Suze Orman's simple 21-day challenge for cutting costs and identifying what you really need. (via CNBCMakeIt)
If you have 30, 40, or even 50 years until any potential retirement, it may be difficult to figure out how to trim your budget and keep your spending on track so you can save for the future.
But for many people, being able to have a comfortable retirement comes down to what you're spending on today, money expert Suze Orrman says. Orman, who releasedearlier this year, is a proponent of living below your means, but within your needs. That means only spending on what you actually need to get by, rather than on the things you just want. Of course, sometimes that distinction can be tricky to figure out. To help you get better at identifying the items you really need in your life, Orman recommends trying a simple challenge for the next 21 days.
"Every time you walk into some place, ask yourself: Is this a want or is this a need? If it's a want, walk away. If it's a need, you have to buy it," Orman says. What's the difference? If you're hungry, for example, dining out at a restaurant is probably a want, whereas going to the grocery store to buy food is a need, Orman says.More from Invest in You:
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