From the course: Developing Investment Acumen
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Budgets: Save and grow
From the course: Developing Investment Acumen
Budgets: Save and grow
- You may think that budgets are for people living paycheck to paycheck, and if that's not you then they don't apply, but you would be wrong. As your financial life grows in complexity, budgets become more important, not less. Why? Well, if you're feeling confident about your financial situation, there's a chance that you'll start to live with an abundance mindset, which can lead to lifestyle inflation. Here's a clue. If you're not paying off your high interest debt like credit cards in full each month and putting some money aside, then you need a better budget or a better way to track and control your spending. The best solution may be a combination of things. Here's a good place to start. Visualize your overall money picture. Make, update, and track your financial goals. Automate key tasks like loan repayments and auto-deposits into your savings and investment accounts. Some banks and credit unions have digital money management tools built into their products that let you set and…
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