💰Tackling impulse purchases

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- Milan

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THE MONEY BREAKDOWN

“Net Worth”

Your individual net worth is a crucial financial metric that reflects your financial health and overall wealth. It's calculated by subtracting your liabilities (debts and financial obligations) from your assets (everything you own of value). Essentially, it represents what would be left if you sold all your assets and paid off all your debts. A positive net worth indicates that you own more than you owe, while a negative net worth suggests that you owe more than you own.

Budgeting plays a vital role in understanding and improving your net worth. By creating a budget, you gain clarity on your income, expenses, and savings, which are essential components of your financial picture. Tracking your spending habits allows you to identify areas where you can cut costs and redirect funds toward paying off debts or increasing your savings. As you adhere to your budget over time, you'll likely see your net worth grow as you reduce debts and accumulate assets, ultimately moving you closer to your financial goals. Regularly reviewing your budget and monitoring changes in your net worth empowers you to make informed financial decisions and ensures that you're on track to achieve your desired financial outcomes.

Make budgeting a habit with an easy-to-use and convenient tool like Milan’s Ultimate Budget Planner. Once you've set up, it takes 5 minutes of your time daily to save more and get rid of debt permanently. Learn more at milansingh.co/planner. 

MILAN’S HACK OF THE DAY

Tackling Impulse Purchases

If you’re trying to minimize your online shopping habits, one powerful money hack to curb impulse spending is to implement a 24-hour waiting period before making non-essential purchases. This strategy involves resisting the urge to buy something on a whim and instead giving yourself time to consider whether the purchase is truly necessary. By waiting for a day, you allow emotions to settle, providing a clearer perspective on whether the item aligns with your long-term financial goals.

Implementing this waiting period can prevent unnecessary spending on items that you might later regret purchasing. It gives you the opportunity to evaluate whether the purchase adds genuine value to your life or if it's just a fleeting desire. This simple yet effective tactic helps promote mindful spending habits, allowing you to prioritize your financial well-being and allocate funds toward what truly matters to you in the long run.

For more tips and hacks on how to earn more, invest better, and make the most of your money, take our 2-minute money quiz that will identify your spending habits and give you a step-by-step guide to building your wealth. Learn more at milansingh.co/money-quiz.