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The psychological benefits of immediate action cannot be understated. By taking small steps right away, individuals not only reduce their stress levels but also cultivate a sense of achievement. This can be as simple as automating expense tracking using software like Rocket Money, which allows users to connect accounts, track spending, and categorize expenses effectively.
Tracking Expenses: Facing Financial Reality
Understanding where and how money is spent is crucial. Many people, Graham notes, have a limited grasp of their actual expenses, often underestimating them. By diligently tracking expenditures, individuals can pinpoint unnecessary costs and subscriptions, thus creating opportunities for financial savings.