© 2023 Broadridge Financial Solutions, Inc. This material was written and prepared by Broadridge Advisor Solutions. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
The content is derived from sources believed to be accurate. You are encouraged to seek guidance from an independent tax or legal professional. This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. Because it’s possible that your credit score might take a temporary hit, it may not always be a good idea to close accounts you’re not using unless you have a compelling reason, such as a high annual fee or exposure to fraud. Once you know what you have, you can decide which cards to use and put the rest aside.
TRANSUNION CREDIT ZE INDEPENDENT FREE
Visit to get a free credit report from each of the three major credit reporting agencies (Experian, Equifax, and TransUnion). Ordering a copy of your credit report can help you quickly see all of your open credit-card accounts - there may be some you’ve forgotten about. If you’ve accumulated a few credit cards, review interest rates, terms, credit limits, and benefits that may have changed since you got the cards. You could also miss out on some of the rewards and benefits your cards offer. Losing track of balances and due dates may lead to increased interest charges or late payments. Not all accounts can be combined, and there may be tax consequences, so discuss your options with your financial and/or tax professionals.Ĭredit cards are convenient, but managing multiple credit-card accounts can be time-consuming and costly. Consolidating them in one place may help make it easier to monitor and manage your retirement savings and distributions, and prevent you (or your beneficiaries) from forgetting about older or lower-balance accounts. If you’ve had a few jobs, you might have several retirement accounts, such as IRAs and 401(k) or 403(b) plans, with current and past employers. You decide on the frequency and timing of those transfers, and you can quickly make necessary adjustments. Employers may also allow you to split your direct deposit into multiple accounts, enabling you to build up a college fund or an emergency fund, or direct money to an investment account.Īnother way to make saving for multiple goals easier is to set up recurring transfers between your savings, checking, or other financial accounts. Your contribution level may also increase automatically each year, if your plan offers this feature. For example, you may be able to regularly and automatically deposit a portion of your paycheck into a retirement account through your employer. Saving for a goal is simpler when money is set aside automatically. Simplifying your finances requires a bit of effort up front, but making just a few changes may help free up more time to focus on your financial priorities. Over time, finances tend to get complicated, especially when you’re juggling multiple goals and accounts. Printed from: Three Ways to Help Simplify Your Finances
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