Recently I noticed that I have so much curiosity to spend more than earn. I used to have this as a balance where I earn enough and then only spend what I earn but these days I do a lot more spending than focusing on earning. In a way, it is good as I'm happy with the spending I'm doing but at the same time, there is a small fear that I could be spending a lot more than what I'm earning.
I wanted to give some thoughts on this topic and write an exclusive article on the spending strategies of people.
Curiosity to spend
Spending is addictive. Especially when we are attracted to many things, we would want to buy a few things that are being held by either others or the things that are useful for us. At one point it might have been tough in terms of affordability but when we have the resources to get it, there is an obvious curiosity to spend and get what we want.
People naturally love shopping
It is not just me but I noticed that many people love doing shopping. They say that ladies love to do more shopping compared to gents but I wouldn't agree with that as there are also men who do a lot more shopping compared to ladies and in my house, I'm the one doing a lot of shopping when compared with other members in the family. I also like to purchase experimental things. Sometimes even if the item is not very useful for me, I would still want to buy it and use it.
Some of my office colleagues also introduced me to new websites where some items are cheaper to purchase. I experiment with such things and would like to explore good and interesting things.
Earning additional income
Earning an income to cover our expenses is the most important thing. Shopping and spending on things we like the most is good but at the same time, we should have the potential to earn an additional source of income that would cover those expenses. We should be able to cover the basic needs we have and on top of that, we should be able to purchase additional things that we want. Having an additional source of income is good in that aspect. Apart from the regular income, having a secondary income is good and if that income is passive, it is even more better.
Savings should be first before expenses
Before we think of doing some expenses, we have to make sure that we push enough money into the savings. Money in savings is more important because it will help us during the later stage of our life when we don't have the energy to work and when we would like to relax and live the life the way we want to live.
Many successful people say that we have to first keep the money for ourselves before we spend it on our debts. This way there is a natural urge created for us to understand that we should be earning more income to cover the expenses we are doing.
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It’s real; if we don’t pay attention and control our spending, we can get into serious trouble. Moreover, it’s easier to spend if it’s not in cash; it’s psychological: if we don’t see the cash disappearing and use digital money, we spend more than we would in the opposite case.
This here. What I started doing was just leaving enough $ in my bank account out of each pay to pay my bills and taking the rest out in cash!
It also stops those "impulse buys," I sometimes get when I'm running on two hours of sleep and see something on amazon I "need"
A very smart decision.
As adults, it is always important to be able to spend wisely
We don’t have to spend lavishly because we have a lot of money
A minimalist life is really important
we would want to buy a few things that are being held by either others one big mistake we make. To me this is just covetousness, there is a need to examine if one actually needs something before throwing in the money.
Secondly, I wouldn't say saving will salvage retirement but rather a savings that turns to investment. Thanks for the article friend.
Many reasons to push some money into saving just like you highlighted some. But sometimes, when the money is just too small, it becomes a big challenge to save, hence the reason one must seek for multiple source of earning👌
Thank you for sharing ☺️☺️☺️ I learned a lot
no other words truer, money isn't quick to enter but money is so quick to go . What an irony life leaves us with!
If the expenses are more than the income, life becomes very difficult. So the idea of extra income can work well. Shopping and spending should be reduced.
It is especially true in times of FUD like the recent days. With the last crypto dip, most likely caused by the new jobs report. its a disaster. People have removed their extra capital from risk-on assets to hedge against rough times. causing a market correction right before elections. :O
The most important thing I have actually come to discover is that we should know how to control our spending actually
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👏 Keep Up the good work on Hive ♦️ 👏
❤️ @bhattg suggested sagarkothari88 to upvote your post ❤️
It’s always important to make sure that we are not spending unnecessarily
It will put us in debt and get us in trouble
Thanks for this
Sometimes it can really be quite difficult to actually find the reason why we need to actually understand something's