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Financial House Clean-up

October 25, 2013

Living apart part-time has caused our financial management system to get more and more chaotic. Our expenses are extremely variable month-to-month.  Sometimes we pay rent in two places, sometimes we don’t.  We have extra credit cards that we got in order to score free flights.  I just hate dealing with paperwork in general, so there are some random tasks that I’ve just never got around to.

Since we are moving and both starting new jobs, it seems like a wise time to clean up our financial system.

To do before new job starts:

  • Close that pesky HSBC account that has $0 in it
  • Fix the name on my single stock & set up log-in for other stocks
  • Consider cashing out stocks before 2013 ends (probably our lowest income year for some time)
  • Close Chase Freedom Card (SP)
  • Close Chase Amazon Visa card (T)
  • Close Southwest card (SP)
  • Close Southwest card (T) – TBD
  • Add T as an authorized user on my favorite card
  • Roll over 401k to IRA
  • Open Ally CD (or other cash stash vehicle)
  • Stop Roth IRA contributions for 2014 (assume ineligible)
  • Set up our checking accounts as joint (?)
  • Set up tracking system that I’m happy with (or revive old system)

Once the new jobs have started:

  • Weigh medical benefit options and choose plans
  • Set up 401k deposits (SP)
  • Set up retirement deposits (T)
  • Set up direct deposit (SP and T)
  • Revisit 2014 goals

Uggggg, does anyone else get a headache just reading that list?!?  These are all relatively easy things, but I hate dealing with this stuff!

6 Comments leave one →
  1. October 25, 2013 6:50 am

    Ugh, I feel your pain! I recently closed out a bunch of empty accounts and still have some more work on that to do. They may be relatively easy things, but they all take a bit of time and closing accounts usually requires calling, which is annoying…

    I have actually been keeping my Chase visa and just funneling those purchases through it and otherwise not really using it. The 3% on it versus 2% on my Fidelity Amex might not be worthwhile long-term with how little I spend on Amazon, but I’ll evaluate in another year or two.

    As for the Roth IRA thing – you should read about the Backdoor Roth IRA: What I did for 2012 and 2013 was to wait until my income was over the limit and then make the whole contribution with my next bonus. What I think I’ll do in 2014 is set aside 1/12th of the amount each month in a savings account and then once my income is over the limit, then make the full contribution with my savings account and a bit of cash flow.

    • October 25, 2013 7:38 am

      I currently have an IRA from an old job with about $20k in it, so there would be some considerations before trying this. T has much less in an IRA.

      Interesting idea, not sure if we’ll do it or not. We have a lot of room for retirement savings next year (>$50, plus pension contributions for one of us). While it would be nice to provide tax diversity with a Roth, we also might just focus more on downpayment for now.

  2. October 25, 2013 11:05 am

    Me. I got a headache reading that list. The worst for me is closing accounts. They always try and make you stay, and give you the runaround… no wait, maybe the worst is when you try and convert/move your retirement funds into another retirement fund.

    • October 25, 2013 11:44 am

      Right? Everything should be online!!!

  3. October 26, 2013 11:24 am

    That’s a lot of opening and closing accounts. >_<
    Hopefully, these visits to the banks will be a quick and fast process.


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