Optimize your expenses
Review your spending habits and eliminate unnecessary expenses. Focus on investing in assets that appreciate in value and contribute to your long-term wealth-building goals.
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Similar ideas to Optimize your expenses
5. Analyzing Your Expenses
Expenses can be categorized in 2 ways:
- Fixed
- Variable
Review your spending from the last 3 months.
Categorize expenses as:
- Needs
- Wants
There are four types of expenses, and only one of them needs to be cut 💸
- Lifestyle Expenses: eating out, vacations, entertainment etc.
- Protective Expenses: health, car and house insurances or emergency funds.
- Productive Expenses: things that improve your life for the long term - investing in your education or career.
- ...
Break Down Your Income & Expenses
Take note of all your expenses, subtract them from your income and find out how much you have left per day, so you have a better idea how long it will take to reach your goals.
This will help you see how far purchases are going to set you back and affect yo...
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