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Budgeting for Lifestyle Inflation
- Understand your spending habits relative to your income to avoid lifestyle inflation.
- Create a budget to track income and expenses, identifying areas for saving.
Delayed Gratification
- Joshua's daughter wanted to buy a ring impulsively, but he suggested waiting.
- She forgot about it, demonstrating how delaying purchases helps curb impulse spending.
Budgeting Tools and Importance
- Use budgeting apps like EveryDollar to track expenses and maintain financial awareness.
- Acknowledge that budgeting is essential regardless of income level.