July 3, 2022

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2 Tips for Saving Money That You Probably Haven’t Considered – Business Insider

There are many different approaches and strategies that people ca.......

There are many different approaches and strategies that people can use to accumulate wealth, but there is one principle we can all agree on: Consistently saving money is key to achieving any financial plan with long-term goals. 

But even though most people know the importance of this concept, many still find it difficult to prioritize the appropriate amount of savings needed to meet their specific goals. If you’re among them, here are two surprising tips for saving money you might not have considered.

1. Get real clarity on your spending

Many people like to use budgeting tools, which are great and can be very effective at helping to manage money. Unfortunately, even when going through the process of creating a budget, I’ve noticed that many people never get real clarity about how much they are actually spending.

At times, individuals will just use estimates of their spending amounts. With certain expenses, they might round the amounts up, whereas other expenses might be rounded down. This ultimately will result in an inaccurate calculation of total expenses, whether it is too high or too low.

The challenge is to calculate these amounts as accurately as possible. One way to do so is to look back at your actual checking account and credit card statements and itemize the expenses to know exactly where your cash flow has been going each month. 

Having this type of clarity …….

Source: https://www.businessinsider.com/personal-finance/tips-saving-money-probably-havent-considered-2021-8