There are two ways to increase your savings level, earning more or spending less. Spending less, in most cases, is a simpler task, but it also requires a great level of attention and discipline. Controlling expenses is the best way to reduce them because understanding your spending profile makes it easier to make assertive and sustainable decisions for your life profile.
What are the best ways to control spending?
Find out where your money goes: Understanding your spending sources is essential. Knowing which paths your money takes, you can assess whether there are any unnecessary expenses or expenses that can be reduced. There are applications that monitor these activities (ex: @guiabolso ) and let you know what you are spending.
Analyze month by month to see if there are any expenses getting out of hand
think twice before buying
Before buying something, take a few minutes to think if you really need that product. Stores want you to make a quick and irrational decision because it makes you more likely to accept the price. Before purchasing the product, think to yourself if you want that product, if the price is attractive, if the value will not affect your finances radically and if you really need it now.
pay off your debts
List everything you owe and who you owe. Understand that interest can erode your finances and your contributions to investment sources may not evolve in a planned way. The rule is to pay off as soon as possible and take a more conservative attitude when thinking about acquiring new debt.
