Closing Accounts: Simplify your life!

After going over my finances I realize that I have too many open accounts. This includes credit cards, bank accounts, and investment accounts. It has become a hassle and is time consuming to manage. I aim to consolidate and close accounts I don't use.

I gained the accounts over the years for various reasons. 0% credit card transfers were good for a while so I have amassed quite a stack of unused credit cards. I got a lot of account opening bonus offers along the way so I have a few accounts with a little money in them that needs to be transferred and closed. I also want to get my investments into as few accounts as possible so my portfolio is easier to track and manage.

Accounts I will be closing:

  1. (5) credit cards. I no longer need these accounts and don't use them. Whatever benefit I got from them before is gone. Time to close them and avoid temptation and trouble.
  2. (3) bank accounts. These accounts I opened to get a cash bonus or some other free item. I don't use the accounts nor do I want to. I am happy at ING.
  3. (2) investment accounts. These are old Sharebuilder accounts that I no longer invest in and have since moved the money to Firstrade. No need to have them open.
Closing accounts also helps prevent identity theft and forgotten payments. It reduces the paperwork that I get in the mail and online and reduces clutter on my desk and in Quicken. Closing credit cards may temporarily hurt my credit score but the long term simplification of my life is well worth that small setback. A simpler life leads to a happier life.