When we think of decluttering, money isn’t usually the first thing that leaps to mind. But, our finances can be just as cluttered and disorganized as anything else we own. November is Financial Literacy Month in Canada, so it’s a good time for some financial decluttering in our 52-Week Decluttering Challenge. You won’t want to miss my top 10 financial decluttering and organizing tips.

What is the 52-Week Decluttering Challenge?

In this year-long journey, we’re tackling one task at a time with the goal of cleaning up and organizing our homes. If you’ve just joined us, no worries. You can jump right in with this week’s challenge. Just check out the first two posts in the series to download your free checklists.

• 52-Week Decluttering Challenge
• Week 1 – Easy Decluttering Checklist

You can get easy access to all previous weekly posts on the main Decluttering page.

Week 45 – Financial decluttering and organizing

Working in financial services for over 30 years has taught me a lot about money management. I’m usually on top of everything related to our finances but that doesn’t mean I don’t need to give them a good decluttering from time-to-time.

I made a start on some of this when I decluttered paper files and digital files a few weeks ago. Even so, I’m sure there are some things I can still declutter.

Let’s see what we can find.

My top 10 financial decluttering and organizing tips

Here are 10 things I do to keep my financial life in order and cut down on clutter.

1. Go paperless! If you’re still getting paper statements and bills, switch them to electronic. You’ll save some trees and instantly reduce clutter.
2. Automate. Set up direct debit for your bill payments. Some companies will automatically charge your credit card. It’s a great way to accumulate loyalty points – as long as you pay the balance on your credit card every month. And don’t forget to automate your savings too. The easiest way to do that is by payroll deduction through your employer. If that’s not an option, set up automatic transfers to your saving and investment accounts.
3. Consolidate and combine your accounts. If you have multiple investment accounts, bank accounts or loans, simplify your record-keeping by consolidating them in one place.
4. Purge old stuff. Get rid of old statements, bills and receipts and commit to being selective about what you keep in future.
5. Limit the number of credit cards you have. With credit card fraud rampant, I keep two cards – one for online shopping and one for in-person shopping. This makes sure I always have a backup card in the event of a data breach or fraudulent activity. If you have cards you don’t use, close the accounts.
6. Keep your financial documents all in one place. Whether you keep digital files or paper files, keep everything together. A well-organized filing system will make it easier to find something when you need it.
7. Scan important receipts and ditch the paper copy. When shopping, ask for electronic receipts where possible. If you get paper receipts, you only need to keep most of them until you get your credit card or bank statements. Scan receipts you might need for warranty purposes and get rid of the paper copies. 
8. Declutter your expenses. If you haven’t revisited your budget in a while, make time to do it soon. Look for areas where you can save money and redirect that money to debt reduction or savings.  
9. Download an app to keep track of your loyalty cards. The average Canadian owns 12.4 loyalty cards. At one time, my wallet was bursting with those cards. Then I discovered an app called Stocard that lets you store your card information so you don’t have to carry the cards with you. It freed up a lot of space in my wallet.
10. Buy a shredder. With identity theft and financial fraud on the rise, you’ll want to shred any documents with personal or financial information. If your recycling program doesn’t take shredded paper, check with your local animal shelter. They will often use it to line animal cages.

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What I got rid of

Here’s what I got rid of this week. Despite being on top of things, I still found 85 old account and investment statements I could get rid of, and 3 digital files I missed in my earlier decluttering.

So that’s the end of week 45 and I have even more free space in my filing cabinet.

If you have friends or family members who could benefit from a little less clutter in their lives, please share this post and spread the word!

Do you have other tips to keep your financial information organized? Tell us your ideas below.