The concept of ‘Swedish death cleaning’ has been gaining momentum, with an abundance of videos popping up on TikTok encouraging people to declutter their homes in anticipation of their death to ease the burden for their loved ones.
Its surge in popularity is not surprising as autumn seems like a perfect time for a big reset and clean, and Kara Gammell, personal finance expert at MoneySuperMarket, is now suggesting that we should apply this ‘death cleaning’ idea to our finances, as well as our overflowing cupboards.
"Most people don’t like to think about these things because it feels really morbid, but I think this concept is quite useful," says Gammell. "It’s about getting your ducks in a row to make things easier for people that you care about down the line, and I think any trend that makes people get their finances in order is beneficial. Most people don’t actually realise how much financial clutter they are leaving behind."
She adds that it’s especially important to get your finances in order if you have children, a partner, or anyone who relies on you financially.
"It will be difficult enough for them if something did happen to you, the last thing they will want to do is try and figure out all the paperwork," says Gammell.
The personal finance expert highlights that doing monthly or annual financial check-ins of your finances can help give you a greater sense of "control and clarity…freeing up space to make better financial decisions to save money".
If financial admin seems like a momentous daunting task, here are some tips to help you get started…
Set aside 15 minutes for financial admin
"People do get overwhelmed, particularly when you call it death cleaning," recognises Gammell. "Task initiation can be difficult, so I have something which I call a 15-minute rule where I say to myself, anybody can do 15 minutes of something. I find once you start pushing that ball down the hill, you start to get momentum and manage to start ticking things off your list."
Close old or unused bank accounts
"Closing unused accounts simplifies your financial footprint and makes it easier for loved ones to handle your estate," says Gammell. "Many people have accounts from old jobs, student days or previous banks that are still technically open."
Check your credit report
"A credit report shows you everything all in one place and means you don’t have to go looking for everything or try to find a gazillion logins and passwords."
Regularly go through your subscriptions
"One thing that I do sometimes is say oh it’s subscription Sunday and check my banking app for any outgoing subscription payments," says Gammell. "Many of us get caught out by not cancelling subscriptions in time, including me. I have used apps like Emma in the past which are really great and they can really help put your spending into perspective."
Appoint a digital executor
"Think of a digital executor as your online organiser-in-chief," says Gammell. "Someone you trust to take care of your digital life – such as photos, social media, email accounts, cloud storage, and all those streaming subscriptions – if you’re not around.
"To appoint a digital executor, simply name them in your will and clearly outline what you’d like them to manage – whether that’s closing social media accounts, saving precious photos, or sorting out your online banking. It’s a good idea to leave a list of your digital assets and instructions somewhere secure, but accessible, and make sure you check that your chosen person is comfortable with the responsibility."
Make sure your will is up to date
"A lot of people do not have a will, and it’s really quite shocking. So, make sure you have an updated copy of your will and that someone knows where it is," says Gammell. "A will states what happens to your money, what happens to your family, and makes sure that you’re able to decide what happens, rather than the government or someone else."
Compile all your key documents
"Keep all your important paperwork – bank details, insurance policies, wills – in one secure place and let someone know where they all are," recommends Gammell. "Better yet, scan them and save to a password-protected folder. It’ll save your loved ones a world of stress if they ever need to find something fast."
