If you’re searching for a New Year’s resolution (one that you’ll actually stick to), here’s a suggestion: commit to cutting at least one unnecessary expense from your regular spending in 2023. Once you have established a financial routine, it can be tempting to simply let it run on autopilot each month. Understandably, we all have plenty of other things to be concerned about on a regular basis. However, upon closer examination of your finances, you may discover that your system has been consuming more money than necessary without your knowledge.
Here’s the plan: for a few weeks, play the role of a financial detective. Keep a record of every transaction made during this period. If you make multiple purchases at once, such as at the grocery store, hold on to your receipts for a short period. After about a month, review your list and carefully scrutinize each and every one of your expenses. This includes all expenditures; gas, groceries, electricity, internet, and even the slightest impulsive purchase. It’s likely that you will find at least one expense that will prompt the question, “where did that come from?” No, no one is stealing from you; you simply allowed the system to overindulge.
Once you have identified that unnecessary cost, make an effort to eliminate it entirely. Perhaps you’re regularly purchasing an expensive brand of snack at the store every week. Consider opting for a more affordable option, or even foregoing it altogether. Maybe your internet bill has mysteriously increased. Reach out to your provider and challenge them on this. These small costs have a way of slipping into your bills, but if you catch them in the act, you can save a substantial amount of money in the long run.
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