Know Your Spending to Beat Your Spending

Have you ever heard the phrase “keep your friends close and your enemies closer?”

Well, guess what. If your big enemy right now is your spending habit, then this couldn’t be more true. Keep that bad guy close to the chest.

How do you do that? Well NOT by indulging in reckless spending. I definitely don’t mean that!

But know what makes that monster tick.

Know your spending patterns like the back of your hand (not that I know the back of mine, at all. Is this saying a real thing for anyone?). Know what you bring in each month, and what’s going out the door. Go even further, and understand not only how much you spend each month, but where exactly it all goes.

How much of your spending goes to all the stuff you don’t really want or need? How much do you spend on food and fixed costs? What are you really racking up with food delivery each week? *Shivers*

Yes, this can get uncomfortable. It’s like airing our dirty laundry, but to ourselves – and many of us may not like what we see.

But you can’t save and take control of your finances without understanding what your revolving door looks like. Because at the end of the day, whether you’ve prepared to invest in the next crypto scheme and make millions OR to take on all the overtime possible.You cannot escape the basic math that’s required to build any type of money or wealth: saving more than you spend.

Or put another way, spending less than you make.

Some enemies are good to keep close.