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step 2: create transparency

Let’s get started! Almost everyone typically has a rough overview of their income and expenses. With some experience, this overview might become more precise. However, especially if you want to set aside money or reduce debt, it makes sense to sharpen your focus and gain an even better understanding of your finances.

You may be aware of your major expenses like rent, electricity, and phone bills. But do you also consider the spontaneous coffee or the quick snack in between? These small expenses can often add up to a significant amount at the end of the month. By clearly documenting your income and expenses, you not only maintain control over your finances but also uncover potential weak points in your spending, where your money unconsciously disappears.

You not only see exactly where your money is going, but it also aids you in regularly reviewing your expenses and provides you with a comprehensive view of your available budget. With some time and perseverance, you’ll have your personal financial data at your fingertips within a few weeks. What was once just an estimate, you’ll soon know precisely, and you might be surprised at the savings opportunities that suddenly appear. By consistently implementing these practices, you can save a significant amount of money, which you can then invest in a trip or use for profitable ventures.

This is the only way you have the opportunity to steer your finances sensibly.

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