2559,"date":"2025-04-07T17:18:01","date_gmt":"2025-04-07T17:18:01","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/crescowealthmanagement\/?p=2559"},"modified":"2025-04-07T21:10:07","modified_gmt":"2025-04-07T21:10:07","slug":"spring-cleaning-when-less-is-more-simplifying-your-finances","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/crescowealthmanagement\/2025\/04\/07\/spring-cleaning-when-less-is-more-simplifying-your-finances\/","title":{"rendered":"Spring Cleaning &#8211; When Less Is More: Simplifying Your Finances"},"content":{"rendered":"<p>Former <em>Wall Street Journal<\/em> finance columnist Jonathan Clements has long advised readers to plan on living past age 90. But when, at age 61, he was diagnosed with an illness that gave him just a year to live, his financial priorities shifted. His focus turned to ensuring his family would be well-prepared for a time when he was no longer around. One key step? Simplifying his finances: \u201c<em>I thought my finances were well-organized and pretty simple. Yet, since my diagnosis, I\u2019ve spent endless hours trying to simplify them even further<\/em>.\u201d His conclusion: \u201c<em>Death is hard work<\/em>.\u201d<sup>1<\/sup><\/p>\n<p>Indeed, when life becomes more challenging, simplicity matters more. If you are tackling spring cleaning this season, perhaps there may be an opportunity to revisit your finances. Here are two places to start:<\/p>\n<p><strong>Consolidate Financial Accounts<\/strong> \u2014 Consider the benefits of consolidating bank, investment and other financial accounts, where possible: better asset allocation, improved tax efficiency, easier administration and no \u201corphan\u201d accounts forgotten over time. Just as important, it may make life easier for loved ones by reducing the number of accounts they may need to manage in the future if something were to happen.<\/p>\n<p><strong>Reduce Your Digital Footprint <\/strong>\u2014 How many online accounts do you have? According to one source, the average person holds 100!<sup>2<\/sup> While this might seem high, it adds up quickly when factoring in email, social media, financial, entertainment, retail and other services. The more accounts you have, the greater your exposure to fraud through data breaches and cyberattacks. One of the best ways to protect yourself is by limiting the information scammers can access. Close unused accounts and delete inactive ones to minimize the risk of personal data being compromised.<\/p>\n<p><strong>Other Ways Less Can Mean More <\/strong><\/p>\n<p>Here are other ways simplifying can lead to greater financial efficiency and peace of mind:<\/p>\n<p><strong>Automate Savings &amp; Investing <\/strong>\u2014 Fewer decisions can lead to consistent habits. Setting up automatic transfers can help you stay on track toward long-term goals with minimal effort.<\/p>\n<p><strong>Cut Subscription Fat<\/strong> \u2014 Reduce unnecessary recurring expenses (streaming, apps, memberships) to free up cash flow.<\/p>\n<p><strong>Use Fewer Credit Cards<\/strong> \u2014 Reducing the number of credit cards you hold can lower the risk of missed payments or help to minimize fees. Fewer cards may also encourage more intentional spending habits. At the same time, strategically designating cards for specific purposes\u2014such as one for online purchases and another for recurring bills\u2014can make it easier to manage accounts and quickly respond to fraud if a card needs to be cancelled.<\/p>\n<p><strong>Minimize Debt Accounts <\/strong>\u2014 Consolidating loans or prioritizing high-interest debt may be financially prudent to lower interest costs.<\/p>\n<p><strong>Teach Younger Folks to Avoid Lifestyle Creep <\/strong>\u2014 Prioritizing needs over wants can help prevent overconsumption and financial stress. Owning fewer things can also mean lower maintenance costs and more financial freedom.<\/p>\n<ol>\n<li><span style=\"font-size: 10pt\">https:\/\/www.wsj.com\/personal-finance\/jonathan-clements-personal-finance-cancer-e30d1396; 2. https:\/\/www.cnn.com\/2024\/02\/26\/tech\/digital-legacy-planning-personal-technology\/index.html<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Wall Street Journal finance columnist Jonathan Clements has long advised readers to plan on living past age 90. But when, at age 61, he was diagnosed with an illness that gave him just a year to live, his financial priorities shifted. His focus turned to ensuring his family would be well-prepared for a time [&hellip;]<\/p>\n","protected":false},"author":129,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2559","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Spring Cleaning - When Less Is More: Simplifying Your Finances - Cresco Wealth Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/crescowealthmanagement\/2025\/04\/07\/spring-cleaning-when-less-is-more-simplifying-your-finances\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spring Cleaning - When Less Is More: Simplifying Your Finances - Cresco Wealth Management\" \/>\n<meta property=\"og:description\" content=\"Former Wall Street Journal finance columnist Jonathan Clements has long advised readers to plan on living past age 90. 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