Keep your finances secure by consolidating them in a single financial account

Keep your finances secure by consolidating them in a single financial account

When we are still working, we tend to have multiple financial accounts which are disintegrated and spread over various locations. For example, when working we may have a number of offshore financial accounts. However, as we advance towards retirement, there is need for us to make sure that we consolidate our finances in one or two accounts. Visit here for more knowledge.   As much as having a number of financial savings accounts seems fashionable and classy, we need to make sure that we collect our finances in a few financial bank accounts. Taking such a step has its own benefits.

Benefits of keeping funds in a few financial accounts

The first benefit of keeping your finances in one or two financial accounts is so to make sure that you are in a good position to keep track of your incomes and withdrawals. You will agree with me that managing a number of accounts at old age might prove hectic sometimes. In fact, you may even forget to check and manage other smaller accounts at the expense of the larger accounts. When that happens, you will no longer be financial efficient and some of your financial accounts might be rendered inactive due to long term inactivity.

Secondly, holding too may financial accounts mean paying more in terms of service charge. Service charges are normally charged by banks in return for managing your accounts in terms of standing orders and in terms of making sure that payments for bills are made timely from your financial account. It is very important for you as senior who is about to retire or who has retired to make sure that you move your money in one or two financial accounts. This will reduce the service charges charged by banks when they manage you accounts.

Thirdly, holding finances in various accounts means you will need to run around authorizing payments from various financial accounts. For seniors, running around to access banks accounts in order to authorize payments and receipts of payments could be very tasking and this is something you may not want to go along with during your retirement period. For example, you have a number of financial accounts held in different banks. Every week, you are expected to pay your employees working at your private firm. Doing such visits on weekly visits could prove tiresome and in order to avoid this, just converge your funds in a single financial account and give a standing order for the bank to do such payments for you.

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