With inflation on the rise, you’ll want to pay extra attention to how you spend your money. Here are 4 strategies to keep you on track: investinyou (In partnership with acorns.)
Then, add up the value of your liabilities, such as credit card balances, student loans, mortgage and car loans. Where your finances currently stand lies in the answer to this equation: assets - liabilities=net worth.Try using a budgeting strategy called the "60% Solution." The first 60% of your gross income goes to "committed expenses," which includes all taxes, housing costs , credit card bills and everything else that you must pay each month.
"Do a Secret Santa or agree to not buy gifts for everyone and just pick names out of a hat," she said. One thing to try is cutting at least one recurring expense and saving what you would have spent. You may not need six streaming services now, so you can reduce it to three. Put that "extra" money in a special account for new splurges or new spending priorities.
"The scarcity mindset can induce a level of shopping beyond necessary — securing all of those 'just in case' items without thinking through a plan," Rattle said.
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