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Prices for many consumer goods havent returned to pre-pandemic levels, while wages have remained stagnant.
While income could grow in the future, addressing spending is going to your most urgent necessity.
Maybe you make 20% less, but your lifestyle is now 50% less [expensive].
He acknowledged that those are not easy decisions, but sometimes necessary.
Lets get a new car.
Lets go on vacation.
You have to think about balance.
Take Budgeting Seriously
Its also important to have a well-organized budget.
Part of budgeting can include looking to change your spending habits.
Meal planning is another area where being deliberate can stretch your dollars.
Shopping for fruits and vegetables that are in season (if possible) can also help cut costs.
By the time you are ready to retire, that money will have multiplied considerably.
For instance, some public library branches offer free courses and coaching sessions withpersonal finance experts, he said.
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