DEBT DETOX: Regular check-ins with your finances, whether monthly or annually, can give a greater sense of ‘control and clarity’ (Image: Getty) <\/p>\n
Inspired by the Swedish concept of \u2018death cleaning\u2019 – a method of clearing out belongings to ease the burden on loved ones after death<\/a> – personal finance expert Kara Gammell from MoneySuperMarket says now is the perfect time to apply the idea to money as well as cupboards.<\/p>\n \u201cMost people don’t like to think about these things because it feels really morbid, but I think this concept is quite useful,\u201d says Gammell. \u201cIt’s about getting your ducks in a row to make things easier for people that you care about down the line, and I think any trend that makes people get their finances in order<\/a> is beneficial.”<\/p>\n Gammell highlights that financial housekeeping is particularly important if you have children, a partner, or anyone who relies on you financially. “Most people don’t actually realise how much financial clutter they are leaving behind. It will be difficult enough for your loved ones if something did happen to you, the last thing they will want to do is try and figure out all the paperwork,\u201d she adds.<\/p>\n MORE MONEY ADVICE<\/p>\n Regular check-ins with your finances, whether monthly or annually, can give a greater sense of ‘control and clarity’ freeing up space to make better financial decisions to save money, reports DevonLive<\/a>.<\/p>\n Seven steps you need to takeSet aside 15 minutes for financial admin
Gammell suggests the ’15-minute rule’ to overcome the inertia of financial tidying. \u201cTask initiation can be difficult, so I say anybody can do 15 minutes of something. Once you start pushing that ball down the hill, you gain momentum and manage to tick things off your list.\u201dClose old or unused bank accounts
\u201cClosing unused accounts simplifies your financial footprint<\/a> and makes it easier for loved ones to handle your estate,\u201d she explains. Many people still have accounts from student days, old jobs or previous banks.Check your credit report
\u201cOn MoneySuperMarket, we have a tool to check your credit report for free<\/a>,\u201d Gammell says. \u201cIt helps you see if you’re still linked to people from your past, such as former partners or flatmates, so you can remove that financial association. A credit report shows everything in one place without the need to track countless logins and passwords.\u201dRegularly review subscriptions
\u201cCheck your banking app for outgoing subscription payments – I call it subscription Sunday,\u201d says Gammell. Apps like Emma can help monitor and manage subscriptions, helping prevent overspending.Appoint a digital executor
\u201cThink of a digital executor as your online organiser-in-chief,\u201d she explains. This person handles your digital life – social media, emails, cloud storage and subscriptions – if you\u2019re not around. Name them in your will and leave clear instructions on what to manage.Ensure your will is up to date
\u201cA lot of people do not have a will, which is quite shocking. So, make sure you have an updated copy of your will and that someone knows where it is,\u201d Gammell warns. An updated will ensures your money and family matters are handled according to your wishes, rather than leaving decisions to the Government or others.Compile key documents
\u201cKeep important paperwork – bank details, insurance policies, wills – in one secure place and let someone know where they are,\u201d advises Gammell. \u201cBetter yet, scan them and save to a password-protected folder. It will save your loved ones a world of stress if they ever need to find something fast.\u201dREAD NEXT<\/p>\n","protected":false},"excerpt":{"rendered":"DEBT DETOX: Regular check-ins with your finances, whether monthly or annually, can give a greater sense of ‘control…\n","protected":false},"author":2,"featured_media":105797,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,57421,57422,61,60,65104,324,174,175,57423,57424],"class_list":{"0":"post-105796","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-gutenbot","11":"tag-gutenbot_v2","12":"tag-ie","13":"tag-ireland","14":"tag-money_and_lifestyle","15":"tag-national","16":"tag-personal-finance","17":"tag-personalfinance","18":"tag-prospero","19":"tag-reach_rips"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/105796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=105796"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/105796\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/105797"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=105796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=105796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=105796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}