Lesson 5: In our ongoing Wealth Wisdom video series, we’ll teach you financial fundamentals. In this fifth lesson, Bill Ray, a financial services expert with over 30 years experience, will teach you how to build savings and control your spending:
Here are the steps to control spending described in the video:
- You cannot stop spending, but you can stop uncontrolled spending.
- The best way to start is to set up a budget.
- Find out how much you spend in a month. Record what you bought, where you bought it, and how much you spent.
- At the end of the month, sit down and circle all of your unnecessary expenditures. You may be surprised at just how many there are.
- Then, try to eliminate as many of these expenditures as possible from your lifestyle. You’ll be building savings before you know it!
Learn More: While this is a good introduction to the basics of saving, you can gain deeper knowledge by reading our Debt Elimination Plans article.
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