CLOSE YOUR BANK ACCOUNT

One thing that can make budgeting and/or tracking spending difficult is when there are too many places where transactions are happening. For example, even I personally have five different places where lifestyle expenses occur. In other words, I have five different accounts I have to go to each Friday when I record transactions.

It isn't uncommon for households to have 10+ bank accounts and credit cards. This is one of the most basic hurdles to overcome when someone attempts to track transactions.

If an individual is tracking manually in a spreadsheet, it is obvious to see why the more accounts there are the more burdensome it can become.

Even if someone is using a budgeting system like Monarch Money or Tiller to pull the transactions in, it can cause issues. These systems are not immune to glitches. Oftentimes these outside links have to be actively managed to make sure they are pulling correctly. The more accounts you have the greater the likelihood something will be missed and the more time you spend making sure the systems are talking to one another.

It makes sense how it occurs- a husband and wife have checking/savings/credit cards from before married. They get married and setup joint accounts. Now they have 10+ accounts. While it makes sense how the situation could come about, it doesn't always make sense why it should continue.

There may be discounts, promotional periods, or other reasons to maintain an account (i.e. some recommend keeping a credit card open that has good credit history), but oftentimes there isn't and that account can be either closed or simply not used.

If you are struggling to monitor your spending, consider whether you simply have too many accounts to monitor. Simplifying the number of systems you are using could give you a better chance of success.