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Money habits

Managing your finances: inspired by the KonMari Method

20 August 2019

 

Neither Marie Kondo or her company, KonMari Media, Inc., were involved in writing this article or have endorsed any statement made here.

Marie Kondo has taken your sock drawer by storm. But have you considered using her Method on your bank account? A lot of us have old financial goals lingering in our planners, that we keep to boost our social standing or fit in with friends. Learning to distinguish and discard these inauthentic values can greatly benefit your savings. After all, your wardrobe isn’t the only thing in need of a good spring clean!

How would you apply the KonMari Method to your finances? The next time you find yourself committing to a costly decision—be it a lavish wedding or expensive mortgage—ask yourself whether it’s something you truly want. Your bank balance may start to incite joy!

Lesson #1: Only keep what sparks joy

According to Marie Kondo, the best way to decide what to keep in your wardrobe is to look at an item and ‘’ask yourself if it sparks joy [1].’’ This trick is mostly used to choose which socks to chuck, but you might like to apply it to your finances too. As kids we take this philosophy everywhere, but with age, the instinct may become clouded by social expectations.

‘’I wanted a simple wedding. I don’t care for big parties. But I ended up paying for the whole shebang, with a photoshoot and all, because his mum’s traditional.’’ Emily is a typical thirty-something. She’s a newlywed in the process of planning her future. Like most thirty-somethings, she’s not immune to expensive social obligations.

Perhaps this is why Marie Kondo is a household name. What she advocates is a return to the basics. She tells us to harness mindfulness to cut through the clutter of our modern world.

Embrace the Kondo way to decide if you want that fancy wedding for self-fulfilment, or because all your friends threw a month’s salary on a dessert spread. Maybe all your peers are having kids at 32, but you’d rather travel for a few more years. By creating authentic monetary goals you can take steps to save for what truly matters to you.

Lesson #2: Categorise Kondo-style

After the elimination process you can begin nurturing your authentic financial targets. You could divide your finances up by goals, taking inspiration from Marie’s method of categorising domestic clutter [2]Suncorp’s Everyday Options Account allows you to open up to 9 savings sub-accounts—one for each savings journey! Split goals up by time frame and save for both short-term and long-term life plans. By creating distinct savings categories, dedicating funds to specific goals could become easier. There may be nothing more motivating than watching all your accounts work in unity towards your ideal life. With higher interest rates in the sub-accounts than the main account, and no monthly account keeping fees on Everyday Options Account opened from 3/12/2018, planning your financial goals may look very rewarding!

Marie Kondo was onto something when she said similar items should be grouped together [3]. Viewing all your different savings goals in one place can be as satisfying as a rack full of plain black t-shirts. And with the Suncorp App, you’ll get to view and manange all your accounts on your device—satisfaction on the go!

Explore Suncorp’s Everyday Options account  

 

Lesson #3: Follow only positive motivators

According to Marie Kondo, positive motivators are more powerful than negative ones. She preaches the importance of keeping only the items that excite you [4].

Similarly, we should always aim for fulfilment when crafting our financial plans. Self-actualisation is a healthier motivator than the fear of missing out. Don’t visit expensive bars you dislike because you feel compelled to socialise more—especially if watching Gilmore Girls in PJs at home brings you closer to self-actualisation!

This approach may help you save money by skipping unnecessary social events and small talk!

Lesson #4: Be thankful for old scrapped goals

Marie Kondo respects her belongings, even suggesting you should ‘thank’ your holey socks the way you bid farewell to an old friend [5].

You too should thank your outdated financial plans. Maybe you took on a loan for a law degree but realised halfway that legal life wasn’t for you. Or perhaps you spent too much on online shopping when your new year’s resolution was to travel the world. Whatever your financial flubs, don’t beat yourself up for walking the wrong path. It’s all part of learning and growing. Thank your past self and move on. You could have a bright personal financial journey ahead!

Once you’ve revamped your financial plan, equip yourself with our free budget planner to simplify the process!

 


Neither Marie Kondo or her company, KonMari Media, Inc., were involved in writing this article or have endorsed any statement made in this article.

 

Monthly account keeping fee waived for new Everyday Options accounts opened from 3/12/2018. Fee will be charged and waived for as long as the account is held. Offer is subject to change without notice and may be withdrawn or extended at any time. Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”). Eligibility criteria, conditions and fees apply and are available on request. Please read the relevant Product Information Document before making any decision about this product. Contact us for a copy. This advice does not take into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.

 

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