Legacy 2014 South Florida: Education Issue | Page 10

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AN INDEPENDENT SUPPLEMENT BY MIA MEDIA & COMMUNICATIONS GROUP TO THE MIAMI HERALD | FRIDAY, OCTOBER 31, 2014

MONEY MANAGEMENT

Five Simple Yet Smart Money Habits

By Lindell G. Douglas, CFP®
There’s no denying that it can take some
work to create good habits, and becoming
more disciplined about your finances is no
different. Yet smart money habits can add
up over time to increase your bank account
and help you create a more stable financial
life. Consider these five tips that will help
you examine how you think about and
handle money to improve your financial
acumen.
1. Practice the principal of mindfulness.
Mindfulness is the opposite of carelessness. It’s as simple as paying attention
to your spending habits and putting the
brakes on impulsive purchases. When
you’re intentional with your money, you
make rational decisions based on what you
can afford and what you need. Strategies to
help you be more mindful include creating
a monthly budget, making lists before going to the grocery store and holding off on
large purchases until you can really afford
them.
2. Keep tabs on your financial transactions. Be vigilant about every financial
transaction, no matter how small. Even
though checkout clerks use computer-

ized registers, they can
4. Play your cards right. It
still make mistakes when
used to be that a major credit
entering items or making
card was absolutely required
change. Whether you’re
for online purchases and travel
at the grocery store or
reservations such as airline
the department store,
tickets, hotel rooms and car
watch as items are rung
rentals. In today’s economy,
up to ensure you’re being
it’s possible to manage many,
charged appropriately.
if not all of these transacCheck your receipts. Count
tions with a debit card. Credit
your change. In the case of
cards can provide advantages
banking errors, what you
through their reward prodon’t know can hurt your
grams, and disciplined use can
bottom line. Check your
Lindell G. Douglas, Managing Dir. help build creditworthiness.
online bank statements
Yet many cards come with an
Lindell Douglas & Associates
daily to monitor charges
annual fee and hefty interest
and also watch for fraud, which is on the
rates when you carry a balance. To limit
rise.
credit card spending, consider keeping your
3. Show respect for currency. When
credit card at home and carry only your
you mistreat money, you diminish its value
debit card in your wallet.
and give yourself permission to abuse it.
5. Look within and remove barriers to
Whether you’re dealing with dollars or
financial freedom. If you want to be wise
cents, take care of every penny. Don’t wad
with your money, yet repeatedly make poor
up your bills or allow change to accumulate financial decisions, you may be unconon the bottom of your purse. Instead, store sciously sabotaging yourself. For the most
it carefully and keep track of what you
part, money attitudes arise from a co \^