Am I Spending Too Much or Saving Too Much?
The internet is full of general rules and numbers that say you are either doing ‘good’ or ‘bad’ with your finances. In reality, the only measure of success that matters is if you are on the path to your goals or not. With that said, I often find that clients fall into one of two buckets; they are spending too much or saving too much. Most people understand when they are spending too much, but it is also just as possible to be saving too much. Saving too much, in this case, means focusing too much on adding dollars to your bank account and not enough on truly enjoying your life.
Does Homemade Coffee Make You Richer?
by Alina Fisch, Contessa Capital Advisors
In a 2017 tv interview with an Australian real estate developer named Tim Gurner that went instantly viral, Gurner reflected on the younger generation and in passing mentioned his belief that it was Millennials' predilection for artisanal coffee shops and avocado toast that was making it hard for them to afford homeownership.
In Your Spending, Target Only Things You Can Actually Control
We are too good at beating ourselves up and in our finances that happens most with our spending. While I love knowing what your spending is, be careful not to be too critical too quickly.
You are living a lifestyle and whether that lifestyle will work for you depends on what you have and what you will make in the future. Putting those three things together is what planning is all about.
Keep Your Spending Categories Manageable
When thinking about your spending, be sure to lump expenses together to save yourself from being overwhelmed by the number of categories or buckets you have.
We all have one-off expenses that happen such as buying a new computer or a major car repair. Those items should live with all your other, smaller miscellaneous expenses as they tend to even out over the course of a year.
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