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Topic: How to spend money determines whether you can avoid unnecessary problems - page 5. (Read 1421 times)

sr. member
Activity: 1820
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Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.  This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

I progressed here and right now I can say that I wasn't really rich or poor since I had a stable income already and probably good enough savings and investment but still I wasn't some rich guy or successful enough. The most obvious trick that I learned is just to dont spend on something that you can't afford, it's okay to buy and reward yourself sometimes especially if you feel drained from work, etc. But the first thing you should ask yourself every time you go to buy something is can you afford to buy it? if you think you can then yes, for example, if you are going to buy something worth 100$ then maybe compute on your salary, if you have a salary for example of 500$ then probably you can afford it since you're going to earn in next month easily. The worst thing is buying something like an iPhone, laptop, or gadget because you just want it, with a very low salary you gonna use your credit card which is a very bad move because it's going to be difficult to pay that plus interest

Also, make sure to keep track of your income and spending, we mostly doesnt know where the money goes because we dont really track our expenses its a good trick in my experience, you're also gonna need multiple income streams for sure, so that you can also invest and afford whatever you want.
hero member
Activity: 966
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To be mindful in spending our money can help us to avoid unnecessary problems. Always prioritize your spending, we need to make sure that we are just spending based on our needs and goals and not spending on what we want. Make a budget to help us track our spending and for us to see if we are overspending or not. Avoid getting a loan if it is not necessary. Make an emergency funds specially for unexpected medical expenses etc. in the event of emergency. 
Making a budget is good habit, and I like those people who make a budget for any step they take in life. I see many people who are poor because they don't make budget, they spend a lot of money by purchasing things that are burden on them. They only want comfort and want life of rich people. They trapped into this. When a person has 250$ salary, he cannot afford a big apartment, but they take a big apartment and then they have to work day and night. This is a big problem that I noticed. And I noticed a lot of people who have low salary but their cash management skill is very high and they are enjoying a happy life.

There are many people who buy things they don't need and don't use them. What they do is pure consumerism. This is why the price of everything increases and the person who really needs it cannot buy goods. I can say that the world has become like this in recent years.

We need to classify our needs in order of priority. We should not shop on impulse. When we write down the shopping we have done for 1 month, we will see many unnecessary things. We bought many things we shouldn't have and spent money unnecessarily. Sometimes we need to see the mistake we made by making a list.
sr. member
Activity: 434
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To be mindful in spending our money can help us to avoid unnecessary problems. Always prioritize your spending, we need to make sure that we are just spending based on our needs and goals and not spending on what we want. Make a budget to help us track our spending and for us to see if we are overspending or not. Avoid getting a loan if it is not necessary. Make an emergency funds specially for unexpected medical expenses etc. in the event of emergency. 
Making a budget is good habit, and I like those people who make a budget for any step they take in life. I see many people who are poor because they don't make budget, they spend a lot of money by purchasing things that are burden on them. They only want comfort and want life of rich people. They trapped into this. When a person has 250$ salary, he cannot afford a big apartment, but they take a big apartment and then they have to work day and night. This is a big problem that I noticed. And I noticed a lot of people who have low salary but their cash management skill is very high and they are enjoying a happy life.
hero member
Activity: 1820
Merit: 775
they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on.
Don't need to buy a cup of coffee for seven bucks, buy a good manual coffee grinder for $100 and 2 pounds coffee beans for $50, you can drink it for 1-2 months.

Don't need to have gym membership, just workout without gym facilities e.g. push up, sit up, running, etc.

Don't need to have a dinner in an expensive restaurant, there's a lot delicious street foods you can choose.

Don't drink, it's unhealthy, expensive and addictive.

After all it depends on each person choice, my choice is the right one while majority of people will pick the left one.

At first I really wondered in which country you pay 7 dollars for a cup of coffee or 100 dollars for a coffee grinder... It seems that coffee is that expensive in Seoul or Doha. I guess the revenue goes with that price point. For the poor it must be very difficult in those countries.

Non-essential expenses are linked to the pleasure that we believe they provide and which strongly resemble habits or even addiction.

Every human being knows that smoking, drinking, taking drugs is expensive and is not particularly good for health, but the brain having associated it with pleasure, it is very difficult to get rid of it. It's the same with compulsive spending. We think it makes us happy but in the end we pile up piles of clothes for nothing.

When we reach a stage where we have difficulty paying our rent or other essential things, we have to rethink our way of having fun: having dinner with friends at home is fun and it costs less than a restaurant, riding a bike to get around when you can etc etc etc.

It's not easy to change your habits, sometimes you have to be very creative to save money, but sometimes it becomes vital.
legendary
Activity: 2436
Merit: 1366
Ones living on rent with mediocre income are really in limbo. I mean they don't feel poor, they don't feel rich. Just something in between. This is why I suggest people to consider yourself poor rather than rich because to hit rich status you need to make more money or save more money. Its so sad for middle class people I know it. They feel disappointed in life. I had same experience. But best way to start is to accept your status and act accordingly.
hero member
Activity: 916
Merit: 500

Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.  This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

I agree with you if an individual will live above his means they would face a bigger problem their debts might boost up if they would continue to spend more than they earn. Those kind of lifestyle is ok if your income is exceptionally high and you have a lot of excess money. But if you earn a little or minimum you have to set budget and avoid impulsive purchases. If you want that kind of lifestyle and you just earn minimum you should find another source of income that can sustain your lifestyle. As for me i am not one of those people who live beyond my means. I do carefully budget my salary to be able to sustain my daily financial needs.
full member
Activity: 952
Merit: 105
In today's world where nothing is easy to get and you have to earn every penny by working hard for that you should think twice before spending unnecessarily on lame things .
The points OP is mentioning are real and that's the reason of people to end up broke and depressed because of financial burden on them.
Try to optimize your expenses and plan your monthly budget accordingly so that you should have something by the end of the Month.
hero member
Activity: 1106
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Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.  This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

If you want to focus specifically on wealthy individuals, it would have been helpful to include that in your subject to narrow down the context. However, regardless of wealth, spending habits are influenced by individual discipline and financial management; whether someone is poor or rich, it is important to exercise discipline when it comes to spending money.

No matter your income level, it is very essential to strike a balance between spending and saving, even if someone earns a modest amount of $10 per month, it is not advisable to spend $8 on personal expenses without considering the need for saving for future expenses and unexpected circumstances, being disciplined in spending is essential for individuals at all income levels.
legendary
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For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

If we can spend in a limited way then we can save our money even from our small monthly salary. To save for the future, we should avoid some expensive things.
For example, if someone has a habit of eating at an expensive restaurant, then he has to change that habit because eating at a restaurant is usually very expensive. Instead of eating at a restaurant, we can eat with family. Not to spend more than what is necessary. we should spend only what we need. 
Many people have the habit of smoking or drinking and it is seen that they spend a lot of money on smoking and drinking which results in them being more in debt instead of saving money at the end of the month. Those who have these habits should change this habit. If these habits can be changed by oneself then it is possible to save some part of the salary at the end of the month.

Indeed, if we are determined and want to do something, no matter how difficult, we can still do it. Those who give hundreds of excuses when they can't save money, it's because they haven't seen the importance of it, and they don't want to. For these types of people, advice will never be enough. Only when they really have a hard time in life, when they need a lot of money to solve that problem, they realize that saving is very important. For me, saving is more important than investing, I will only invest when I have savings.
sr. member
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Pray that you don't have a bigger problem that your money will be able to solve, imagine having a tumor in your body that will cost you thousands of Dollars to remove and all you have on you is just 5000$, this is going to be a problem unless you have family friends that cares about you and are ready to help, the most popular problems among humans is financial problems and they can still stay alive and manage what they have, but the most dangerous problem is health problem,  pray you don't become a victim of health problem.

The more you learn how to spend money wisely the lesser your problems will be, always make sure that you are saving some money aside for emergencies and always make sure to invest your money for a better future, so whatever problem comes your way you will be at least able to face them.
sr. member
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For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

If we can spend in a limited way then we can save our money even from our small monthly salary. To save for the future, we should avoid some expensive things.
For example, if someone has a habit of eating at an expensive restaurant, then he has to change that habit because eating at a restaurant is usually very expensive. Instead of eating at a restaurant, we can eat with family. Not to spend more than what is necessary. we should spend only what we need. 
Many people have the habit of smoking or drinking and it is seen that they spend a lot of money on smoking and drinking which results in them being more in debt instead of saving money at the end of the month. Those who have these habits should change this habit. If these habits can be changed by oneself then it is possible to save some part of the salary at the end of the month.
full member
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To be mindful in spending our money can help us to avoid unnecessary problems. Always prioritize your spending, we need to make sure that we are just spending based on our needs and goals and not spending on what we want. Make a budget to help us track our spending and for us to see if we are overspending or not. Avoid getting a loan if it is not necessary. Make an emergency funds specially for unexpected medical expenses etc. in the event of emergency. 

Way of life and good rules for not happening bad things from the finances that you waste later. there's a lot you have to do to organize all of this. if you can manage it will be close to the success that awaits you. a lot of people can't do that.
hero member
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To be mindful in spending our money can help us to avoid unnecessary problems. Always prioritize your spending, we need to make sure that we are just spending based on our needs and goals and not spending on what we want. Make a budget to help us track our spending and for us to see if we are overspending or not. Avoid getting a loan if it is not necessary. Make an emergency funds specially for unexpected medical expenses etc. in the event of emergency. 
member
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Though there is an adage that says you cut your coat according to your cloth that means you cut your expenses according to your income. Many people are frugal in spending but still have a lot of expenses to cater for at the end of the month virtually because their income wasn't enough to do that. financial management is the key to successful savings and can only be achieved with determination.
what if if you cut your coat and the coat do not size you again, what are you going to do now?
Problem will always want to come to us so we need to make sure that we use our head so that we are not going to miss out big from it. If we are the type that spend money in a way that make us happy and we have good income, we might not have a problem at the end.
full member
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Well, it is unfortunate how too many people spend more they earn and on unnecessary and trivial needs. In my opinion, it is really essential to save money for unexpected situations, we haven’t got the faintest idea what tomorrow is going to bring, that’s why we should be prepared for all different scenarios. At the same time, we have to enjoy our life and entertain ourselves instead of saving all money and being miserly. Moreover, it would be better if you have a futuristic vision, in case things go very different from the way you live now, you will be completely ready. Plus, I truly advise people to learn financial management , it is really effective to achieve financial stability and live without money troubles.
legendary
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Life is all about choice. People tend to spend their money on what is important to them. But I totally agree with your examples on how people spend money on what they don't necessarily need. Recently, I was guilty of this wasteful spending. I did a monthly Netflix subscription and I just watched one movie for less than three hours because I had no time to watch movies. I regretted this financial waste and will never try it again.

Many people claim that their earnings is not enough but they can afford to buy several bottles of beer for friends in a bar. They would buy shoes or clothing that they don't even need. I have a friend that bought five pair of shirts and forget that he bought anything like that. He later saw the shirts wrapped inside his wardrobe after seven months. He doesn't really need them.

If you are a low or average income earners, the only way you can save is to spend on mostly basic needs and avoid spending for fun or pleasure. Food, clothing, housing and other important expenses should be paramount. Others can be set aside until ones income has been diversified or increased.

Yes you are right, some people pretend that they are financial week or they can't mange their needs with their basic income but actually they are not able to manage their money in right way . I have seen one of my collogue purchase E newspaper subscription  for 1 year which cost was around 1k but right after 2 weeks he was start having less interest on such news because of his personal work he had no time and latter on he regretted he have done waste of money but he never learn from mistake what he have done and at the end of the month he always have financial crisis.

The truth is these problems are so common, so common that we can still trace it back in the days of yore. It's not that we lack money because it doesn't really matter whether we are having a steady income of few thousands on a weekly basis or not, it's our discipline towards the money is the problem. We tend spend it like we have an endless source, only to find out that we're already out of it before the next pay slip comes.

I'm speaking from experience because I've been there and done that, but fortunately, I got out of that toxic situation and managed to get some help about how to end purchasing my nonsense needs.
legendary
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The reason why is it important to be financially responsible is because you do not want to be reckless and spend all your money. And if you do not have money, you pretty much are stuck in a financial hardship that will have you living to check by check.
Being financially responsible means you know how to manage your spending habits. This is very crucial because if you are not careful with your spending you will find yourself in financial debt.
A good example is not buying expensive things so you have enough money to feed your family and be able to pay your bills. Or not take luxurious vacations only to come back financially in debt and be risking not being able to pay for your expenses and essentials.
hero member
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Spending money on unnecessary things is not always a bad idea, especially if it contributes to your happiness. But there is a line between spending money on things that genuinely brings you joy and wasting away your hard earned income making purchases that fall short of your expectations. Spending money on things that will make you is not unnecessary things, spending money on flexing live, will put you in problem, and  to avoid unnecessary problems in the way you spend, make a better plans for your monthly payment, write down your needs, give priority to them, in the order of importance to you.
This is what I wanted to talk about exactly. People are robbing themselves from good periods and good times, that is why there is nothing that should stop you if you want to live properly and if you can afford to do it, then just do it. I kept saying the same thing to everyone who wanted to learn more about money. If you are not making enough to get a savings then you should not cut your costs, you should increase your income.

Too many people have one jobs, and I understand, in any normal world 1 job should be enough, but if you are not making enough, then get a second one and that would be better, you can get most of what you want. I personally got a flexible job, I work more when I have the time, and work less when I don't, which allows me to make enough to put aside.
sr. member
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You need to produce a specific budget and stick to it to exclude gratuitous problems it fluently help you save for your short and long term pretensions. Creating a budget will give you a clear idea of how to spend your plutocrat. This will in turn help you cut gratuitous charges if you want to ameliorate your finances, you need to identify gratuitous charges and exclude them. You have no choice but to exclude these redundant and necessary charges, If you want to increase your savings and pay your bills in full.
member
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Though there is an adage that says you cut your coat according to your cloth that means you cut your expenses according to your income. Many people are frugal in spending but still have a lot of expenses to cater for at the end of the month virtually because their income wasn't enough to do that. financial management is the key to successful savings and can only be achieved with determination.
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