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That said, tracking your general expenditures is probably good enough, Hanft said.
You dont need to build an elaborate, custom-built Excel spreadsheet, he offered.
Im not that detailed about it.
Its really about understanding exactly how youre actually spending your money.
We live now in a kind of ala carte subscription-based economy.
You may even be surprised to find out that they recently raised the cost of that subscription.
Cancel the ones you dont need and see your savings add up.
They also have budgeting tools that are helpful for someone looking to automate the process.
Theyre actually a much bigger piece of the overall inflation rate than we would realize, he said.
The new year is a good time to interview other insurance companies to see what their costs are.
He said its easy to fall into autopilot with retirement accounts.
Social Security is only likely to replace 35% to 40% of your pre-retirement income.
For almost everybody, thats not going to be enough.
However, he stressed that every little bit of savings helps.
Thats why I started with the idea of understanding where your money is going first.
Then that money will be tax-free moving forward, especially in retirement.
One or more of these steps is likely to help you be in abetter financial positioncome 2025.
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