Card and has a really high interest rate then you may want to.
Do the math to determine whether or not this is the method for you but generally it can have a compounding effect on your ability to pay down debt and I am a fan of.
It because it allows me to focus in on one problem area at a time instead of being stressed out about the whole thing and then when that debt is taken care of I can move on to the next one the.
Last financial practice I want to leave you with is something I think my husband and I probably thought we were good at but we weren’t actually that good at it but we’ve improved a lot in the last four months and.
That is not succumbing to lifestyle.
Inflation lifestyle inflation is the idea that as we make more money we’re going to spend more of that money on our lifestyle in proportion to the amount of money that we’re bringing in my husband and I don’t do that or we don’t do it as much as we used to whenever we bring in more.
Money we don’t take that as a cue to upgrade our cars or eat out more or buy more expensive things now this doesn’t mean that we never treat ourselves a little I think it’s.
Completely normal and natural to do that but when we have those instances of treating ourselves it does not result in persistent lifestyle change if we’re able to bring in more money that’s an increase in our savings power not our lifestyle all right those are all of the financial best practices that I have to share with you today.
Of course there are still tons of other things that my husband and I now do things like saving for retirement and not using credit cards but I think the things mentioned here have been the most impactful for getting us to where we’re at today.
I realize this is kind of a departure.
From the topics I usually discuss here but I think that financial health and minimalism are definitely related and financial health is.
Good for anyone to achieve so I hope that some of the things mentioned here can be useful to some of you it’s going to be it for me today as always thank you so much for watching I hope you’ve enjoyed this video and I’ll see you next time.