How to avoid over expenses and have discipline - page 9.

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Quote from: kingvirtus09 on September 01, 2023, 04:45:18 PM

Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

You have a point in this matter, we must think wise in keeping our money in terms of expensing it. Though, everyday we need some food to eat and things we need to use everyday like our in our personal hygiene. Everything should be in budget, we don, need to buy excessive things in which it is not important. And for us to do this it needs discipline and self-control as well. So thanks op at least for the effort you did here to remind others for this matter anyway.

You don't need to eat at those expensive restaurants if you can eat it in a normal restaurant, because if you are just earning minimum wage, then you don't need to eat at those restaurants. Don't be fancy, and you are right, don't buy those nonsense items that you don't need. It is really about self-control because, as others have stated, if you can't afford it, don't push yourself to afford it at that time; instead, work hard so that you can afford it in the future. Right now, because of the high prices, people are sure getting a budget on everything.

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The fact is that in society there are still many people who have difficulty managing their finances, not because they don't have plans for the future, but they still find it difficult to control their lust, which always wants something that absorbs excessive monthly expenses. Avoiding excessive spending or being undisciplined in managing finances is very easy to say, but very difficult for some people who still want a luxurious lifestyle or are looking for luck to multiply money even though in the end they still lose.
Educating yourself needs to be done to apply discipline in managing finances in order to achieve a future free from financial difficulties. The most realistic thing is that when you need an urgent need, you don't need to ask other parties for a loan because you already have savings that can be withdrawn at any time.

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Quote from: gunhell16 on August 20, 2023, 12:05:08 AM

1. Make a realistic budget
~snipe~

This is where the major work would be done, having realistic budgets. It defines you as per standard of living, what you can archive within a period of time, how you’re expected to raise the funds for these expenditures and when it’s expected to get exhausted. That’s way, you have a summary of what your circle would be and how to keep up.

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2. Find out what triggers the cost
It's important that we know this if it's stress, boredom, pressure from friends, need to follow the trend and so on. It is important that we have discipline in these things if you want to avoid overspending. For example, if you're bored, you hang out online shopping at Lazada, Amazon, and others, this habit should be replaced with something more productive, such as cleaning the house and others where you can avoid it and do something good.

That’s another one. At the very most, we are humans and as humans, we are moved by a lot of emotions. Some of which makes us depressed, feel under appreciated, feel we aren’t doing enough and just like that, you’re pushed out of the space of what you can do, should do or shouldn’t. Peer pressure or societal norms, a not to be caught in circle.

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4. Make the 24 hour rule
This rule helped me when I was building in this way. Because when I want to buy something, I put it off for 24 hours, and during this time I learn how to assess these things. Usually the excitement we experience disappears immediately after a few hours. You imagine the sacrifices you will make when you accomplish them. Like the small savings you have or sometimes we will even borrow the money we will use here. At least in this way we can avoid impulsive buying or bursts of emotion.

That’s some rule!
I haven’t really thought this through myself but, it’s definitely something worth trying out to see how my interest plays out. It just might get intense, can’t say for sure but, if this happened to have proven useful in your case, then it’s worth trying.

CageMabok

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Quote from: Etranger on September 02, 2023, 09:35:53 AM

These are ways we can easily use money wherever we have such necessity. But to save them we have to do more than just keeping them in fiat. Because fiat money is not a reliable asset, it tends to inflation or deflation, it also inclined to be destroyed or blocked or lost. And you cannot be sure, that you will have access to it, when you need it. That is why you should concider other ways precisely for saving, and it can be investing included.

If you remember that current economic conditions still tend to change and have not fully improved, it could indeed be very good if you consider saving in other ways besides saving money. But this option to save in other ways is only often used by investors who want to save the value of their assets into stablecoins besides continuing to invest in property and Bitcoin. Whereas people who don't like investing in property and Bitcoin will make their savings through gold if they don't like saving money in cash in their lives because of inflation or deflation that can arise at any time.

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Quote from: Aanuoluwatofunmi on September 02, 2023, 03:17:27 PM

Quote from: panganib999 on September 01, 2023, 04:22:05 PM

With how things are going, budgeting will not cut it alone. You literally have to get a second job if you want to live comfortably.

That's a brilliant idea, we need to get something doing, make an additional means of having income flow, there's a way we can get to whereby we will have enough money running, business flowing and things going well with our business and we won't have any reason to feel the cost of what we are spending in maintaining ourselves, business and other things we spent money on because we know that we will always recover any cost incurred on ourselves or business within a short period of time, unlike when we don't have a stable income and still struggles to make profits.

Yes, with how the economy is moving, we needed to have an additional way to earn money,

Having an 8hrs daily job might cover your needs, but most of the time you will see you out of budget before your next payday,
there are many factors that affect your finances, but having an additional source of income will cover your additional expenses and
will help you to save up if you are good at managing your finances.

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Quote from: panganib999 on September 01, 2023, 04:22:05 PM

With how things are going, budgeting will not cut it alone. You literally have to get a second job if you want to live comfortably.

That's a brilliant idea, we need to get something doing, make an additional means of having income flow, there's a way we can get to whereby we will have enough money running, business flowing and things going well with our business and we won't have any reason to feel the cost of what we are spending in maintaining ourselves, business and other things we spent money on because we know that we will always recover any cost incurred on ourselves or business within a short period of time, unlike when we don't have a stable income and still struggles to make profits.

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Quote from: gunhell16 on September 02, 2023, 12:05:18 AM

Quote from: serjent05 on September 01, 2023, 05:23:50 PM

Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Saving without any purpose of investment is like wasting money bit by bit due to inflation. If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income. This is like making money out of our money. We should also allocate funds for emergencies so that we won't be in trouble when the time comes that we need urgent money.

Yes, that's right, buddy. When everyone is able to manage their money, it's no surprise that they can build up savings for the future and, in addition, can set away money for an emergency fund. A savings account and an emergency fund are the first two ways we can save money.

If we learn to manage our spending, this is the main outcome. Who will gain from it, too? Of course, for us as well as our loved ones, who are important to us. We are merely preparing ourselves for events we do not anticipate occurring as well as the future we want for our loved ones.

Emergencies and unfortunate events could really happen in someones life which it would really be just that normal that you should really be that be prepared on such thing.We arent wishing for those things though

but there are really moments in life on which you would really be needing that financial back up which it isnt really that limited to yours but also into your loved ones too on which it would really be just
that normal that you would really be needing to be prepared because on the time that you dont have money specially into those times that you are needing it then you would really be opting to take
a loan and would really be putting yourself into much trouble since you would really be needing to pay it up with interest.

Save up and always allocate funds for emergencies since we dont really know on where things might be ending up and this is something that would really make yourself put on a hard situation.
We cant really be able to tell on where it would be going or heading with our lives and situations but we know that money could solve out with those things or simply it could
really be handled when you do have that enough finances.

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Quote from: gunhell16 on September 02, 2023, 12:05:18 AM

A savings account and an emergency fund are the first two ways we can save money.

These are ways we can easily use money wherever we have such necessity. But to save them we have to do more than just keeping them in fiat. Because fiat money is not a reliable asset, it tends to inflation or deflation, it also inclined to be destroyed or blocked or lost. And you cannot be sure, that you will have access to it, when you need it. That is why you should concider other ways precisely for saving, and it can be investing included.

red4slash

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Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

I totally understand what you mean about fiat savings. And I realized that, and I also used the money for my further additional investments, over a period of time.
I am usually flexible in terms of time, it could be once every 3 months or more than that I change my savings for additional money that I allocate for investment. I'm usually 50/50 on this, by that I mean half I use it to buy assets and the other half I don't touch it at all. For the total amount I am usually flexible regarding the opportunities I see on Bitcoin, it could be bigger like 70/30 or smaller than that.

gunhell16

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Quote from: serjent05 on September 01, 2023, 05:23:50 PM

Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Saving without any purpose of investment is like wasting money bit by bit due to inflation. If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income. This is like making money out of our money. We should also allocate funds for emergencies so that we won't be in trouble when the time comes that we need urgent money.

Yes, that's right, buddy. When everyone is able to manage their money, it's no surprise that they can build up savings for the future and, in addition, can set away money for an emergency fund. A savings account and an emergency fund are the first two ways we can save money.

If we learn to manage our spending, this is the main outcome. Who will gain from it, too? Of course, for us as well as our loved ones, who are important to us. We are merely preparing ourselves for events we do not anticipate occurring as well as the future we want for our loved ones.

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Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Saving without any purpose of investment is like wasting money bit by bit due to inflation. If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income. This is like making money out of our money. We should also allocate funds for emergencies so that we won't be in trouble when the time comes that we need urgent money.

CageMabok

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Quote from: puloweh555 on September 01, 2023, 02:40:53 PM

Disclaimer. In the past, I was taught to save, but my parents always had a shortage of money. So all my savings are always used for living needs, but it's true that we never learn to save for a goal, but usually when we're little we have the money we save to buy toys but that's not allowed. Immediately when we have our own money from the results of our new job, whatever we want we can buy, but on the one hand, sometimes there are times when we are still not free and don't think about how to get more money.

If you make a disclaimer about saving or saving money for a purpose or with planning for something, you should also differentiate between your own life after getting a job and life when you haven't got a job so you can see the difference in your efforts to save. That's what your own parents have said, maybe they have felt bitter things that they don't want to happen to their current child. So they tell you to save in life for a better purpose in the future.

Quote

But now that I'm getting older, I just understand how to avoid spending too much money and still have to be disciplined. Including as you said prevention and ensuring that our money is spent on things that are commensurate with income. Now I apply a financial pattern of 40% for basic needs, 40% for investments, 10% for hobbies/holidays, and 10% for emergency funds. Emergency funds are very necessary, even though these funds are rarely used, these funds are very important because they can be used in case we suddenly experience difficulties and disasters.

The pattern and percentage of financial distribution that you apply is not bad because maybe other people also do things like that even though with a slightly different percentage. Placement of spending money on things that are worth it and things that are needed is the main foundation for everyone to be able to apply the pattern you said.

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Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

You have a point in this matter, we must think wise in keeping our money in terms of expensing it. Though, everyday we need some food to eat and things we need to use everyday like our in our personal hygiene. Everything should be in budget, we don, need to buy excessive things in which it is not important. And for us to do this it needs discipline and self-control as well. So thanks op at least for the effort you did here to remind others for this matter anyway.

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Quote from: Etranger on September 01, 2023, 09:14:38 AM

Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Inflation is having so much effect on our funds especially the ones in the bank. People that are saving there money for a very long time now in the bank would have noticed that the value of there money before is different from the current one now or when they will get access to the money. We need to think about the future whenever we are making decisions and watch too on how we are not going to be affected by government policies that could jeopardize our interest in a long run not making us to achieve what we intend to do over a period of time.

panganib999

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With how things are going, budgeting will not cut it alone. You literally have to get a second job if you want to live comfortably. There's a fine line between budgeting, and pushing yourself to be frugal and a cheapskate at the expense of your well-being just so you have money to spend tomorrow. In my opinion, aside from budgeting you should also be able to take up another income stream and not just focus on the one that you have right now no matter how much they are paying you. The moment you fall for complacency, your lifestyle is sure to sacrifice. And I don't know about you but there's logic behind not relenting on the push for frugality amidst an economic crisis.

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Quote from: Aanuoluwatofunmi on August 31, 2023, 01:55:36 PM

I take precautionary measures to ensure that what i spent my money on are things that worth it, i look into my budget plans on long and short term basis, strategize how to engage what to spend money on and how the value is in term of priority, i also itemized the list and consider the needs in demand on every item before spending money on them, then there are other demands we should be careful with when people are requesting from us to lend them money because such may not be recoverable.

Disclaimer. In the past, I was taught to save, but my parents always had a shortage of money. So all my savings are always used for living needs, but it's true that we never learn to save for a goal, but usually when we're little we have the money we save to buy toys but that's not allowed. Immediately when we have our own money from the results of our new job, whatever we want we can buy, but on the one hand, sometimes there are times when we are still not free and don't think about how to get more money.

But now that I'm getting older, I just understand how to avoid spending too much money and still have to be disciplined. Including as you said prevention and ensuring that our money is spent on things that are commensurate with income. Now I apply a financial pattern of 40% for basic needs, 40% for investments, 10% for hobbies/holidays, and 10% for emergency funds. Emergency funds are very necessary, even though these funds are rarely used, these funds are very important because they can be used in case we suddenly experience difficulties and disasters.

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It's not complicated enough to do but sometimes many find it difficult to get started. I understand that you want to live like the rich, but can you realize your finances? It's not uncommon and there are probably a lot of people who have below average finances or income but want to style like a rich person, it's like you create your own problems for your life. So from now on I hope you can save more, reduce expenses that you don't need and only buy something that will be very useful for your life. Sometimes in terms of wants and needs it is always confused, where we think it is something we need but in fact it is just a desire that does not even have a positive impact on real life.

So going for savings would be a good thing, you can save some of your money to save, because we will never know what will happen in the future, there will definitely be times when you need money urgently and you can use that money. Greed will keep chasing you and if you keep following it then it will never end because there will always be something you want.

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Quote from: red4slash on August 31, 2023, 11:13:05 AM

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

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Quote from: Blowon on August 31, 2023, 02:11:34 PM

usually we spend money according to our prestige, this is what makes us stressed. If we only have enough money for one month, but instead want to buy luxury goods, we end up borrowing money from other people or even banks that charge interest, which makes us stressed. learning not to be prestige is the best way to manage money, I totally agree with the first point.

We have to spend money considering our location. Nothing but the luxury of spending money beyond what one can afford. Before you figure out how you spent the money, you must stop borrowing money. If you earn money, spend it again, and after spending it, borrow money from others and spend it again, then your money income has no value. If we see that we have to spend on loans even after spending our monthly salary, then first of all we should avoid taking that loan and try to last a month with monthly salary. When you can go completely for a month with the monthly salary, then you have to try to save some money from the monthly salary to go for a month with the remaining money.

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Quote from: red4slash on August 31, 2023, 11:13:05 AM

Quote from: radjie on August 29, 2023, 11:52:56 PM

Sometimes expenses are difficult to predict every month, even though we have detailed everything, there are always urgent needs that require us to incur additional costs
Perhaps the most important thing is to get into the habit of saving a fixed amount every month, so that we can have reserve funds when needed, and are always productive in seeking additional financial input, so that we can meet our main needs.

I have a breakdown of my exact expenses every month, I think I have to make sure to see how much I spend, and I also don't forget to always prepare extra money every month to be ready if there are urgent needs or sudden expenses. And from there I can set aside money to save and also I allocate and to invest.
I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

This form of planning we must do, even though we never get into trouble but we don't know what will happen in the future, and when we don't prepare it will be a bigger problem.

You're doing a good job, dude, just continue the activity habit you're developing. And hopefully everyone will learn the right handling of money and how it will be used. So that we don't end up being the ones who end up having problems. I admire people like you who can do such things in terms of spending.

Because planning is like a relationship that should be appreciated, strive to make plans happen for the things that are necessary and important in every day or monthly bill. And above all, discipline is also important.

Topic: How to avoid over expenses and have discipline - page 9. (Read 2495 times)