Topic: How to spend money determines whether you can avoid unnecessary problems - page 8. (Read 1445 times)

When it comes to spending money, it is not at all easy. It takes a lot of discipline to manage spending and to distinguish between needs and wants. I learned something very important that explains why saving money is so crucial: it gives you something to fall back on. Many people complain that their income is insufficient for their needs, but this is often due to poor money management. When we consider it, our income cannot support our standard of living.

Indeed. Those who don't look into the future will probably have a life going downhill once their income decreases as they grow old. I am thankful that when I was young, I was trapped into those situations but got through eventually. There is nothing more helpful than knowing how to manage finances when faced with all unnecessary consumptions later in life. Now I have a family with many responsibities and providing a financial stability is essential to all people around me. Thank God that I can speak these now because as a young man, or to many youngsters, nobody would understand what I am talking about.

The most problems is that as a youth or a young teenage we feels there are still time for correction, well this is not true why because there is says that said " We don't cut a tree while on top of it". Meaning; We can't leave a life thinking of reversal or getting any younger.
I don't have to dive into details on this discussion let it not be i have a personal thought over it., but must learn to adjust ourselves and focus on reality. We don't chase a black goat at night.

That's the reason why they are in this actually, then we say that when you are about to buy something you should learn to think if it is still needed for your future, think 7x before proceedings to the cashier. As long as there's an empty space and you want to belive that it will be worth it the following of Jesus then  go do other things. All in all, spend time asking if you still need that if not learn to see tank and leern to believe on it.

Yes, managing expenses and living is an area for financial management lessons.  in which, saving and fighting waste are lessons that young people today have not experienced and do not really understand.  I also see some young and old people who work little but ask their family for money and spend it in bars every night.  The good thing for them is that their family and status are better, but that's why some people often rely on the background of their parents and family.  Sometimes it's about abuse.  Financial management is even more important when you have a family and children, which means that when you grow up, you will realize it yourself.  then it will probably be too late.  Reasonable spending, diligent savings and accumulation - will create investment opportunities or secure your savings

This goes back to our perspective on life itself, I mean not everyone has a visionary mindset and looks into the future, many people only think about their luxuries at that time. Maybe now it won't be a problem, as long as their finances are in good shape and their income remains stable. But the problem is that we don't know life in the future, whether we will continue to be fine or experience bad things financially. I've also been in that situation, where I just thought about that moment, but I'm grateful I was able to realize what I did was wrong.

Realistically the way most people spends money is too alarming though i am not envious of what they do or neither does that concerns me but as  a boy or man who is trying to meet up life doesn't really spends money that way. Mathematically, if you are saving 1$ every day for 365 days is about $365 and if you decides to make it up $3 per day every day you would be having $1,095 thereabout. This is a good life to start with, so whenever you work on your lifestyle to minimized expenses and turn it to savings you will actually see the big difference of living an adjustable life.

problems are everywhere and there are problems we can not ignore that is why we need to be prepared and be a good thinker so that we can know how to get ride of some problems. Get a loan and using it to solve a need will cost us the pain if paying back most of we are not that too financially bouyant for that particular time. This is why it is good for us to save our funds when we have excess funds or good do a business so that it can sustain us when there is problem or when we are in a financial instability that is affecting our faculty.

Well, OP, the spending habits of individuals are influenced by some factors, which are lack of financial management, showing off, country of residency, and price of things. but definitely sometimes one must encounter some problems, no matter how good they are at financial management. Anyway, I still find it difficult to understand the sort of problem you are referring to, but if it is a problem of facing financial challenges, it equally depends on how much you are earning and which country you are leaving. Just as you speak about throwing $100 worth of bills on gym centers and may not attend training, in some countries most people are not even earning up to the $100 worth of bills for civil servants, and some employees are not even rated up to $8 per day on their pay. (IMO) Also, being able to manage money is something that depends on age and past experiences. There was this friend in school who spent unnecessarily, and I would always tell him, "Guy, if you are spending like this, it will affect you in life when the money is not coming in like it is now." He said I should let him be, but after graduation, when he understood that he could not depend on his parents again but needed to work to earn money, he now manages money better than me 😆. When we go out, he hardly buys a bottle of beer for anyone because he says, "I don't have cash today.  

What the OP is talking about is someone who spends more money on fun or things that are not really needed. And of course this type of person is the type of person who is called a waste.

people who often commit extravagance are those who are not good at managing finances and those who tend to prioritize wants over needs. And. of course everyone who has mature and logical thinking will not do this without needing to be reminded by someone.

because if we think logically (common sense) then of course we will know how to spend our money to be more effective. Recognizing which types of needs and which types of desires are actually not needed is a basic thought that we must have.

No fault of yours @OP for sure, lol!
Although, I don't see how the extremely rich doesn't fit in this discussion. There is always a grading or quantifying of what a person might need or want, be him reach or poor. Certain status comes with certain demands to meet up and that could as well choke your income. Like, its not uncommon for tich forks to have there children on some payroll  and these guys have got a losy of needs or wants of there own that needs satisfying as well.

I take it that, there is absolutely nothing wrong in enjoying some of your earnings. That's what you work for to be clear, to accord yourself and family the stable life that yiu desire but in doing that, you need not reach your breaking limit to realise there is a limit. While you spend, you do your best to invest where you could as well get some back.

So many people who complain always for unavailability of money, it does not necessarily mean that they don't earn money. But their inability to curtail their expenses is one big reason that they are always in short of money.
For example, if you are a sports person, subscribe to the table TV that shows sports and news only. Chose an internet provide that isn't too data expensive.
You must not change wardrobe everything.
Try to buy food in bulks to save retail cost.
Manage your debit card usage and you may never run into financial crisis again.

There is regret, but there is at least a lesson that you could takeaway from that. I can still recall back in the days when I was just upgrading my PC for plainly "aesthetic purposes" while it is still being able to do its job. I believe I had mentioned loans not being used for wants and yeah I did not use loans at all just for my PC since they are kinda painful to be paid back.

You still need your "wants" in order to have a satisfying life and for your mental health as well.

First thing people should know is that " it is easier to make money than to save money". A lot of people aren't prudent with spending especially the male folks. Saving is a pattern, culture and way of life and if you don't have the saving culture inculcated in you can't save. Yes, most people will say what they earn is not enough to be able to save, but believe that if you were making $100 monthly and couldn't save $1 out of it monthly, if you make $1k monthly, you would still not save because issues to be solved will still be around.
What I do is, every month I take pen and paper and write what I need to solve or buy for the month, write down what to be saved no matter how small and keep to the plan, you don't allow ur emotions change ur list. Keep to it and see ur self saving little money at the end of the month.

What you stated is about the mind set of typical working class person who wants to express themselves as more rich than what they are and this is also happening due to their work style inflation which means even if their salary is appreciation they keep adding unnecessary expenses to match the life style of others and ofcourse thats how many people are living and who wants to get rich then they have to be an exception and start saving then make the money work for us there is no other way than realizing this and start making changes.

Spending money is the easiest thing to do but doing it efficiently and wisely is very challenging. There are lots of temptations nowadays from our working environment to everything that we see online. Sales are everywhere and they are hard to resist. I think we need complete discipline to do wise budgeting and we can accomplish it by having a smart lifestyle. Allocating funds for our bills, expenses, and savings should be put on too first before buying our ones. We have to control our urge to buy our wants and avoid anything that will tempt us to spend too much.

For living a good life one should manage the uses of daily life through amount of money which is affordable. If we want a prosperous life then we should avoid all those things which are not important for us and are not a necessary part of life like that which you mentioned.

One other thing to save money is that if a person cannot afford to save more money then at least 5 percent of income should be saved properly so in this way he will have no burden to manage the system of home and if he want some other business or any other thing so this save amount can be used for further development.

Money comes hardly but it spends very easily so we should all ignore those things which we think that are not vital for life and for the prosperous life we should change our lifestyle so we will not act like the others do. Always prefer your own lifestyle and do not copy others.

Saving is necessary, but if we only know how to save without any life experience when we are young, we will regret it even more. If we only knowing how to save will not make us richer after getting older and excessive saving will make your thinking obsolete. Youths should spend money to experience and will find many life-changing opportunities, when you spend more money, you will find ways to make more money. That doesn't mean you don't need to save, I mean, save enough, don't be too stingy with yourself.
Saving is necessary, but if we only know how to save without any life experience when we are young, we will regret it even more.

What OP have mentioned about the unwanted expenses is really a disaster to the savings that could help on our emergency needs or for some investment need. By the time it can also be taken as care, responsibility and different other terms. If a parent have got kids and they ask for something one day, we'll say will buy it tomorrow. The same happens for a month, what will the child think. Such expenses are like responsibility spending and not an unwanted thing. So, it depends on how we see the spending than the purpose on which it is spent.

I do not believe that it is possible to achieve a living balance without developing a clear strategy and financial plan to control expenses in balance with resources. This applies to the richest, but does not include the very poor either.
Financial planning is critical to anyone's success because it complements the overall living plan and ensures that set goals are achievable.
Financial planning mainly includes strategies and policies that will eventually lead to achieving complete self-sufficiency and avoiding as many difficulties as possible, which will lead to an increase in your money in the future. However, for many people and even business owners, the financial plan may not be that important to them, and they often find themselves in endless financial hardships.