If you're struggling to make payments and you have no idea how much you owe, it probably means two things: you're losing sleep at night, and it may be time to consider a consolidation loan.By simply grouping together what you owe, you can track your debt better, keep a lid on interest charges and pay it off faster with a single monthly payment. I closed my UOB savings account and consolidated it with my UOB One Account to earn higher interest rates. ‘Income – Expenses = Savings’, i try to adhere to the formula of ‘Income – Savings = Expenses’.
Use this same approach with your investment accounts.So you miss out on the benefits that consolidation brings, like saving on fees, better rates for your outstanding debt and a clearer picture of whether you're really meeting your financial goals." The easiest place to start consolidating is with your bank accounts-especially if you use several different financial institutions.Consider moving your money to just one of them, one that's closest to where you live or work.As well, couples should have both names on the insurance policy."There's less risk associated with couples because if one of you loses your job, there's usually still an income stream coming into the home from the other partner," says Heather Franklin, a CFP in Toronto."Then it's quick and easy to discuss any changes you want to make with your adviser," says Dekanic.