Top 3 Reasons to Create Logins for ALL Financial Accounts
GOOD HABIT: Organizing your financial life If you read my about page, you know that I’m super organized and a little over the top when it comes to keeping my life in-line.
I know not everyone out there is like that but it always surprises me to find out how many people don’t take a strategic approach to managing their finances. If that’s you, I want to help you turn this part of your life around.
Money’s not going to make you happy, but not having any can make life miserable. Inventorying your accounts and having online access to them can be a small first step in managing your money so you understand where it’s going.
If you take anything away from this post it’s this:
CREATE WEB LOGINS FOR ALL OF YOUR ACCOUNTS!
Why Your Finances Aren’t Organized Yet
Here are some thoughts on why you haven’t already done this…
- 1. You just didn’t know!
Hey, I get it. You don’t know, what you don’t know.
Well, now you know. So, no more excuses.
Get moving!
- 2. It’s not fun. I get it.
Who the hell wants to sit down for a few hours listing out all of their accounts, creating site log-ins, and documenting all of their usernames and passwords?
Trust me, I didn’t want to either.
But being responsible to yourself means doing the things that are necessary even when we don’t want to (damn you, you made me sound like my parents!)
- 3. You’re scared.
Sometimes burry our heads in the sand and don’t look at our finances because we might not want to be reminded of how much credit card or college loan debt we have. I know it’s uncomfortable… but do it anyway!
If you have debt it’s not going to magically pay itself off on its own.
If you tackle this head on you’ll feel empowered!
- 4. You’re not sure how to keep track of everything
We have a lot of accounts these days and managing all of the login usernames and passwords can be a daunting task.
How am I supposed to do this you ask? No problem.
Check out these posts for a full tutorial.
But Rob...
I Use Facebook to Login to My Accounts. It’s So Easy!
I know, I know. Many websites allow us to use our Facebook or other social media login information to gain access to their site!
I need to make this very clear.
DON’T use Social Media (Facebook, Google, etc.) to login
I know it’s easier, that doesn’t mean it’s better.
Let’s take Facebook as an example. If Facebook gets hacked or decides to shut down, you’re screwed. Your scenarios are:
- A hacker has your Facebook login and can use it to try and login to your other accounts
- Facebook goes out of business and you can’t login to your other accounts
(I know Facebook will never go out of business… and neither will Bear Sterns.)
Um Rob… I Have Another “Big But” … My Internet Browser Stores All of My Password
“Everyone I know has a BIG BUTT. Come on Simone, let’s talk about your big butt”
(10 Points if you can name that movie in the comments below)
No buts on this one. Please take my advice on this… I’ve worked in IT for 20 years and cyber security for the last three years.
DO NOT LET YOUR BROWSER SAVE YOUR PASSWORDS!
Again, I know it’s convenient, but
- It’s easier to hack stored passwords if your machine get infected with a virus or malware
- If your machine crashes or you clear the internet cache, you run the risk of losing your passwords
OK Here We Go… Top 3 Reasons as Promised
Reason #1 – Financial Mindfulness
This first reason may sound simple but it’s important.
Having online access to our accounts is like financial house-keeping. It gets you more mentally involved with your finances and makes you more likely to remain conscious of your financial life when making a decision, such as big purchases, etc.
The more you’re aware of your accounts, the more likely you are to remain responsible and on-top of your finances.
Reason #2 – Easy Support
Basically, less waiting.
Having online access to your account is easier than calling in, navigating phone system menus, and waiting on hold to get support from banks or utilities companies (i.e. gas, electric, etc.)
You can do things like
- Pay bills online
- Check your recent transactions
- Change your home address or other personal information
Plus, you can do this anywhere you have internet access.
Reason #3 – Update Auto-Pay Info
This falls under ease of account management.
If you read my article HOW TO PUT YOUR MONTHLY FINANCES ON AUTOPILOT… AND GET PAID FOR IT! (Part 1), you learned that you can centralize all of your bills so they are automatically paid with your credit card.
This approach has great efficiency, but has one small drawback.
If your credit card gets lost or stolen, you’ll receive a new card number. When that happens, you’ll have to login to your other accounts (like your gas bill) and update the auto-pay information with the new credit card.
This may sound like a hassle, but it’s still easier than calling the gas company and waiting on hold to give them the updated card info.
I’ve had to do these 3 or 4 times over the past 10 years and it’s saved me a lot of time.
Bonus Reason – Mobile Apps
This is probably not a surprise to most of you in this day and age, but in order to use mobile device apps like online banking, etc., you’ll need your account login.
Accessing your accounts through mobile apps is a quick and easy way to stay on top of your finances or to transfer money.
Pro Tip
If you’re using mobile apps to access your online accounts, always use the finger print or facial recognition login if they provided it.
If you want to be even more secure, use a 2FA (Two Factor Authentication) method.
I won’t go into 2FA here since it’s off topic, but I may create a future post explaining it.
You have a lot of private information in these accounts. KEEP IT SAFE!
Let Me Help You Get Started!
It may take a little time and effort to initially setup, but once you’re done, it’s easy maintenance and will save you time in the long run.
The easiest way to get started is to simply sit down with a pen and paper and list out all of the accounts you have. Here are some common accounts to get you thinking:
Financial Accounts
- Bank Accounts (checking/savings)
- Credit Cards
- Investment Accounts
- Management accounts (like MINT
Bills
- Mortgage (if you have one)
- Electric
- Gas
- Water
- TV
- Internet
- Mobile Phone
- Home Phone (if anyone still has one now-a-days)
- Garbage Pickup
I hope this was helpful and gets you started moving in the right direction.
Also, I want to hear from you!
If you have any suggestions on how you organize your financial accounts or have questions, be sure leave a comment below!
