With inflation up, and the stock market down, it's proving to be a tough year for your money. If you want to save, the first step is to figure out how much you're spending and where your money is going.
Financial planner Brian Gilder says, surprisingly, many people don't have a budget plan.
The consumer price index for Los Angeles and Orange counties is up 7.8% from the year before, and the last few months have seen some of the highest yearly cost increases in decades. "People are still paying a lot of fees to banks and credit cards, so there are many expenses," Gilder said. "If you just review your bank statements or your credit card statements, you'll see where all these expenses are going."With the stock market down 20% it might be painful, but it's time to reassess.
"And also you have to remember that when you're dollar cost averaging, you are buying more shares of whatever you're investing in at lower prices now," Gilder says. "The idea is that dollar cost averaging, putting a little bit of money away every month for the long-term. The key to building wealth is compounding your money and not touching it."
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