A psychiatrist during my medical student postings once told me that when she was in her 40s, she ‘downsized’ her life. She sold off her Jaguar, bought a smaller home, and spent much less on her clothes and accessories. She felt more content afterwards. Perhaps it was her mid-life crisis, she couldn’t tell. I am feeling a similar urge too. To be content with what I have and reduce whatever extra’s that are not necessary.

I went to the bank yesterday to reactivate my account. It has been dormant for the past year because I need to have a debit card to make online transfers. I did not have one. The lady at the counter was enthusiastic about telling me about their account options and diversifying financial portfolios. She persuaded me to get a debit card too! It got so suffocating that at one point I just stopped her nicely and said, “Let me tell you about my plan. My plan is to transfer the current money I have here to my investment account at ASB little by little as per the allowed limit. And then I plan to close my account here“.

But why? You would need backup.

I then told her about my sibling’s experience sorting out my mother’s will. It was a hassle. My late mom has so many eggs in so many baskets to pick up. Hence, the least I could do is put it all in as little baskets as I can. The lady suggested hibah but it comes with a fee. Which I have no interest in paying.

I also plan to pay off my housing loan as early as I can. At least my financial burden could be reduced gradually for me to enjoy my early pension. (if it happens).

Downsizing the amount of accounts I have will be my financial task till the end of this year. I am also planning to keep the amount of money in my Tabung Haji to its required minimum. Just enough to pay for Hajj expenses. The rest of the money will be put into my children’s TH account so that it can be used for their Hajj and also education expenses.