What you need is discipline. Budget your expenses. Budgeting forces you to distinguish between essential spending and discretionary spending.
ANKUR WARIKOO
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Make Epic Money by Ankur Warikoo offers practical financial advice, debunks myths, and addresses biases. It provides actionable strategies and tools tailored to the Indian context for building wealth.
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Similar ideas
1. Budgeting Basics:
Income vs. Expenses: Understand how to balance what you earn and what you spend
Needs vs. Wants: Differentiate between essential expenses and discretionary spending
Savings: Allocate a portion of your income to savings and emergen...
The 50/30/20 Rule
It breaks down your budget categories into three broad segments:
- 50%: Essential Expenses like housing, automobile expenses, groceries, insurance, utilities, etc.
- 30%: Discretionary Expenses (Non-essential) like Dining out, entertainment, drinks, etc.
Budgeting = creating a plan to spend your money
Budgeting is simply balancing your expenses with your income.
It's a plan for the coordination of resources and expenditures. When you budget your money, there’s a desired outcome. And being able to track your spending should ultimately move you in the right direction towar...
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