this makes a huge impact on the economy. - page 2.

flyingcarpet

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Quote from: Fakhrulenclix on November 26, 2023, 03:35:18 AM

Quote from: D ltr on November 25, 2023, 08:37:21 AM

In the past, I often shopped for whatever I wanted when I got paid, but since my economic situation is not good, I have been wiser in using my money, where I have to choose which items are more important and set aside money for emergencies.

It is important for us to be able to use the income we have well, because if we cannot use the income we have well it will certainly make it very difficult for us to be able to meet the needs we need and we also have to look for loans to be able to meet the needs we need, when we are aware that we are using the income we have incorrectly, we can learn to record all types of expenses we incur so that we can avoid spending the income we have on things we don't really need.

If we have a monthly income and we make unnecessary expenses as soon as we receive our salary, we constantly wait for payday to come and the day we will pay our debts. We shouldn't put ourselves in this situation. We have all experienced such times, but making a plan and acting according to that plan can give us relief.

Thanks to our own plan, we can manage our salary or income better by sticking to that plan and getting rid of unnecessary expenses. It is necessary to start from somewhere and act in a planned manner.

Miles2006

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Quote from: cafter on November 21, 2023, 12:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

It's obvious people intend to spend money when they have money, like a salary earner every month ending they just have the desire to buy much cause they have the money. They spend money on unnecessary things just to satisfy their desire. I think this are the common reasons why most people can't save their money, they lack financial discipline.
I personally, ever since the economy got so hard in my country I learnt how to manage my money, the urge to spend will always come but due to the economy I don't spend my money on things that are not necessary

Fredomago

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Quote from: D ltr on November 25, 2023, 08:37:21 AM

Quote from: cafter on November 21, 2023, 12:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

In the past, I often shopped for whatever I wanted when I got paid, but since my economic situation is not good, I have been wiser in using my money, where I have to choose which items are more important and set aside money for emergencies.

You needed to adjust to make sure that you can meet your needs, at the stage where financial needs are increasing being wise is important, there are things that you can set aside and live without it just address things that you really need as you can continue your life not being bothered by those things that you want. With how life getting difficult from time to time better to learn the right ways of adjusting to fit for your budget.

Huppercase

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Quote from: cafter on November 21, 2023, 12:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.

Are you salary earner and are you married? The reason why I'm asking is because the responsibility of a married man is different from the responsibility of a single person and what we spend more is subjective, what you like might be something you really hate and I think individually we have our favorite products we used at home like the hair creams, the type of food we eat and the domestic matetials we used at homes, so I think it's unfair to judge people by what they buy as rubbish or useless items.

What really do you expect in those dates, people get paid for work they do and you know what happen when a need man get money, they will sure go to store to get the things they lack at home, nothing odd in this, it's a conventional lifestyle of people that depends on paychecks.

Quote

I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

It really depend, if I don't have much demand around me, I spend less but when I have my problems waiting for me before the pay day, then expect to see many payment bills on my hands after payment and if it happen that I get more family problems around my neck, then it's going to be double debits alert here and there. If you are first born and really care about your family, you will understand everything I'm talking about.

itorai

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Quote from: Aanuoluwatofunmi on November 25, 2023, 05:17:35 AM

Quote from: itorai on November 24, 2023, 12:08:49 PM

Quote from: electronicash on November 21, 2023, 01:04:52 AM

(Cut a little)
but keep enough cash for savings/emergencies.

It's true what you said. We should set aside money for savings for emergencie (Cut a little)

(Cut a little) all these couldn't have been possible if we have not been making savings to have enough to use in terms of needs.

Indeed, while there's a steady income (monthly or annually), why not save some of it? Even if we set aside a small amount, when calculated, our savings often don't seem too significant (fairly substantial). It's a different story for those without a fixed income – let alone saving, meeting daily needs becomes a challenge.

arimamib

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Quote from: boty on November 25, 2023, 12:51:54 AM

In my opinion, no matter how much someone earns, if they don't manage their expenses well, they will certainly not have enough for their needs so they will have to take out loans to cover the shortfall in what they need, so it is important for everyone to have a record of their expenses so they can see whether they are have been able to use the income they have properly or not and if not then it is necessary to improve it.
Shopping for basic necessities at the grocery store can reduce the expenses we have a little and we can also buy them for a month's needs and this will save us time to buy the necessities we need every day.

Financial discipline and proper expense management are essential for achieving financial stability and long-term goal. Regardless of one's income level, if expenses exceed income, financial difficulties will inevitably arise. Maintaining a detailed record of expenses provides valuable insights into one's spending patterns and helps identify areas where adjustments can be made.

Shopping for groceries for a month's worth of needs is a practical strategy for reducing expenses and saving time. This approach helps minimize impulse purchases and ensures that essential items are always on hand, avoiding the need for frequent trips to the grocery store.

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Before I was like that because I thought that it was okay to overspend with my salary because I'd even have the next payday as my savings. But little did I know that it was a wrong practice that I was building up and that's going to be a hard battle for me to win. Anyway, when I noticed that it was always a struggle after the payday, I had to figure out where I did it wrongly.

And to figure it out, I have to break down everything that I do about spending without thinking. Because I've seen that I've got a lot of things that I have bought every payday and not most of them are essentials. They're not put into use and thanks to the quotes and finance videos that I have seen. Thanks that the algorithm made me watched those and I have to admit that I'm wrong in having financial management and all I did was wasting my money in things that are nonsense.

doomloop

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Quote from: mvdheuvel1983 on November 23, 2023, 04:29:57 PM

This goes to show you how we as humans plan our lives around our salary. It is almost as if we are leaving to work for our salary and spend it the moment we are paid. And most of these expenses made when your salary has been received is impulse buying. Which is why it Is not bad of you wait it out for a few days before making any expenses. You will have more clear and logical thinking if you do so.

Whether a person will spend their salary or income impulsively or carefully depends on their nature and how good or bad they are with managing their finances. A person who has zero financial management skills will have a hard time making a budget and spending money based on that, whereas someone who always spends money based on a budget that they make every month based on the needs and things that are supposed to be done in that particular month will be able to manage things very well.

So, I don't think that it has anything to do with you starting to spend right from the first day of getting paid or waiting for a few days if you have all the things already planned out because you won't do any impulsive buying or go out of your budget if you have already made it and you will do things just as you have planned them or written them on a piece of paper.

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Quote from: cafter on November 21, 2023, 12:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

It is an indication that the people in your country have a good salary making them spend more as they are also earning more. It means that the economic status of your country is doing pretty well making the majority could buy what they want. It might they are spending it well or not but it was their choice to reward themselves in that way. Yes, can't deny that some young adults are not very particular about saving because what is their mind is to enjoy while still young and alive. They just only realize the importance of savings when they are old and incapable enough to work.

Fakhrulenclix

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Quote from: D ltr on November 25, 2023, 08:37:21 AM

In the past, I often shopped for whatever I wanted when I got paid, but since my economic situation is not good, I have been wiser in using my money, where I have to choose which items are more important and set aside money for emergencies.

It is important for us to be able to use the income we have well, because if we cannot use the income we have well it will certainly make it very difficult for us to be able to meet the needs we need and we also have to look for loans to be able to meet the needs we need, when we are aware that we are using the income we have incorrectly, we can learn to record all types of expenses we incur so that we can avoid spending the income we have on things we don't really need.

D ltr

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Quote from: cafter on November 21, 2023, 12:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

In the past, I often shopped for whatever I wanted when I got paid, but since my economic situation is not good, I have been wiser in using my money, where I have to choose which items are more important and set aside money for emergencies.

Rabata

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Quote from: cafter on November 21, 2023, 12:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

Usually when people get paid from a job, they spend their money on buying some basic necessities as soon as possible. Because those who have a fixed salary have to run the entire month with that limited amount. If they do not spend all those expenses for some reason, then the money may end up in some other work which will continue even if they do not do it. So those who try to be very careful with their income get busy buying the merchandise they need as soon as they get paid. I don't want to see it differently. When a person monthly spends the money that he has left after he spends, he can keep it for any sudden need like medical treatment. I think such spending will have no effect unless he buys something unnecessary.

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Quote from: cafter on November 21, 2023, 12:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

That's the difference between the mindset of a business-minded person and the mindset of an employee. Their difference is so great; you can also see how the two value money. the size of the gap, right? Whoever is not rich is the one who is more luxurious than the real rich, but I don't care.

As for me, when I was an employee, I didn't have the experience to buy the things I wanted because everything just went to my bills and expenses for a month. I am very thankful discovered this cryptocurrency.

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Quote from: cafter on November 21, 2023, 12:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

That is the actual need of workers. Therefore, business/merchandising activities rely on this behavior and need to stimulate product and food sales programs... on payday or vacation days. Personally, before receiving my salary, I often refer to some things that suit my needs in life or are useful in my work. And when I get paid, I will also buy it. My friends, colleagues, and relatives also have this tendency. I think it's normal. Some people may not be able to control their hobbies and spend/shopping excessively, making life difficult.

Fredomago

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Quote from: Silberman on November 24, 2023, 03:26:49 PM

Quote from: umbara ardian on November 24, 2023, 11:54:36 AM

In my opinion, spending more on payday doesn't necessarily mean they're not spending wisely. If someone takes a salary and saves from it, while also saving an emergency fund and other important funds, they can still spend some money on things they want or need.

For example, a person might save 50% of their income, while the remaining 50% is used for living expenses, such as housing, food, and transportation. Once they have met their necessary living expenses, they can spend the remaining money on things they want, such as clothing, entertainment, or travel.

Spending money on things they want can help them feel more satisfied and happier. So spend wisely. They should avoid spending too much on unnecessary things, and they should set limits for themselves.

While it is fine to spend some money on the things that we want, in my experience many people take this to the extreme and spend every single dollar they make on what they want, not understanding that whatever money being saved for their future on their pensions is not going to be anywhere near enough to maintain their current lifestyle, so they either learn to lower their expenses now or they may suffer the consequences once they do not have the strength and health to work anymore.

Correct, saving as early as now by limiting expenses may help the person when the time comes, when retirement is on your way with good amount of savings or better having an investment to help you with your finances will let you live with a much comfortable life, save and limit your expenses as long as you meet your needs cutting some of those not so important things will be converted to a good amount of save money right?

More on your own take and interpretation on how you will develop investment or saving strategies for the betterment of your future.

xSkylarx

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Quote from: cafter on November 21, 2023, 12:29:11 AM

I noticed majority of the people in my area tend to spend more money then usual when they get their salary, like buying things they don't really need.
I said majority of people because my dad owns a grocery store, I have noticed that most of the customers tend to buy more stuff on the 1st and 10th day of the month because on these days they get paid in my country.
I already seeing this pattern on news or business related youtube videos, but I didn't think it was a big deal.
Now I realized that its very important to consider this behavior of people when making business decisions because it can have a big impact on the sales or finances.
I am surprised by it because in my family we usually buy only things we really need, I am starting to understand how other people's spending habits can affect the business.

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

Doing a grocery by the first week of the month after receiving the salary is a need and I am also doing it but the stuff that we buy should be not our wants instead only our needs like healthy foods. We do it mostly every month but this month we aren't able to do so because of financial difficulties and I realize that we spent too much on groceries even though I would say that it is our "need" as it is all food but when you check it we have bought lots of junk food so we should consider what we buy and only those we need and are healthy.

Aanuoluwatofunmi

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Quote from: itorai on November 24, 2023, 12:08:49 PM

Quote from: electronicash on November 21, 2023, 01:04:52 AM

(Cut a little)
but keep enough cash for savings/emergencies.

It's true what you said. We should set aside money for savings for emergencies for financial stability. The importance of budget management and savings is so important to face financial challenges.
Note: Prioritize saving to anticipate emergencies (unwanted things).

That's why theirs always a miscellaneous budget on every account plan and we must include this for incase of emergencies, but we must not because of this now engage too much budget plans that, it's a little portion that has to be included in case of deficit or unforseen circumstances, all these couldn't have been possible if we have not been making savings to have enough to use in terms of needs.

letteredhub

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Quote from: Juse14 on November 24, 2023, 06:37:55 PM

Quote from: letteredhub on November 24, 2023, 05:17:22 PM

Quote from: Oshosondy on November 21, 2023, 12:45:31 AM

Quote from: cafter on November 21, 2023, 12:29:11 AM

Do you also find yourself spending more on you payday?, or you approach your expenses differently?

People that are salary eaeners will spend more immediately after they collect their salary. Many of them will have many things to buy in mind but not having money or because they are savings and not want to spend from it will let them wait for the next salary and if they collect the next salary they will spend more. But that does not mean they are not still spending wisely. If anyone collect salary and save from it and also have emergency fund and other important funds saved, that does not mean the person should not go for his needs after collecting another salary but also saving wisely. Although some people spending unwisely.

Salary earners are known for not earning enough monthly salary that can cater for their personal needs and family at large. It's not easy to be a salary earner especially at this hard economic time that prices of commodities keeps soaring up while the money value dwindle continually. I have many salary earners around me in my extended family, I understand they are always in debt as it gets to the middle of the month waiting to clear it after they have been paid salary at the end of the month. They take items on credit from business shop owners with the promise to pay when they receive salary and this is why they don't have enough left to use for investment after all debts has been paid and new items on demands for the new month.

Having investments and savings is of course a hope for everyone. However, if you look at the current conditions, having investment and savings is very difficult in the midst of an economy that is not improving. For those from the middle to lower classes, being able to have a job and earn a salary every month is already very grateful, because by having a job their daily needs will be met. And speaking of, most people shop at the beginning of the month, or when they have received their salary. They do this to prevent the money from being used for other things that are less useful. So for the first time after they received their wages, they had to go to the grocery store to buy rice and other basic necessities as supplies for their lives for the next few days until they received their salaries again.

salary earners life are just in repeated circles as 95% of their salary is swallowed up by foodstuffs and other household needs due to how not enough the salaries these are in a shaking economy that's hitting hard on life. For a salary to have a small cash left for investment after all he has to be thoroughly economical with his salary which means you've got to be cost effective and cut unnecessary spending particularly those that can be foregone, only with such frugality can a low salary earner have something left in salary to invest at least a 5% of his monthly salary.

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Quote from: ultrloa on November 24, 2023, 03:35:49 AM

We shouldn't look for a luck to survive and for current harsh economic condition of the world we should find multiple ways to earn money. Lucky for us to know about crypto because we already have an idea on where to earn extra income here. We need to work hard nowadays since if we just rely on single source of income for sure we will be in trouble if bad faith came and that main income stream you have stops. That's why its important for us to think about for many ways on how to have multiple cash flow so that our family can live a comfortable life.

Current economic state on each country becoming more worst that's why we need to adopt on changes since if we are so lazy and will not step out on our comfort zone for sure in future we will be in trouble with that.

That is definitely the most important thing and yet in most cases requires some capital. There is an old saying that goes "do not ask me how I made my first million, and I will explain how I made then ext 100" meaning if you could get the capital to start that, then you are going to be able to make it even bigger eventually, but that requires you to be careful about it on the long run, it is not going to be that easy. I feel like we are going to end up with something that will be quite difficult to handle, and I believe that we are not going to end up with any trouble at all.

I think we just need to figure out that first one, that's hardest, just grind as hard as you can, save as much as you can and you are going to end up with something much better eventually, after that, all you gotta do is keep growing with whatever you have, use what you have to have more and that means you will get richer and richer, it is only that first step that will be the hardest.

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Quote from: Razmirraz on November 24, 2023, 11:38:40 PM

People who receive a salary once a month will spend their money on basic necessities, maybe they buy all the basic necessities once for a month. If they spend money on something that is not included in the category of needs, it will have an impact on their economic condition, unless their income is much greater than their expenses.
There are many things to think about every month, such as paying electricity bills, water and other installments, but basic needs must take priority. It's natural for them to buy more basic necessities at the grocery store so they have stock at home. Their busy schedule at work means they have limited time to go repeatedly to the grocery store.

In my opinion, no matter how much someone earns, if they don't manage their expenses well, they will certainly not have enough for their needs so they will have to take out loans to cover the shortfall in what they need, so it is important for everyone to have a record of their expenses so they can see whether they are have been able to use the income they have properly or not and if not then it is necessary to improve it.
Shopping for basic necessities at the grocery store can reduce the expenses we have a little and we can also buy them for a month's needs and this will save us time to buy the necessities we need every day.

Topic: this makes a huge impact on the economy. - page 2. (Read 808 times)