Since Marie Kondo first broke onto the world stage in 2015, her KonMari decluttering method has been widely received and adapted by millions around the world.
For the uninitiated, the KonMari method entails getting rid of personal things that are no longer useful and no longer bring you joy.
This approach can be easily extended to personal money management and financial planning as well. If you think about it, there is certainly a need to declutter finances regularly in order to have a clear organization of plans and goals.
Here are six ways in which the KonMari method can benefit your financial habits.
Reorganise your bank accounts
Streamlining your multiple accounts is an excellent way to be more coordinated in your finances. More often than not, people tend to hold a lot of active accounts that they actually don’t need.
Consider the value each account brings to your life. Is it possible for me to survive without this account, to be happier and simpler? This concept is somewhat similar to the KonMari method, which advocates organizing by category, rather than by position.
Declutter the debt
It’s not uncommon for many people to have a variety of debts to manage. But it gets worrying if you get into the habit of accumulating debt. Identify debts you own, understand which ones you need to be prioritised, and get help understanding how to do it.
Refinancing and consolidating your debts can help you save money, have a better view of your debt management plan, and ease your life.
Prioritise your financial goals
Every dream usually requires money to happen, which is why you should build your financial goals from there. Consider categorising your dreams by establishing short- and long-term objectives. This means deciding whether to spend on a new phone now or to delay it so you can save for something else, such as an education fund for your child.
Eliminate unhealthy spending habits
Marie Kondo’s common approach focuses on keeping the things that appeal to your heart and brings you joy. This practice helps you to recognise what brings you joy, which is particularly important when it comes to money – what you’re saving for, how much money is needed, and so on.
Small steps can make a big difference. Examine your spending patterns and eliminate those that don’t serve your long-term goals. One common example of an unhealthy spending habit is buying or eating lunch out regularly.
Manage your time better
There’s a fair chance you have been cluttering your life with activities that aren’t beneficial. Perhaps they used to be relevant but are now less applicable to your current life goals.
A decent amount could even have been sunk into a hobby that no longer brings joy to you – don’t let this hold you back from putting it aside if you need to. It’s time to take stock of all your activities and decide for yourself how they streamline with your life’s current priorities.
Collaborate with your partner
Coordination with your partner is a big tenet of the KonMari system, and it’s just as critical for couples with joint expenses when it comes to financial management.
Even if only one partner has a stable income or one partner volunteers to manage the majority of the financial issues, you’ll want to collaborate on budgeting, saving, and retirement planning to ensure you’re on the same page.
Don’t let financial decisions and habits from your past clutter your current financial goals. Instead, take time to periodically sit down and review your current choices and deliberate whether they are things you want to continue with, or is it time to drop them.
This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.