Former Wall Street Journal personal finance columnist Jonathan Clements has long advocated planning for a financial life that extends past age 90. But when, at 61, he was given a one-year prognosis, his priorities shifted to preparing his family for life without him. One of his biggest tasks? Simplifying his finances. “I thought (they) were simple, yet since my diagnosis, I’ve spent endless hours trying to simplify them further.” His takeaway: “Death is hard work.”¹

When life becomes difficult, financial simplicity can offer relief. Here are some ways that, when it comes to money, less can mean more:

Consolidate Financial Accounts — Where possible, consolidating bank, investment and other financial accounts can improve asset allocation and tax efficiency, reduce paperwork and prevent forgotten “orphan” accounts over time. It also eases administration for loved ones should something happen to you.

Reduce Your Digital Footprint — The average person holds around 100 digital accounts.² (They quickly add up when factoring in email, social media, financial, entertainment, retail and other services!) More accounts mean greater exposure to data breaches. Protect yourself by limiting the information scammers can access. Close unused or inactive accounts to limit the risk of identity theft or fraud.

Automate Transfers — Set it and forget it: setting up automatic transfers to investment accounts can help you stay on track toward achieving long-term goals with minimal effort.

Cut Subscription Fat — Cancel unused streaming services, apps or memberships to free up cash flow.

Streamline Credit Cards — Fewer cards can reduce missed payments and fees, encourage more intentional spending and simplify overall management. Assigning specific cards to different purposes—such as online purchases or recurring bills—can also help with tracking or fraud resolution if a card needs to be cancelled.

Minimize Debt Accounts — Consolidating loans or prioritizing high- interest debt may be financially prudent to lower interest costs.

Teach Younger Folks to Avoid Lifestyle Creep — Focusing on needs over wants can reduce overconsumption and financial stress. Fewer possessions also mean less maintenance and more financial freedom.

^{1. https://www.wsj.com/personal-finance/jonathan-clements-personal-finance-cancer-e30d1396; 2. https://www.cnn.com/2024/02/26/tech/digital-legacy-planning-personal-technology/index.html}

‍