Over time, people collect material goods and keep up subscriptions that no longer necessarily meet their needs. Why not take your cue from Marie Kondo, the undisputed queen of organization and storage, and apply the same logic to getting your personal finances in order? The Japanese consultant has her own TV series on the art of storage and her KonMari method is all the rage, a worldwide phenomenon.

It’s essential that you start with some sorting, listing your expenses and your income sources. Then you need to separate the essential from the non-essential. The following questions can help you complete the exercise:

• Is my Internet access and telephony package the most suitable one for me and my family?
• Are there subscriptions (magazine, music or others) that I’m no longer using?
• What is my monthly budget and am I keeping within it?
• Have I accounted for all my income sources, fixed expenses (mortgage or rent, electricity, heating, etc.) and variable ones (groceries, activities, etc.)?
• Do I have enough wiggle room to be able to save regularly and maintain a contingency fund?
• Do I have any debts that I can pay off more quickly?
• Does my insurance (house, auto, disability, life and other types) meet my current needs?

Then proceed in an orderly manner by targeting one item at a time. Keep what’s useful and get rid of the things you can do without. For example, you may find that some of your expenses are no longer necessary. These can include a phone line, television service, or insurance product that no longer meets your needs. Is it time you reviewed your choices?

If you would like assistance and advice on setting a budget, figuring out your savings needs, or evaluating your banking package, feel free to contact one of our experts.

Doing this exercise once a year may benefit your state of mind as well as your personal finances! It’s something to think about.