This Task Can Change How You View Your Finances

If you're looking to improve your financial situation but are having trouble finding the motivation, we might be able to help. In fact, we think that completing this task can change how you view your finances! There's a story on the Personal Finances Canada subreddit of a woman under username shar_blue, who decided to list all of her accounts. Here's what she had to say:

Yesterday I crossed off the last To-Do on my 2017 Adulting list: make a list of all accounts/subscriptions/bills/etc. to put with the will. When I opened up a new spreadsheet to start documenting these I was thinking there would be maybe 15 or so accounts to list...before I knew it that list had grown to 47!

How Many Subscriptions Do You Have?

Just like this Reddit user, this experience could be an incredible eye-opener for you, too. Think about it, how many subscription services have you signed up for in the past few years have you lost track of? With the convenience of the internet and autofill and PayPal, it's so easy to lose track of services we've signed up for. Unless you're actively reviewing all of your statement from all of your subscriptions, you're not going to catch all of the payments you might be making.

If you take the time to go through and list everything, a picture will begin to emerge. You probably have a lot more money than you thought you did, it's just going to places that you forgot about. That's why this strategy can change the way you view your finances.

Tips For Listing Your Accounts

User shar_blue suggests organizing your accounts into the following categories:

• Chequing
• Credit Cards
• Insurance
• Investment
• Line of Credit
• Mortgage
• Property Tax
• Savings
• Subscriptions
• Utilities

She also suggests making use of either youneedabudget.com or mint.com to help catch some of the subscriptions and accounts you may have forgotten about.

Once your list is complete, you will begin to see where you can cut down to start saving more of your money. You might also want to start simplifying your finances so that things are more easily managed and tracked moving forward. Although shar_blue was interested in an easy way to execute her last will and testament, this task can have a lasting, positive effect on your finances in general!

Have you ever made a list of your accounts? What was the experience like? Let us know in the comments!