![]() I have found that when most married couples write down all of their expenses, they are usually spending at least $1,000 more a month than what they thought they were spending. “I would suggest everyone should make a list of their expenditures and track them. That said, for some of you, the little things can and do add up too much - and if you feel like you’re in that camp, tracking expenses is key. I did this so I would have room in my budget to prioritize saving for future life goals like my wedding, and it was the best decision I could have made,” says Ellis. “My portion of the rent was $712.50, a savings of $887.50 per month, or $10,650 annually. ( See the best savings account rates you may get now here.)Ī few years ago, Ellis moved from a modern studio apartment paying $1,600 per month to an older one-bedroom apartment and took on a roommate. Making a good choice one time can be so much more effective than having to make choices on a regular basis,” says Ellis. That’s precisely why certified financial planner Akeiva Ellis recommends the simple and effective method of cutting more significant expenses. Making a big change can be scary but that heavy psychological lifting happens one time,” says certified financial planner Jim Hemphill at TGS Financial Advisors. “We’ve found that starting with consequential changes that result in clear and significant financial advantages is often more powerful and more practical. If you clean up that aspect, then you can never think again about how much lunch is.”Įxperts agree that cutting a big ticket item instead of lots of little expenses is not only easier, but also is often more effective. She would drive herself bonkers about an item at the grocery store, and I would point out what she’s spending on some other high-ticket item that she isn’t even thinking about on the regular. ![]() ![]() It’s easy to get hyper-focused on things that aren’t really moving the needle,” Shepard said in an interview with Money magazine. “First and foremost, people need to actually be aware of where they’re spending their money. But even with all that money, Shepard hasn’t forgotten how to save money - something that’s gotten even more lucrative in recent months, as some high-yield savings accounts now pay more than they have in a decade ( see the best savings account rates you may get now here). That’s helped him amass an estimated $40 million net worth, according to Celebrity Net Worth. Armchair Expert host, actor and comedian Dax Shepard may be worth $40 million, but he hasn’t forgotten how to save.Īctor and comedian Dax Shepard has a long list of accolades that include television shows, movies and his hit podcast Armchair Expert.
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