Reducing the number of accounts you have is key to simplifying your personal finances as I mention in The Power of 1 can simplify your personal finances. In addition to reducing the number of account you maintain, you should also have a Are you living a Financially Proactive or Financially Reactive Life? Having a proactive mindset will enable you to handle financial emergencies in a timely and efficient manner. For example if you lost your credit card or cards do you have a plan in place to have them canceled and replaced in a timely matter as well as remember all of the charges you have automatically charged to your card. Instead of spending hours trying to remember everything regarding your credit card, why don’t you have a credit card disaster plan in place. Having this plan in place will help you simplify your personal finances.
Here is this week’s simple financial tip to help you design your credit card disaster plan:
- Write down your credit card number. Write down the number of each credit card you hold and file them in a safe place that you will remember they are located. What you don’t want to do is write them down and forget where you stored them. This will defeat the purpose of putting the disaster plan in place. This should not take long since you should have reduced the number of credit cards you are holding. You can also just make a copy of the front and back of each card and save in a file.
- Write down the 800 number to credit card company. Alone with the credit card number you also want to keep the phone number of credit card company in case you need to call the company to replace or cancel your cards. Keep this number with the credit card file as well.
- Write down the recurring bills you have tied to each card. Its not always easy remembering which recurring charges you have on each card so write them down. This will make it easier on you if you have to cancel your existing card and reestablish those recurring payment. What you don’t want to occur is establish autopayments to your credit card and forget to provide the new credit card number which results in your bill not be paid.
Review the credit cards you currently hold and look to see if you have the credit card number, credit card company phone, and which recurring bills you have charged to each card in a file. If not set up a credit card disaster file. It will save you time when you do need to replace your existing credit cards.
What are some things you have implemented in case you lost or need to replace your credit cards to simplify things?
Remember take one step at a time to simplify your personal finances.