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Building wealth doesn't always require drastic changes; small, consistent habits can lead to significant financial growth over time. It’s the little changes that make a huge difference; here are some micro-habits to consider from financial expert Kait, known as “The Money Confidential” on Instagram:
- Opt for Store Brands: Switching from name-brand to store-brand products can save you an average of 25% to 30% on your grocery bills
- Pause Before Purchasing: Implement a 24-hour waiting period before making non-essential purchases to reduce impulse spending
- Limit Social Media Use: Reducing time spent on social platforms can decrease exposure to advertisements and the temptation to make impulse buys
- Cook More at Home: Preparing meals at home instead of dining out can lead to substantial monthly savings
- Use Cash for Discretionary Spending: Paying with cash for non-essential items can make you more aware of your spending and help curb unnecessary expenses
- Review Subscriptions Regularly: Periodically assess and cancel any unused or unnecessary subscription services to avoid recurring charges
- Avoid Lifestyle Inflation: As your income increases, strive to maintain your current standard of living to allocate more funds toward savings and investments
Source: Your Tango
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