How to become richer in two steps: simple financial life hacks

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Who does not dream of becoming a millionaire? However, the reality is that instant wealth is not possible. To achieve financial success, you need to constantly make the right financial decisions.

This is what the experts of the economic times publication say. We are talking about two financial rules that you should follow in order to get out of the debt hole and improve your financial situation.

1. Keep an eye on your expenses

Budgeting is a must. The only way to save money or stay out of debt is to track your spending. You can set a monthly budget for yourself—rent, monthly bills you need to pay, needs, wants, and savings. Needs are transportation or food, and wants are your discretionary spending, aka your “wants.”

There are tons of free budgeting apps available for both Android and iOS. You can just download and start using it.

2. Avoid impulse purchases

You need to stick to a budget so you don't overspend. If you go out to a fancy restaurant every day and pay with your credit card, you might want to think twice before going out next time. How difficult will it be to cut down on two such restaurant visits per month?

Before making an impulse purchase, ask yourself: “Do I really need this right now?”. Make a purchase only if it's a hell of a yes! Otherwise, leave it on your wishlist.