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Ramit Sethi, personal finance expert and New York Times bestselling author, recently posted somebudgetingtips on hisInstagram account.
Heres his advice onhow to cut your spending.
Its also a great way to go into debt and live paycheck to paycheck.
Sethi said these two categories are where people are most likely to unknowingly overspend.
Sethi explained that many people dont realize the hidden costs of buying acar or house.
On top of the monthly loan payments, you also must pay other monthly expenses that add up.
For a car, youll have to pay gas, registration fees and insurance.
Additionally, both housing and cars break down and need maintenance.
If youre in the market for ahome or vehicle, its best to think about what you could afford.
You dont have to worry about chopping onions, setting the table or doing the dishes.
But while its convenient, its also costing you.
Sethi said the average person is spending a lot more on this kind of convenient eating than they think.
He suggested scrolling through your credit card statements and documenting how much it costs you.
Sethi isnt theonly financial expertwho has this advice, either.
Being more conscious about what youre spending on food is one of thefastest and easiest waysto boost your savings.
That can add up.
Sethi said you will pay more by default if you dont track expenses.
Buying subscriptions is one of the easiest ways to rack up costs.
In 2024, theaverage monthly spendingon subscriptions was $273.
Tracking your costs can help you see where your money is going and what small expenses are adding up.
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