The mystery behind being broke is the idea of spending more than you earn. Actually its not a mystery anymore, its more of a factual basis rather. Though sometimes we think that we are spending less than we make yet there are certain expenses that needs to be acquired one way or the other. We try to save enough money for the rainy days, though there are moments that rain hits us hard like a storm. Getting all our hard earned money whether its in a health perspective or unusual situation that you need to deal with it in order to avoid financial slump. But in my opinion, I still think that we need to spend less than we earn, just to be ready with any financial challenges that we may face. Currently, I'm still yet in an effort to get back in rack financially and really practicing the 'Earn More Than You Spend' principle. What about you? Are you spending more than you earn?
[question posted by mchavez11]
responses and comments:
I am just too choosy when it comes to spend money. Well when I started earning money initially I used to spend a lot of money then my father recognized that and told me something. After that I am spending money only when it is necessary. Have a nice life ahead Bye [rakesh284]
hi there mchavez11 i agree with you i spend more than earn i spent more foe reffering people goes quick take care happy mylottinghappy [hopejordan]
hiii friend i like your principle that is earn more than u spend..But I wont get such a way till now...But still i am a student so i have to wait for a good job..But now in mylot i wont invested a single penny and i am earning..But this is tough to earn..But this is a one of the way to earn some of money in just these days...Gud posting my dear friend...happy mylotting..keep smiling..happyhappy [srisankeerth]
I seem to always be in reverse to what other are doing (The the bulk of them). I have not had a CREDIT card for over 20 years. So its not me who's run up all these debts. I have a Pre-Paid Mobile, so I dont owe any money there. My power and Natural Gas account is in the Black. I dont have any accounts, I pay cash for everything. If I cant, I dont buy it, and later I think, HEY I did not need that anyway and can do with out it. The first year is the hard part, after that, You dont need debt, you dont need to tick up things as you dont have the ready cash At this point you dont care about it as it is not important. Im Happy I dont have debt.I pay cash and the stores hate that, as I can walk if I dont get the price I want. Ive got the money, and if you want it, then sell it to me at my price or I walk and I do, hahaa. I love that HICCUP/. [hiccup]
No way!! My husband and I put ourselves on a strict budget. These next couple of months are going to be tight because of something big and importnt that we NEED to get done, and then tax time falls in the middle of that and we have to pay the accountant, but when our tax refunds come in and this one issue is fixed, we won't have to spend that much money anymore. In the meantime, we have EVERY SINGLE CENT that is coming in earmarked for something, but no more. If the money isn't there, or won't be there 100%, then we're not going to spend it. [danishcanadian]
Now I am paying for car insurance, I pay out more that I get in. Altho it is something I have to pay. [sambarwell]
I used to, but with the economic crunch I've become what i should have been all these years. [Paarl20]
angrybefore I was spending much more of what I did earn. now I'm more conscious of what I'm spending, But the interest is gone so high.......angry [meluan]
We're getting there. The past several months we've ended up with several hundred dollars left over at the end of the month. There are currently some expensive expenditures that we have to make, but we're still ending up with money left over (we are both paid monthly). [Vladilyich1]
lately i would admit that i am spending more than what i earn and that's one thing i regret...i should've spent my money wisely..hehehe...and i think i should start to save now..hahaha [mystic888soul]
One thing to consider is that people aren't really aware of how much they spend in a day. People spend so much on little things that when added up, it's such a big sum. I used to do that before and when I came to think that I should start calculating my daily expenses, I found out that the reason why I always come short or spending so much is because of the little things. Those little things are usually the things that we spend so much, be it on fare, snacks, or other things. I now strictly follow a daily budget and list all the things that I must spend on in a day so I could check my expenditures. [boy_bato]
Yes, I want to spend less than I earn. But in practice it is very hard. [duanben]
I really spend more than earn because I have to pay most my time and attention to the reading. I think If I do the part-time job I can do better and it will be earn more than spend money!haha-- [venchaul]
There are some days when I spend more time online than I earn. Beacuse I´m writing articles for a site,and some days I´m searching for interesting things to write about. But there are also some days when I earn more,and spend less time online [Twist_and_shout]
i'm spending more than i actually and potentially will have. i don't work yet- my parents give me the allowance for everythng that i need. but sometimes, i go well beyond the limit and i end up going broke. :( [darianne]
I admit I'm spending more than what I earn...I am struggling financially, until I have some unresolved issues to be dealt with...But with those challenges I've learned to spend my earnings worthwhile, spend on things which are more important... cut the impractical and wants which do not last. Like you I want to earn more and spend less...I know it's a step by step process and I will overcome the status of being broke...just be disciplined and avoid temptations in shopping. [becdmd]
My probolem is I spend more than I earn and went into debt and now I am trying to file for bankrupcy. Because I was charging things I didnt have money for. I sink to my lowest and just go out and splurge. Don't get me wrong I was paying my monthly payments on time. But there for things have gone up in the economy gas, co pays, food, ect... It made it alot harder. So I ran into the problem making the monthly payments. So I fell. Fell ahrd to on a large sum of debt. I do hope to get out of it one day. My brother filed last year also. [emilie2300]
Sadly I spent more than I earned for many years and am paying for it dearly now. It's true we all have unexpected expenses, but these tought times teach us the value of saving and frivolous spending. I am making sure to talk to my kids daily about the dangers of overextending credit and how costly it all becomes. It's a hard, but necessary lesson in order to prepare them for the future. [di1159]
With my income being the only one right now in the home, I would say that I am spending more than I am making. It is sad and I hate it as I am very thrifty and don't like to spend money. However, I can't seem to get my family to understand the concept of a budget and I am really trying. I know that we can cut down on a lot of expenses if we just do it. That is what is wrong with the family right now is that most families are spending more than they are earning. It is a fact of life but one that we need to change. [carolscash]
Hello mchavez, It seems like I have been spending more lately since my divorce. I have an apartment and I have a lot of bills so it seems like the money just goes to rent and food and bills. I am trying to save money to take my daughters somewhere nice for Spring Break but I don't know if that will happen or not. I am really trying to be positive though. Have a nice day! [patriciaqualls]
I do put aside some savings every month which I do not touch.In addition to that ihave my provident fund contribution in which I put about 1/6th of my salary. These two are my rainy day savings. I take it that my salary is the amount I have left after these contributions. That way i spend ony within that limit. They say that no man became rich by earning more, he became rich by spending less than he earns. [mercuryman3a]
yeah, i spend to much via credit card after i recieve my bill.it's made me so suprised that i don't realise how much i spend and everytime is only under 100yuan.so i tell myself it's time to limite spending. [sunry878]
I am really thrifty when it comes to managing the money I earn.. Sometimes, I do a lot of canvasing before I actually purchase a particular item I "want".. If it does not reach my price limit, I do not buy.. hahahha And I do not like spending 10 coins, to ride a vehicle so to reach the other block comfortably (unless I'm in a hurry)... I'd rather walk... ahhahahaha.... It's a healthier way to do it.. hahaha but i have a good friend who can spend thousands of her money just to be able to buy her favorite movies and animes, latest Phones and some expensive gadgets where she could store her favorite songs and all those... Then she would tell me she's broke! hahahaha... But when she receive her pay, she buys a whole lot of Cds again, instead of buying her favorite food or snacks (because she's very skinny) when I asked her why she puts priority on unnecessary stuffs like that, she told me that, It's what makes her happy...Life is short, and you have no idea what's going to happen tomorrow, so why not do every thing that makes you happy now that you still can.. she might have made a point... but i wasn't convinced.. ehheheh..... [jd107nette]
i don't think i am spending more than i earn i spend very little and i do a great savings. I belive money is one of the most important part in life, so i don't like to waste it. [saichandtalluri]
i am known for going crazy at the store. but i am proud to stay that i do not spend more then i have in my pocket to spend. i don't have a credit card. i do have a debit card, so i have no problem emptying my bank account. but when the money is gone, the shopping is dine and i just make a list if what to buy when i get paid again. lol [melissapalardy]
Spending money is something that we all hate to do. But the truth is that it's alot easier to spend money than to earn it. Thats why we all are vulnurable to spend more than we make. [dfalero003]
Yea , I do spend money on unessesary things at time , But I guess its all a learning process that one must do to learn and be responsible of his or her money [genterx]
Actually i agree to your opinion. I never spend more than my earn,and i never spend before i get my earn.I have my plan in what have to buy and what not. [lvyanyan]
i will tell like im not spending more then i earn but i think that it as per present needs but i dont kjnow wat need will come in future and i would be forced to think that i spent more then i earned so no one cann tell that he/she is pending more or less then he earn [pawantaylor81]
Actually saving money is a habit. There is never a day when we feel we save enough money. I mean when we save enough money for 3 months expenses, then we start to worry what if 3 months is not enough, so we save some more. Then we start to worry about retirement, and that requires much longer term savings and investing. For those of us who really have a habit of savings, spending money is rather a pain, even when rainy rain comes and we need to spend. [scheng1]
I have my own theory about this - I reckon the less we have in our bank accounts, the more willing we are to spend it! It's almost like, "well, I've not got enough to pay the bills anyway, so what's the point of leaving it in there?" It's certainly true for me. For ages, I was regularly going overdrawn, seeing direct debits bounce etc and getting bad credit as a result. Then my car irrevocably broke down and I needed cash to buy another. I calculated how much the car I wanted would cost (it would be used, so I was looking to borrow £2000, or just over $4000) shopped around and managed to get a low cost loan. Then I got an unexpected windfall from some freelance blogging I did a while back for a focus group - another £250. I found a car I liked straight away, at a bargain price, and even taxed and with a tank full of gas I still had money left over - about £500! Now okay, I could have squandered it but did I? Surprisingly, no. I did manage to spend about half of it, mainly on essentials for the kids (which I was going to borrow for anyway) but still had about £300 left over. This happened about 3 months ago, and with my regular earnings coming in each month has pretty much been how it has stayed. It seems as though I've set myself a new rule: now the essentials are out of the way, I am zealously guarding the last of my money and NO WAY am I letting it out of my sight! In fact, I'm trying to add to it again, by coming to sites such as this one. Small bucks I know, but every penny counts. So there you have it folks: always in debt? Take out a loan. It really does work! [jazzsue58]
Yes i am spending more than i earn.I always try to buy the best products in life.Because of the recession time now.I just spend money for my basic needs.Comforts for me only after i have enough savings in my account.Just eating healthy foods and spending money wisely is my principle during these times.happyhappy [vicky30]
We also are really careful how we spend but at times it really becomes hard to make ends meet mainly becuae my hubby has brothers and old parents who are not doing as well so we at times have to send them money for their expenses so we often end up spending our savings on them. We try and cut our expenses as much as we can but his brothers are careless so it becomes really hard for us. I often wonder if we should start saying no to them too but then I feel if a man can not rely upon his family then on whom can he rely on. At present thats the dileema I am facing too but then now we have decided that we will nopw loan the money t them not just give it, so that they work to return that money to us. [mansha]
I'm with you on the Earn More than You Spend principle as well. That is why I challenged myself to reach payouts early in the month so that I can focus and pay attention to other online opportunities that are out there. I know quite a few people that are feeling the pinch of the economy and the weights it has brought to us all. It is just a wiser way of operating if you ask me. It is smarter to spend less and earn more. But with the more that is being earned it is also wise to save so that we can be prepared for those raining days that we all will have to face from time to time. [hdjohnson]
I definitely always try to make at least some money with each paycheck. My bank account needs to be grwoing not shrinking, that's common sense and yet some people do not grasp this. I have always been told to "live within my means" and not "live a champagne life on a beer budget." [csrobins]
We have always been good with our money and managed to stick to our budget and even save a little but lately we seem to be spending more than we earn and the sad fact is that we do not have a lavish lifestyle. We don't go out and rarely buy luxuries. It seems to be a sign of the times and unfortunately our credit card will have to take the brunt of any emergency that may come up. We are working on changing our situation but we may have to resort to taking extra jobs to get there. [paula27661]
Hi there mchavez11!I always make sure that I use my hard-earned money wisely. I do not spend more than I earn. I make sure that I have enough savings. I budget my money so as not to regret having to spend more than what I earn. There is always a portion of my monthly paycheck that goes to my savings account and another portion that goes to investments. [dolce_vita78]