Less is More
Lt Col Shane Ostrom, USAF (Ret) is a Certified Financial Planner and Deputy Director of Financial and Benefits Information for the Military Officers Association of America Transition Center.
It’s a long title but his advice is something that is astoundingly simple: consolidate. “The more accounts, the more complicated the situation, the more out of control the management and oversight. It can slowly suck you into a whirlpool of trouble,” warns Shane, who has seen many families struggle. Remove the complications and time investment required to track multiple accounts. You can consolidate by:
– Making sure you don’t have multiple retirement accounts, 401(k)’s or savings accounts
– Using the minimum number of checking accounts and credit cards
– Closing unused loan or credit accounts completely by directly contacting the lender
Now that you know how to simplify what you’ve got, you need a solid plan for tackling the absence of a realistic budget. Our next expert addresses the one best way to overcome this common problem.