Time to Take Action

Start tracking your expenses

Start tracking right away. If you don’t know what you are spending money on, you won’t know what expenses to eliminate.

When I started my journey in 2021 I created a script and a dedicated web page for my expense tracking.

Make it easy to track your expenses or you’ll give up in a few months. I tracked my expenses for two years but I had long periods where I did not keep up every month. I suggest you try to make it a habit to analyze your spending once a month - if you wait longer you’ll have a hard time remembering why you have certain expenses.

Pick low-hanging fruit

If you have not taken a serious look at your finances in a while (or ever!), you probably have a lot of low-hanging fruit you can get rid of right away. Things like unnecessary subscriptions are a good place to start.

You may also have items you can sell for a quick boost to your savings. Selling a few items here and there may not seem like much but remember that items have an ongoing cost - even if you don’t use them anymore they still take up space (and space has a cost!).

Start investing

Start investing your savings.

Automate your savings and investment

Once you are comfortable with your savings rate and investing, automate what you can to reduce friction.