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2 tips for saving money that you probably haven’t considered, from a financial planner
Financial planner Martin A. Scott has a surprising savings recommendation: Budget for things you enjoy to help you spend less on impulse purchases.
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…
