Taking Control Of Your Spending:Part 3

{A simply luxurious life, while full of the concept less is more, luxuriates in the decadence of high quality, complementary style and an appreciation for the beauty that surrounds us in decor, fashion, nature and people themselves. One does not need to maintain a balance in the bank that one might associate with a millionaire, however, it would be a mistake for me not to address the fact, that being secure financially – just the knowledge of this fact – brings about a priceless piece of mind that contributes greatly to a well-balanced simply luxurious life.

With that said, my new series every Friday will focus on sharing a bit of financial food for thought that will help you create a sound financial life that makes it possible to make the choices that will help you create the life of your dreams.  Because after all, simply having choices is a luxury – enabling independence, however we might choose to go about our every day lives. }

1. Make A Date

Sit down on the first of the month or the day you receive your paycheck, pour a cup of tea, turn on your favorite music and make a monthly ritual of paying all of your bills, enter all expected expenditures, even ones that haven’t arrived in your mailbox yet, so that you can see exactly where you stand as you approach the month. Once a bill clears with the bank, go back into your program and check it off. Not only will this keep you apprised of exactly where you are with your monthly finances, but you will be doing a little bit every day instead of having to sit down once a month for hours trying to match everything up.

2. One Card Only

The feeling of cutting up all extra credit cards besides one is a tremendously freeing feeling.  If you don’t have it, the likelihood of using it is drastically reduced. And by only having one credit card, you are more likely to make savvier decisions. If you do have credit card debt that you aren’t able to pay off in full monthly, sit down and create a plan to eliminate it. There are many philosophies as to approaches on how to do this, but I’ve always been of the mind that one should pay down the card with the higher APR first, making only the minimal payments on the lower APRs until the former card is completely paid off. (Click here to view Suze Orman’s simple, but direct steps to eliminate your debt.)

Many readers in the past few weeks have left some wonderful comments on how they handle credit cards, and I want to thank you because you inspire me. It is reassuring to know that there are very wise women who live stylish lives and are clearly very intelligent when it comes to money. After all, as one reader stated, the best feeling in the world, isn’t wearing a pair of credit-card paid Jimmy Choos, but instead knowing you have a secure financial future ahead of you.

To view previous posts in this series:

*Part 1

*Part 2

Image:  Oscar PR Girl