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To Spend or Invest... That is the Question!

| April 09, 2024

When asked why they haven’t committed to investing for the future, many folks use a common excuse: they don’t have extra money to invest. However, if you want to start investing but don’t have money saved, implementing minor spending tweaks now can result in extra money and wealth building down the road. By scrutinizing your monthly expenses to tighten up your budget, you’ll likely find the cash to get started.

As a consumer, you make daily decisions on how much you spend. A couple of examples where people spend more money than necessary are purchasing name brand products vs. generic and eating out vs. cooking in. For every dollar spent on more expensive goods or services, you forfeit an opportunity or an investment benefit by choosing to spend vs. invest. Over time, that missed opportunity can be tremendous because of the compound interest you miss out on.

Check out these 8 Simple Ways to Cut Your Monthly Expenses by The Balance. It gives you tips for making a conscious effort to spend less. You could free up enough dough to start investing pretty quickly!

Looking for help finding ways to spend less? Or invest more? Contact our office to schedule a time to review your budget and get started.