Topic: Spending less than your income is key to financial stability - page 2. (Read 345 times)
Explanation needed. If spending less than income is stability, how then it is possible to spend more than salary (more than you have) and what is that called? Imo something is wrong with that quotation. If I earn $1000, spend $800 during month, but I want to buy a TV that cost $300. According to topic I am financially stable, but the fact is that I cant afford to buy a TV. What kind of stability are we talking about? Stability to economize?
One key thing that people finds difficult is spending because there are always a thousand thing to do and spend your money on and with the current economic situation that we find ourselves the need to spending is just overwhelming that if you are not careful you will be running on credit even when you just received your salary
Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
Situations like that occur when people fail to make budgets, it's true that expenses are getting chocked up based on the economic Situations in different countries but then when one makes plans by setting asides their budgets it would help cut unnecessary spendings it's those unnecessary spendings that make people live on credit even after receiving their salaries, which is why making budgets is very important, countries make budgets yearly talk more of an individual. There's a saying that one should cut their coats according to their size, in the sense that one shouldn't be living a lifestyle that beyond their salary, for instance someone earning a minimum of $50 shouldn't be living a lifestyle that's beyond that which is why I earlier stated that it's good to make budgets on a regular, it's something that's supposed to be normalised cause it would help cut cost and unnecessary spendings. Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
Managing finances well is certainly very necessary, especially with the increasingly expensive cost of living. Prioritizing needs over wants and ensuring that expenses do not exceed income is a wise step to avoid excessive debt, although sometimes it is difficult to avoid it because in everyday life there are unexpected or sudden expenses.
Spending money in everyday life does need to be controlled well by people who are saving and still do not have much income each month. Because excessive spending on unnecessary things will always invite debt in life and that is what will trigger difficulties to be present very quickly in our own living environment. So important needs that are quite simple must always be controlled and while controlling this, we ourselves must also be smart in seeing new opportunities in other jobs so that there are new sources of income that we can use to achieve greater desires one day. 
Managing finances well is certainly very necessary, especially with the increasingly expensive cost of living. Prioritizing needs over wants and ensuring that expenses do not exceed income is a wise step to avoid excessive debt, although sometimes it is difficult to avoid it because in everyday life there are unexpected or sudden expenses.
Easier said than done, due to inflation and low salary structure in third world countries, it is almost impossible to spend lower than what you earn, except you want to starve, stop paying the childrens school fees and prolly live on one meal a day.
That being said, the advice should be that people should try as much as they can never to depend on only one source of income, they should take advantage of the world we are in today, people are making money from social media and all sorts of things online, to live above poverty you need to have multiple streams of income.
That being said, the advice should be that people should try as much as they can never to depend on only one source of income, they should take advantage of the world we are in today, people are making money from social media and all sorts of things online, to live above poverty you need to have multiple streams of income.
Usually when people think that their salary is not enough to fills their daily needs, they will search for the other job so they can earn more money. It is normal if we have two or three jobs from our main job because we want to have more income that will help us to fills our daily needs. But if we can not manage our finance with right, we will use all of our salary to buy many things we want and sometime that is not too important for our life.
We always want to buy something that looks good and sometime we want to follow the trend or lifestyle which can spend more money. We must realize that we don't need that things and it is better to save our income for our future as we don't know how the future will be.
If someone decides to work in two or more jobs, you need to expect they will spend more because they spend more effort and they will have more stress. You can't judge them for buying something that doesn't give value in the future, but it's their coping mechanism.We always want to buy something that looks good and sometime we want to follow the trend or lifestyle which can spend more money. We must realize that we don't need that things and it is better to save our income for our future as we don't know how the future will be.
They earn $1K from main jobs and they spend $500 for their needs, if they work in three jobs which make them to earn $2K, but they spending increase to $1.2K, they still win.
We only live once, not all old men happy after they retire, they think that they will happy after they have a lot of money and have a lot of time. Better to live in the moment and save some instead of going for spending as less as possible and save as much as possible.
One key thing that people finds difficult is spending because there are always a thousand thing to do and spend your money on and with the current economic situation that we find ourselves the need to spending is just overwhelming that if you are not careful you will be running on credit even when you just received your salary
Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
Spending less than your income is sometimes a forced situation in some countries. For example, in my region, you can't have rent and food both at the same time if you work locally, doing an average job because income here is very low for almost every non-IT guy. You either work and pay rent or you either live outside and eat food. To be honest, probably 90% of people here have houses and there aren't any housing problems but there are still people who don't have houses and they live in terrible conditions. These people are forced to take small loans, sell some things and etc. They are forced to spend more than their income allows because otherwise, it's impossible to live normally. Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
Usually when people think that their salary is not enough to fills their daily needs, they will search for the other job so they can earn more money. It is normal if we have two or three jobs from our main job because we want to have more income that will help us to fills our daily needs. But if we can not manage our finance with right, we will use all of our salary to buy many things we want and sometime that is not too important for our life.
We always want to buy something that looks good and sometime we want to follow the trend or lifestyle which can spend more money. We must realize that we don't need that things and it is better to save our income for our future as we don't know how the future will be.
If someone decides to work in two or more jobs, you need to expect they will spend more because they spend more effort and they will have more stress. You can't judge them for buying something that doesn't give value in the future, but it's their coping mechanism.We always want to buy something that looks good and sometime we want to follow the trend or lifestyle which can spend more money. We must realize that we don't need that things and it is better to save our income for our future as we don't know how the future will be.
They earn $1K from main jobs and they spend $500 for their needs, if they work in three jobs which make them to earn $2K, but they spending increase to $1.2K, they still win.
We only live once, not all old men happy after they retire, they think that they will happy after they have a lot of money and have a lot of time. Better to live in the moment and save some instead of going for spending as less as possible and save as much as possible.
Usually when people think that their salary is not enough to fills their daily needs, they will search for the other job so they can earn more money. It is normal if we have two or three jobs from our main job because we want to have more income that will help us to fills our daily needs. But if we can not manage our finance with right, we will use all of our salary to buy many things we want and sometime that is not too important for our life.
We always want to buy something that looks good and sometime we want to follow the trend or lifestyle which can spend more money. We must realize that we don't need that things and it is better to save our income for our future as we don't know how the future will be.
We always want to buy something that looks good and sometime we want to follow the trend or lifestyle which can spend more money. We must realize that we don't need that things and it is better to save our income for our future as we don't know how the future will be.
or just work harder and increase that salary number up and by then your spending will automatically go below your income treshold.
you aren't making generational wealth by saving, if you happen to take advantage of your capital and invest somewhere else it will add into your income stream so I think the best way is just to keep grinding and improve the salary or even better, create another source of income.
financial stability is just illusion, one crisis and your saving might be gone, so just keep doing the best and maybe you'll be on top, this is exactly what im doing. hopefully it'll work out.
you aren't making generational wealth by saving, if you happen to take advantage of your capital and invest somewhere else it will add into your income stream so I think the best way is just to keep grinding and improve the salary or even better, create another source of income.
financial stability is just illusion, one crisis and your saving might be gone, so just keep doing the best and maybe you'll be on top, this is exactly what im doing. hopefully it'll work out.
Sometimes I usually asked myself that why is it so easy to spend but difficult to make the money because it could even take some persons years before they could see a million on their account but within few hours that one year of hard work can be exhausted. So actually is very easy because when you go out and see the good things if you don't hold yourself you can be just spending and spending, so there is nothing as beautiful when you spend less and save more, for example you are paid $3k and highest you spent $1,500 and keeping the other $1,500, it will make you to be very accountable in minimizing your expenditures.
If you are the type that always gives an accurate account of how you spend your money, there is a very big chance that you will be able to manage that money very well. Sometimes it's very good to make a detailed budget on how you plan to spend your money even before you receive that money so that once it comes, you won't have to think about anything else but just put every cent into what you have budgeted for it.Yes, by making expenditure planning it will indeed be able to help us in saving the income we have and also the remaining funds we can save or even to invest.
One key thing that people finds difficult is spending because there are always a thousand thing to do and spend your money on and with the current economic situation that we find ourselves the need to spending is just overwhelming that if you are not careful you will be running on credit even when you just received your salary
That's actually true, but truth be told the way inflation is reducing the value of currency, I don't think even if we reduce the rate at which we spend our money, if there will still be enough money to solve some other of our problems. In this world of bad economy, the best way escape from this problem is to diversify into different business and not dependent on salary work. Salary work is a pave way to save money to start your own business. No rich man succeeded with salary work but from there own investment.
Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
If the small income we get in work then I am sure it will not be enough especially in conditions like now the price of goods continues to increase quite significantly.
Even to prioritize needs will be difficult because relying on a small income in the process of living together with family.
I have been in this condition and even to meet the needs of life for myself is difficult especially when faced with responsibilities towards family.
To achieve financial stability requires a plan and even though it looks very difficult if it is not done then it does not provide an opportunity to achieve financial freedom.
I made a simpler way and maybe just buy basic necessities to process myself at home and try to save money as much as possible to make some efforts to increase income through small businesses.
After the business is running, then make investment steps as one of the desires that I have ever planned.
One key thing that people finds difficult is spending because there are always a thousand thing to do and spend your money on and with the current economic situation that we find ourselves the need to spending is just overwhelming that if you are not careful you will be running on credit even when you just received your salary
Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
Well,yeah.But i wouldn't say it's a key to financial stability.Enjoying financial stability encompasses deep and in different contexts.The costs of living is practically not relieving individuals the stress of anxiety and other contingencies.To ensure and enjoy the comfort and goodness of your finances,practicing and maintaining healthy financial habits such as spending less than your income is actually an important factor and plays a key role in the financial management plans. Salary is not always enough for your needs and wants because inflation is in the rise in the world depending on your country the cost of living is increasing everyday so to be financially stable with the little earning you currently receive there a great need to prioritize needs and wants and always make sure that you spend less than what you receives in a month your monthly expenditures should not exceed your salary because that is one way that you are going to be dept free and be financially stable in this present time while waiting for that big move or investment that will change your life for the better
Sometimes I usually asked myself that why is it so easy to spend but difficult to make the money because it could even take some persons years before they could see a million on their account but within few hours that one year of hard work can be exhausted. So actually is very easy because when you go out and see the good things if you don't hold yourself you can be just spending and spending, so there is nothing as beautiful when you spend less and save more, for example you are paid $3k and highest you spent $1,500 and keeping the other $1,500, it will make you to be very accountable in minimizing your expenditures.
If you are the type that always gives an accurate account of how you spend your money, there is a very big chance that you will be able to manage that money very well. Sometimes it's very good to make a detailed budget on how you plan to spend your money even before you receive that money so that once it comes, you won't have to think about anything else but just put every cent into what you have budgeted for it. 
One key thing that people finds difficult is spending because there are always a thousand thing to do and spend your money on and with the current economic situation that we find ourselves the need to spending is just overwhelming that if you are not careful you will be running on credit even when you just received your salary
There are some countries where all these economic laws and principles just don't work no matter how hard you try.Spending less than my income doesn't even guarantee me any financial stability, what it does it that I am able to have the transportation fare to go to work the next day and repeat the whole process for the next thirty days until I receive my salary and the endless loop continues. Even when you don't spend at all from your income, it still doesn't mean that you will be financially stable.
In these countries, financial stability comes from learning a skill that is in demand, having a main job and a side hustle.
With inflation that would probably stays for good and a salary that is only in a minimum rate, it’s hard to spend less of your income. In fact, our salary alone may not be enough. We could only end up in debt if we rely alone in a single source of income. This is why we need to gain side hustles that will increase our income. And when we have extra money, save and invest. And live within your means, focus on your needs, set aside your wants. If you are consistently disciplined, you will gain what you want in the future.
...you spend less than what you receives in a month your monthly expenditures should not exceed your salary
This is the saying about it,Quote
Live within or below your means
That's because if you live this kind of lifestyle, you'll be able to be dependent on your income but if it's still not enough, all you have to do is to make sure to increase your income then.
If your goal is to be financially stable, don’t just spend less of your income but the most important thing, learn to invest on potential assets that will give you huge returns. Invest in bitcoin and other profitable projects if you want to maximize your future returns, diversification is always the key.
You need at least to earn higher than average living cost in your country, if you always able to spend the same amount to live when your income are keep increasing, then it will be true you can achieve financial stability.
I know making money is very hard than cut your expense, but you have to increase your salary because the bigger your salary, the higher chance you can have a good financial and retire earlier if you want.
There is no way that you can keep spending the same amount of money when we are talking about a scenario where you are dealing with inflation. You will have to spend more than you used to, that just how the world works, you keep earning more due to inflation but you keep spending more as well.I know making money is very hard than cut your expense, but you have to increase your salary because the bigger your salary, the higher chance you can have a good financial and retire earlier if you want.
Biggest issue that most people just end up earning more, but spending even more, so they are in trouble, and that is what we have been dealing with for the past five years. As long as that exists, we are going to be in trouble and not going to really end up doing any good at all, we need to be careful about this, and as long as we are careful, we won't be facing any of these issues as a long term one, we just need to be careful.
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