When it comes to saving money, everyone has their own “advice”.
Some of it’s helpful. Some less so. Some can be downright dangerous.
In what I do, only two things matter when it comes to working out what the right advice to give is:
- The basis for that advice. In other words, the clear and evidence-based rationale as to how it will make someone’s situation better
- The data that backs it up.
That doesn’t mean that hearing about what works for others isn’t useful. There’s always an intuitive aspect to human knowledge that shouldn’t be discounted.
What’s worked for me when looking at different opinions is to look for many different ideas and concepts, and find the truth amongst them, and this article from Alicia Adamczyk is an example of that.
She’s pulled together a range of tidbits of advice about saving more from a range of financial bloggers, analysts and non-advisers, finding commonalities around:
- Starting early
- Automation makes budgeting easier.
- The more decisions you can remove, the easier it gets.
Well worth a read and would love to know if you have any pearls of your own.