Don’t Get Caught: How to Avoid the Inflationary Era’s Pitfalls
Not all wealth management strategies need to focus on high gains. If you are not ready to implement a long-term strategy to increase your wealth, take some simple steps to better position yourself to invest in future money trends.
Cut Down on Impulse Buys
We all get tempted by the sodas, candy bars, bottled water or other items at the check-out line of a store. However, those items are strategically placed, so you buy them, and you pay for the convenience and portability of them. Only buy what you deem essential for the day, and check your receipts to see how that spending habit affects your bottom line.
Wi-Fi and Smartphone Data
Forgetting to connect your Wi-Fi to your smartphone or tablet may affect cash flow as not everyone pays for unlimited data. Many of us likely forget to track the amount of data we use as we go, and at the end of the month, we get hit with a fee from our carrier. When your device is connected to Wi-Fi, it does not count toward your data limit.
Credit Card Statements and Charges
Many of us fall into the trap of getting too busy to check our monthly credit card statements. However, get into the habit of checking for suspicious charges, and to ensure you understand how your interest rate affects your monthly payments. Furthermore, avoid paying only the monthly minimum and keep track of any items on an automatic billing cycle. To reduce spending, keep your credit card at home and only use the disposable income you set aside for expenses.
Free Trials
It sounds easy to sign up for a risk-free trial for a product to whiten teeth or reduce fine line or wrinkles, but those offers come with strings. If you do not cancel within that trial period, companies will automatically bill the credit card on file. In addition, many of these companies automatically sign you up for magazines. Therefore, if you start to get magazines you did not order, make sure you are not being billed for those by checking your credit card statements.
These suggestions provide a good starting point for those new to investing or for people who need to take small steps to save. By changing spending patterns, you control the ability to better your financial future by setting aside money to invest in future money trends sooner than you may have imagined.
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