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Knowledge is power in the realm of personal finance. Many adults lack confidence in managing money due to inadequate education in schools. By dedicating time to learning about finances—through books, workshops, or online resources—you can enhance your understanding and boost your confidence.
Practicing Discernment in Purchases
Another effective money-saving habit is to apply a personal rule on non-essential purchases. A useful guideline is only to buy an item if you could purchase it 20 times over without compromising your emergency fund. This rule promotes thoughtful spending and discourages impulsive, financially draining purchases.