Finance 2. Get the most out of your credit card(s) In today’s increasingly digitized world, a credit card is a useful tool. But, like any tool – a car, a power saw, a fire – you need to know how to use it properly and responsibly, and for the job it was really intended to do. Take a look at the credit card you reach for most often. Does it charge a large annual fee for perks and services which you never use? If you routinely carry a balance (even a small one), does it offer you the lowest interest rate possible? If you use it a lot for everyday expenses – gas, groceries, your cellphone bill, and so on – does it offer you cash back or travel rewards for all of that spending? Depending on your answers, you might want to shop around for a card that “fits” your finances a little better. By choosing the right card for the job that you need, you can gain a whole bunch of benefits you might not even be aware of, and gain more control over your money, even as you spend it. 19 SHORTTIPSabout taking control of yourfinances Feel better about your money by simplifying, organizing and understanding what’s important By James Dolan Control: it’s a powerful feeling. Especially when it comes to our finances. Knowing that we’re in control of our money (rather than the other way around) can be a source of tremendous confidence, and peace of mind too. The more in control we feel about our investments, our spending and our ability to always have “enough,” the more content and happy we’re likely to feel. With that in mind, here are 19 short suggestions – some simple, some not-so-simple – for how you can take control of the various aspects of your financial life: your portfolio, your spending, your estate plan, your money habits and other elements that intersect with how you use, save and invest your money. Taken together, they form a practical guide to how you can feel more in control about your finances, and more confident that you can live retirement onyour terms. 1. Bedeliberatewith spending A lot of experts will tell you that the most effective way to gainmore control over your money is to spend less. They’re not wrong – but they might be oversimplifying. It’s more accurate to say that you should strive to bemore deliberatewith your spending, by limiting your spending to things that are really worth it. On the surface, it seems like a silly idea. Every purchase we make is deliberate, because it requires a conscious and deliberate choice to pull out our wallets. But think for a moment: when was the last time you really thought about the purpose of whatever it was you were buying – whether it was something that you needed, or something that you wanted; something that benefits you in the long term, or something that simply satisfies an immediate impulse? The next time you buy X (whatever X is), ask yourself: is it giving you joy? Maybe it is. But, at the very least, forcing yourself to think about the reason behind your spending will put you in a much better position to limit spending to the things that matter most. 26 | www.snowbirds.org
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