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Is good to plan, don't live your life on a plata of Gold. The first time I had bulk money was during my higher institution days, as a student we know and hear too many things but only few chose to do something, opportunity of MMM, crypto currency and Achievers forum sorry mentioning them here came to me in school and I grasps it and as God may have it, I make a lot of money but the first thing that came to my mind was to buy car, I bought two cars, place one as a taxi and one private use as school big boy but non of this happen to play out well.

The Taxi cab had an accident and piece in bits and I sold it out auction price, same thing happen to the one I was using in school and it was a tragedy scenes, it was sold as Scrabs. I used the remaining money to live extravagant lifestyles, going out with friends, carrying girls to where we can't ordinarily afford bills, buying wears we don't need, gadgets and accessories we don't match our income or status but all this turn out against me. I lost almost everything, for two years after my school I could afford a dime, no job, no source income, I have nothing in my bitcoin wallets, life balls back to zero level.

Today I can boastfully said this not to impress you or give you a plan but is good to plan your life, know what you want per time, avoid impulse buying, avoid competition, avoid extravagant lifestyle, have a routine, draw your scale of preference, learn forgone alternative principles. Life on earth is short if you can't get it right, and life is hell if you're not living it right.

I'm a spendthrift, so I always go beyond my monthly budget, and sometimes borrow from my investments which I repay the moment I get my money back anyways. So this goes to show that not only do you have to have a plan, you gotta follow it through as well because plans are just a rule for you to follow, and some rules could be broken. With that being said, it's inherently great to always plan your expenses as that is the first step towards effectively knowing how to budget, because at least now you where your money is coming from and where it's going to. Ultimately, the journey towards being financially literate in practice is a little arduous so the dedication is necessary to pull through.

In a way yeah but there are some unexpected expenses that planning can not avoid. Planning is an effective way of managing expenses especially when your salary is not very great. If you are wealthy the only thing planning does for you is getting things in order and not cutting down expenses.
I love to plan because it gives me idea of how best I can utilise my money without any extravagant spending.

Quick tip: you can have an emergency fund(or whatever you want to call it — maybe unexpected expense fund) for exactly these types of circumstances where you have unexpected expenses/bills. So yea, it still can be planned.

How I wish that I've got that money when I was in college and I've learned a lot at the same time so that I can go to the university that I like but, that's already done and I've managed to hit it and still did a great job in other ways.
Just live a frugal life and don't live beyond your means, those what you'll hear from everyone if you tell this story and that's why money is quick to be gone if you don't spend it wisely. If you earn money easily, you'll have no feeling of keeping it properly and you'll just waste it in things that you want to enjoy. But if you've earned it hardly and you had exerted a lot of effort on it, you'll definitely choose to be wise on it.
That's a lot of lesson to be learned for you and I am sure that if ever blessings comes again to you, you'll not waste it.

Planning to avoid unnecessary expenses is something I have been working on for a very long time but up till now no result, sometimes I think is not possible is just for people who have good source of income, but on another point of view can one really plan against avoiding unnecessary expenses? Let's say for example example am saving money to get a property and all of a sudden I got a call that my mother is sick and need an urgent medical attention, I have gotten an expenses I didn't plan for, so how can I avoid the expenses at this point in time? I really need tips on how to avoid unnecessary expenses to increase my income.

Sometimes expenses goes beyond your budget and planning, if that happens will you deprive yourself of the access to the money? We can always have a budget plan for our daily needs and expenses, but cannot be overly dependent on because of unforeseen circumstances which can arrive at any time.

Aside from planning, people should always give headroom on some expenses that they don't see coming. Not a lot of people will have this liberty, but allocating an extra for expenses that you are not expecting will always lead save you from unwanted debts and short budgets. For years, I have always kept an extra 10% of my salary for this 'unexpected' expenses. You can call this an emergency budget, and I believe that it should always be necessary to have one since you'll never know when you're gonna encounter them.

But yeah, with how fast prices are surging, you can never be sure with your plans 100% of the timem, but that doesn't mean that you shouldn't do it.

According to Benjamin quote (https://www.goodreads.com/quotes/460142-if-you-fail-to-plan-you-are-planning-to-fail), " If you fail to plan, you are planning to fail!"
Of course, those who do not plan will undoubtedly overspend. Plans may  often work accurately, but to successfully build wealth, one must always be conservative in spending and keep track of their spending habits.

I don't know how old you are, I'm guessing it's not far from the age of a final semester high school student. It's okay, sometimes you have to experience several life processes to find identity and prove some parental advice about good financial management.

A luxurious lifestyle is everyone's dream, but most of today's youth want to get it early with the least effort possible which ends up worsening their own situation. However, it's part of the process of maturation of the mind to become a person who pays more attention to a lifestyle that is in line with income.

We are almost the same situation before but you are more rich and money.  I only want to party hard every day without thinking of the future. I was hospitalized at that time because I was drinking too much. That was ive done before as i am earning enough from bitcoin but thinking it right now i am not thinking it in bad side , it is just the life experience those on me as i cant do it right now as i do have family.  Don't regret it, as it was done well for you and you can't get those days back.

You really can't predict and avoid those kinds of unnecessary expenses. What you can do is to plan ahead, in case such expenses arise. Like I said, having a budget(a savings allocation) for unnecessary expenses will do the trick.

I plan my spending, and I keep track of what I actually spend, but without becoming obsessed nor control it to the last penny. Controlling expenses in this way helps you avoid bad surprises and makes everything easier on a day-to-day basis. I also have savings in case of unforeseen events, so in that sense I have peace of mind. The problem that many people have is that when they get paid they run to spend the money, and then at the end of the month they get an insurance payment that they didn't even remember about or some expenditure like that and they are left in the red in the bank. Better to keep some control

I would never want my life to become routine. You, OP, probably do not understand the meaning of this word. I don't think that many people would want to live the same boring and monotonous life.
But you are right that, with a goal, you can sacrifice a lot for some time for the sake of something more. But all goals must have their limits; it's hard to want a million dollars while working at a low-paying job and not doing anything more, living, as you say, a routine life.
People should want the best; your desires in your youth were normal, but having gained experience, you now know and understand your mistakes. Planning your budget also involves setting aside money for unforeseen situations, since none of us can fully plan and know how tomorrow will begin and end.

Heh, op it's easier said than done but just like @Queentoshi complained, it's hard to save and I quite envy those who can be frugal with the rate of spending but I think @mk4 has got a point.
 I may not have much, but when I spend, I with the notion of "you only get to live once".
Also, planning on how to go about expenses can be a bit challenging, especially where I come from where the value of a good is not up to par with the amount placed on it, hence forcing you to stretch your finance if you want to achieve satisfaction.

I am a person who believes that the wheel of life rotates, yes I mean here financially. We are not always on top, and we are not always at the bottom. I'm a person who rises from the bottom, and it wakes me up when I'm on top and I'm ready for bad because I have been. Planning for the worst conditions that I might feel again is something I can't forget, I can prepare by saving or investing. I have never really stopped buying useless things, I see it as a form of appreciation for my achievements, as long as it's not excessive.

It is nice to have that mindset so you don't stick too much in the past, but I don't think it is a good idea to apply them to financial decisions. I believe it will be difficult not to regret your spending if it cause you to lose money, things, houses, etc. Well, at the end of the day if you don't overspend every day I believe you can avoid the worst. Buying overpriced things really sucks, I hope it will get better for you if there are no alternatives.

As long as your investment is liquid, meaning you can sell it anytime, or at the very least it is not locked for months or years, that's good. If not, you should probably choose other options. What kind of useless things are you buying? Stickers? Statues?

Unfortunately, that is the hardest part of finance management. Most people know you need to control your spending, but at the same time, they don't have good control over it. The best way to do it is to build a plan around your low control over your desire, don't do too much window shopping, etc.

More precisely, a simple life without exaggeration because at this time, we can survive. We do not know whether tomorrow or the day after tomorrow we will still be able to survive. I agree that we must plan this life and prepare something for our lives by not following the trends around us because trends are only temporary and must change. If we pursue an extravagant lifestyle, while we don't have more income, we will encounter difficulties that we cannot imagine.

But we can survive by living simply, planning life, and trying to live it without living a luxurious lifestyle like other people. And prepare ourselves for surprises that always happen daily while trying to plan a better tomorrow.

It was like you when I was a young man, without many responsibilities, without too many obligations to take care of, to save… I squandered my hard earned money, maybe then some  work is somewhat easier to make money but waste on games that I consider a luxury, bad.  It becomes like a habit, like a disease.  Love has helped me grow up, change, cultivate, build for the future by saving, spending sensibly, away from gatherings every week.  Currently, I have a family and children, as an adult has passed through the moments of impulsive youth.  I am grateful that love has helped me avoid temptations even the danger.
I used to think that, spending effort to earn money must also spend to serve myself in the best way.  It may be selfish but life is not only for me but also for my future, my family.

It depends on each person to spend his money, one can spend all of his money to buy luxury product, one can spend and save his money, and the other one can have a frugal lifestyle and use all of his money to invest. As long as someone want to have a luxury lifestyle use his money, it's fine, except he's taking a money from his parents, ask a loan to his friends etc.

You can't force everyone to have a same mind like you, think like this, if everyone are don't want to spend his money to buy an expensive product, there will be a lot companies going to bankrupt since many people only want to buy a cheap product.

Planning is a very essential part of humanity for whatever that is hundred percent planned s 50% achieved.
That is why some smart entrepreneurs claim that they spend 90% of their life planning out on business ideas and strategy and the use only 10% of their life to actualize the plan. This is the reason that an adage said that failure to plan is planning to fail.
This is also the reason we have financial advisors and planners where by any individual that is unable to plan for himself or his family or rather his business or company should engage the services of professional planners to help and achieve his goal.

Op, it is good to know that you have known the important of planning hence forth you would no longer make your first financial mistake.

If we are still alone or not married, it will be easy to control finances according to plan, but if we are married, let alone have children, it will be difficult to avoid unnecessary expenses, for example, if we have school children, they often snack on food that is already at home , but this is life, sometimes we limit spending and the result is limited income, otherwise if we are not too strict it will be easy to earn.

maybe if can, all people will do that, but sometime we have unexpected expenses that should we pay.
or another goods or something you want sunddenly come to your mind.
we can blame that because we are human, we want something and must to buy that, but if we can control that we can control all.

Definitely, planning will save you from unnecessary expenses. It is good you plan your life, set goal and budget and stick to the plan. When someone fails to plan, he automatically plan to fail. For instance, if wake up in the morning without any plan in mind about my day that is the first step of failure. I knew of someone who made over $5000 from a business deal, and instead of him to rent an apartment as he was still living with his mom, he want and lodged in an exclusive hotel, bought expensive cloths that are not necessary, chilling with clubs girls day and night. In less that a month, he had accumulated so much debt that he couldn't repay it. He fell into depression and became suicidal.
Planning will save you from extravagant spending.

It's good advice to plan financial expenses and to not overspend on unnecessary things. However, I also believe that it's important to have some monthly money that would go on unnecessary joyful things, such as going to the cinema, buying games on Steam, perhaps buying some clothes or eating out. That's because life should be enjoyed, quality time should be spent with those you care about, and maybe going to expensive restaurants all the time and running out of money is a bad idea, yes, but never spending extra on something, always trying to save up, is just a less enjoyable way of life.

We can prevent this if we have savings or extra funds like an emergency fund or savings for unexpected expenses, but again, this is only applicable for those who have extra money, like if they are spending a lot of money to take out food, then they can save more if they control it. But if our salaries are just enough, then we can mostly end up having savings for emergencies. We can prevent being an impulsive buyer if we are just thinking about it, but there are things like when you need to pay this or give this to your relatives as they need it, so it is still unexpected, which means we are not prepared and you can't prevent it, so having extra money or that kind of savings can save you.

This doesn't really require any type of advice or suggestion to make people realize it, right? Like this is literally common sense? I know this because I have grown up knowing this fact but maybe it depends on how you grew up, people who didn't grow up rich knows that when you live in poverty, anything that is bad sets you back months and months, and you can't recover from it.

My father never really had a car for a long time, he had some cars here and there when things looked good, and always had to sell them to pay debt eventually, and did it just recently at the age of 62 as well, he still pays debt. So when you are in poverty, you know this as common sense, it is not really a shocking revelation to me.

I love this phrase that says you plan to fail if you fail to plan, this simple sentence covers every aspect of life, there is nothing we can do without planing for it, even right from our birth, our parents planned for it, they planned and sent us to school until we come of age, and the same plans continue as a journey with us the children. If you don't plan your days, unnecessary billings will come right infront of you, this is also why we must spend wisely and don't get influence by what is above our power, we should spend below our limit to avoid debts with don't want.

Any unforeseen event cannot be planned actually but you can always chose to plan on how to deal with it by reserving some emergency funds intended to be used only for unexpected case or event. That way, you won’t be struggling looking for money when that emergency case suddenly arise. And I guess in all aspects of our life, we can always chose to plan for them, but we cannot plan on how those sudden events may affect us.

If someone has the opportunity to live life on a silver gold plata why deny yourself the good life..someone worked hard to ensure you lived it this way,good stuff don't just fall from the sky..

School days are times of make or break time and most have more cash inflows around this time to make use of all these opportunities that throw themselves at us but it's all about making the right decisions.

Honestly I don't see an issue of spending out of budget but rather a case of someone spending out of frustration after losing two valuables... probably call this trying to forget what happened,but hey we all learn from our mistakes no need of being hard on ourselves this is a normal reaction that anybody would do to try and forget such.

Appreciate the advice buddy but let's also agree that life has no blue print on how to go on with it ..we all have our own path's to live but precautions should be necessary to avoid the pitfalls of life.

Savings for emergency needs must be in financial management, because we cannot predict when funds will be needed. If we save for at least a year, we already have some savings for emergency needs. We have to get used to saving and we have to get rid of extravagance because in this era of crisis it is very difficult to get a job and we have to take advantage of the current job to increase savings during retirement in the future.

I agree, we all want that kind of thing that when we have emergency needs we have separate money for that the thing is not all people can afford to save money because inflation is real. Here in our country having a one job is not enough, the goods are increase every day and I don't have any other option but to lend sometimes or to use my savings, right now I am looking for another job because of the unexpected scenario as well.

Savings leaked out. As a result of unexpected expenses in the family environment, you can't, you don't want to have to spend the budget. But keep the spirit and heart "Managing money for the future. The point of finance is not forbidding this forbidding it, but limiting and ensuring making any decisions based on numbers not emotions. What needs to be applied:
1. Budgeting
2. have long term & short term savings
3. Free yourself from debt

I think everyone should try to make a financial plan for how they might someday become a millionaire. Learn more. Make a better plan. Repeat the process. Eventually they might succeed. If they do not achieve their goals, the learning experience could still be a big benefit to them. Is it fair to say, everyone starts out as a white belt when it comes to profits and earning capital. Over time they can grind and level up to become a black belt. Its a healthy growth process which does not require special skills, a phd, special qualifications or a 200 point IQ. The door is open to anyone and everyone. Its the same as playing pokemon where you start out the game with nothing and eventually you learn new skills and knowledge which allow you to mitigate risk and make better choices.

In terms of finances, efficiency can be a neglected component. We're so used to products we use daily being manufactured with a minimum amount of energy, resources and cost. Our supply chains have become so efficient that we tend to underestimate the amount of time and energy that goes into things. With globalism and reliance on low cost labor being on steep declines. Being able to produce basic living necessities efficiently could be a critical issue to resolve moving forward.

There is a very big difference in shopping between someone who is single and someone who is married. Women are a disaster for your wallet. Their purchases are spontaneous and often they are short-sighted and often find themselves without money. And unfortunately, it is very difficult to teach them to spend money wisely. The fashion industry, for example, is designed for impulsive ladies who spend money on nonsense. Women need to be constantly monitored and it's very hard.

Actually it is not that there is no result, but for those of you who are not used to living simply and plus a quite luxurious environment. Let's say the circle of friends around you is also a motivating factor for you to continue splurging and buying something that really isn't important.

One of the things that will change your mindset to be more mature is to think about the future. When the money you currently have is, if not net of your income, then pretend you have nothing but gifts from your parents.

This is what my uncle has been telling me over the time and over the years when I was seeing some cash flow in me, well I never knew he was right. There's something he used to tell me that "don't used what happened to yourself and learn lesson rather I should used what happened to others and learn to make corrections". Actually I was on the opinion of getting myself a new car probably using it for taxi most times, and I met with my uncle briefing him my plans of getting a new car, after we finished discussion two days interval he phoned me and asking me not to get any car rather I should used the money for landed property.

Immediately I was shocked and weak because all my plans were abolished, something came into my mind that was it because his son couldn't afford to buy a car or what why is he planning of stopping me from getting my first car.

Later after I came to think about this in various angles, I walked down to his house demanding some explanation why he said I shouldn't buy car instead of a landed property.
What he did said was, I know you might sees me as an enemy who doesn't want you to pleasure your life but it would be very bad seeing you my youngest brother son wanting to buy a car without proper establishment will results in a total waste of time and money. Being that as a cute young boy who girls flys around will not get this sense of reasoning to continue his dream rather would be carried away by women and pleasure.

Well to cut the whole story short, I never bought the car again instead I used the money to invest in buying lands, and today those lands are worth more than what I bought them, if that I didn't follow my uncle's instructions I would have lived a wasted life trying to start afresh again. Today I don't joke with my uncle and  secondly what we need as young people is a mentorship, someone whom we can comfiled on to know whether we are doing it right or wrong.
I believe you have learnt a lesson and I know you can advised anyone younger than you in future what to do and what not to do. Sorry for your ugly situation.

Anyone, of course, wants all costs to be under control, unfortunately there are many temptations to important things that can happen at any time, if we work in an office with a journey of about 1 hour, of course it becomes very torturous, lots of temptations from hunger to wanting to try new foods that look very promising.

As an african man, the last thing a man should do is to try pleasing a woman whom he doesn't directly or indirectly gotten married to.
But nevertheless, there's still time for adjustment and correction only thing is that just try to be focused the more then you can find a way out by getting back your feets.

Temptations of what's on trend are hard to resist nowadays if we don't have self-discipline and control. From our peers who will ask to go out with us for their food cravings, for the items that we want which we could see online, these things are actually unnecessary but can make us happy but we have to choose between our self-happiness and proper budgeting. We can enjoy our hard-earned money by treating ourselves sometimes but we should limit it and focus on saving so we'll have a good source of funds in case bad or unexpected things happen in the future.

i believe if you have target when it comes to savings, better list your major expenses and set aside your savings first. if you think you want to spend on something beyond that list, make sure it is worth spending. otherwise, let it pass. no one will help you on this aspect but yourself.
think of the more important things you can buy when you come up with significant savings.

Life today has many challenges, especially the temptation to spend money, if we don't budget properly then our money will run out soon, don't be complacent that later we can get money, if we are not vigilant then we will regret it, the most important factor to be able to control unexpected costs is to separate the accounts, create a bank account that does not require an ATM so that the money we save is not easy for us to take.

We also have bad budgets as we have bad planners. So when you pay for services and eventually get a bad advisor, it will be as good as not having any. But in the case of having a bank account you don't withdraw from it's fine but your money can also vanish in the bank or lose value on the long run.
Why not save in bitcoin and you can be lucky and it will rise in the coming years. I think this is also part of planning.

Planning and avoiding are secondary things so first thing is realising what is our spending power, and cut down from the limit we used to spend will save more and these things can possible with bitter experience. I didn't spend money unnecessarily in my late teens but I was ignorant about saving money that we have and my family is also not used to budget kinda things but at one point everything exhausted during business failure and ended up as almost bankruptcy and then only I am changed and now with the help of forum gathered vast knowledge about money.

So hard to manage the expenses if you for yourself can avoid many temptation we can see online since to many buyable things always posted and hype up there. Maybe its good for us to take away the atm if we want to save so that we will not get tempted to swipe up once we see something that can attract us. Maybe best not to handle any finances if you are bad on budgeting and maybe let your wife handle the expenses since provably for this we can get better result.

It's good to hear your thoughts on shared life situations. It is even more valuable in today's difficult life because inflation, costs are high, wages have not increased, but it is necessary to increase competition in all working efforts to survive the pressure of staff reduction. In fact, that is what we are facing and learning about spending management, planning a living budget and calculating in a flexible and reasonable way is essential for everyone. Thanks for sharing bro

Well, the era that we are living in has become too expensive for an average person to spend money and to save some alongside. The inflation has greatly affected every individual when it comes to life-savings as no matter how hard you try, at the end of the day, you end up having no money to spare.

We need to try all possible methods to save at least a small portion of what we earn so that we can use that in the future when we are in need. Believe me, no one comes to the rescue when your face hits the ground.

I have been forced to manage my own finances since childhood from my parents. Until now, when it comes to financial problems, it can be said that my cash flow is always healthy. With my current salary being a little decent, I can allocate 50% of my salary every month, 20% for my parents, 30% for eating, hanging out, paying for electricity, etc.

Just be smart to manage finances. Buy something that is really needed, NOT what you want, even if you already have a big salary every month.
So remember Einstein said;
"Not everything that matters counts and not everything that counts counts"
improve the quality of life in a simple and wise way, because this financial ability is an ability that is needed throughout our lives, but is never taught in education.

Wages haven't increased and there are no signs that it will increase but we must increase our performance only to stay in the company that we are currently working. It's sad to see that many of us are doing this because they know how hard it was to start all over again and look for a new job.

Maybe some are doing this because they care a lot for the company that they are working and they love their jobs. I don't agree that planning will avoid unnecessary expenses. There are times that each of us can spend on a thing that wasn't in our plans or budget but we are not regretting. I am not saying that we shouldn't plan anymore. Of course we must do that to help decide easily.

Good planning is definitely one of the good things but sometimes in cases like this we cannot stem conditions where unexpected needs always exist.
Especially for those who sometimes always forget the conditions of their needs so that there are always some unnecessary expenses for their own needs which might be more appropriate to mention for their own satisfaction in buying something.
This seems easy but actually it is very difficult to do because sometimes there are lots of temptations about this.

If you are used to managing your finances since childhood, that means you have had a lot of money since childhood. Even though until now I very rarely thought that in the past there were small children who already had money and were able to manage their finances. And if you are able to manage your hefty salary every month for your parents and for eating, traveling, paying 50% for electricity. The question is, where is your other 50% salary?

I agree with what Einstein said, because now very often I see some people spending their money where they don't need it. But I also don't know whether they themselves are still aware of this now, because they only fulfill their heart's desires or desires without seeing the benefits and needs specifically for themselves in life.

It's a good thing to plan and not only to plan but doing it well and appropriately, we've got so many failed attempts on doing something because of inadequate preparation, but when we give it all the best that is required right before starting it at all, we may arrived at the aimed targeted result all things being equal without compromise, others have done so and have seen it working so ours should not be an exemption, we need to try harder and maintain consistency with our budget management and planning in our day to day spendings.

There is no denying that planning is the best tool to maximize anything.  From finances, time management, and effort.  Having plans is like having a guide in everything we do.  Since planning helps us to identify our goal, it helps us decide clearly what to do next.

In addition I read[1] that planning is important because:

• It helps us to identify our goals clearly. It makes us decide clearly and concretely what we need to do to have the effect on society that we want.
• It helps us make sure that we all understand our goal and what we need to do to reach it by involving everyone in the planning process.
• It makes us all work in a goal-oriented way rather than in a loose or ad-hoc way where we just respond to issues and crises with no clear plan or goal.
• Planning helps us see in advance those things that can help us achieve our goal and those things that can prevent us from achieving our goal and work out what to do about them.
• Planning helps us to be accountable for what we do.
• Planning helps us decide how best to use our resources (people, time, money, information, equipment) so that they make the most significant contribution to achieving our goal.
• Planning lays the basis for us to assess and evaluate our achievements effectively.

The link[1] below can help us or guide us on how we can effectively create a plan

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[1] https://www.etu.org.za/toolbox/docs/building/webplan1.html#:~:text=Why%20is%20planning%20important%3F,everyone%20in%20the%20planning%20process.

Supposedly. But there will be times your plans won't be followed because of circumstances and unexpected events. This has something to do with saving,perhaps, and even investments. Let's say you are saving for a year and planned not to buy anything on that interval.But emergency occured and you have no other option but to use some of your savings to aid the situation. This is also possible with investments wherein an investor would be sometimes pushed to break plans and pull their investment out due to reasons such as seeing a more profitable investment, or just be needing money m, again through circumstances. Lucky are those who could fund other expenses than what is being used on investments because they won't need to break their investment plans to cover up other needs.

Everyone certainly understands that the cost of living continues to increase and makes us always have to worry that unnecessary expenses can occur at any time, especially those of us who are used to working outside the home, of course, experience many temptations, but we must have a strong commitment to be able to resist any temptation, make sure before leaving the house we have eaten full so that we can reduce the temptation to buy food.

Planning for your future specially when money is involved is really difficult for younger people, coz at thise times there are so many tempting things that you can do using your money. Only a few of youngsters would acually do those plans, while most would only plan withour execution.

There're also people who needs to learn their lesson first before they realize the importance of financial education and being prepared just in case something would happen. We were all experienced being young first, and yes me too I've been tempted by a lot of things in the past and somehow I regretted not buying the things I wanted before, but at the same time I didn't regret that most of the things I bought were all the things I needed before and up until now I've been using most of the things, still I could say it's a great investment.

Although I've regretted not investing too much on crypto, for me it is still an acceptable decision and would be willing to move forward with that lessons in mind.

Costs will always arise for many reasons, but if we have an accurate plan then we can avoid unexpected costs, from the start we have to record all monthly, weekly and daily expenses, apart from that very strict control is of course an important thing to be able to avoid unexpected costs.

Apart from the fact that planning used to change in the middle of any journey or any planned activity.
When plans change we humans need to also use another plan and that is the essence of having Plan B.
But the worst scenario about planning is when someone is having a bad plan and unknown he would think that the plan is a good one.

What seems to be a good plan might actually be a bad plan in disguise and in the end of the decision the person will lose out. That is why it is good to have a tool that is used to test every plan to see whether it is worthy to be carried out or relied on

What if there was an emergency like you got sick and you need to see doctor and buy meds how would you budget that? even in strict in your budget you cant still prevent that. But if you are talking like there are new restaurant near lets eat on that then it would be bad expenses and it belong to wants. That is why it is better to have emergency funds or savings which for incase of emergency you can use it and it cant affect your budget.

You should have health Insurance, or always include in your budget expense for medical emergencies, this can be a different budget from the money you keep for other domestic emergency situations in your home. If you always have a budget for medical situations, you will be able to sort out little medical bills.

If you are not good planning out how you spend your money, you can see help from people who are good at it. Someone who naturally does not know how to plan for anything, will also suck at planning out their expenses.

Learn from your mistake, you tried to live like an elite person even though you do not have capacity to maintain that kind of living, it can serves a lesson not only for you but to the readers to this thread. There's nothing wrong in living an extravagant lifestyle, and I'm sure that this is probably the main goal of majority of the people. The problem is people are trying to live an extravagant lifestyle without sufficient cashflow, they do not have enough asset that will give them income that they can use to buy things that they want. They only have liabilities and it is the reason why they are not good financially. I want to have an extravagant lifestyle in the future and the current action that I'm doing is I keep building my self especially my mental fortitude because for me it is the most important then my second focus is my money making skills. I know avoiding unnecessary expenses like eating outside, drinking, or even buying new things.

If you're only life in simple and doesn't buy a lot expensive thing, you don't need to care to set a budget for anything including for health insurance because you will always have a lot money due to your simple life style. Sometime your medical bills can be higher than your expect, so it's better to life simple and have a lot money to prevent from anything bad might happen in the future.

or better yet, aside from having health insurance, take care of your health as well. observe what foods are you eating on a daily basis. replace it with healthier choices. as much as possible, prep your own food so you know what are the contents of your food. of course, allotting funds for emergency is always a must. but some people can't as they are just living paycheck to paycheck.

People who have money does not always bother themselves about savings because they have investment that would keep giving them consistent profits. We need to be prepared and ready to create businesses that would keep giving us profits employing people to work for us while we are the one making the money. There are different things we can do to keep generating consistent profits while are asleep. This is how the rich people make there money so we need to create our own business from scratch and grow to a level of substantial.

its good that your realize this thing soon and we have firm believe that spending of life with proper planning may be difficult but it eventually leads to a successful destination. Having a luxurious life is dream of everyone but some people don't think that what will happen  if one this luxurious life ends.

A person should save some amount for future if unfortunately time comes when you have no other option then use that saved amount will be more better instead of begging in front of others.

We should not do that work which needs more many and is not a necessary part of life like that are branded dress, outing with friends and other similar activities. teenage don't have active minds that's why they do these things in younger age and in old age they think about their mistakes.

although the wealth that we have today has met all the needs of life and even has been lost, but for the problem of expenses, of course, we must be able to manage it well if expenses are not too important, it would be nice to avoid it because it will waste our money without any benefits, of course it is not good, when we buy an item that we need must also be considered properly so that the expenses we use are not in vain, And we have to reflect on when we're still struggling because it's precious when we're successful.

I'm sure you enjoyed having that much during those times. And that's privilege of being young, to be able to make mistakes and learn from it. Sad part is, I think you took too much for a learning. Kidding aside, yeah, planning makes things more predictable and makes you feel more powerful to live the life according to how you want. Also, it's great to have something to look forward that makes life worth living. Personally, I have very few big plans for myself which includes what I want and what I need, and the rest is just about planning one day at a time. I believe preparing for emergencies is as important as enjoying life.

But yeah, planning comes first first, especially if you can't afford to enjoy.

That is a good point mentioned - one should have a good planning - doing the Homework properly would save you from lots of trouble.
Those who do the homework at the right time - but as you mentioned life teaches you so many lessons. So you never know what is compiling up in life.

Perhaps they don't need to save for emergencies as they already have life insurance that would be used when it comes. They don't worry about small things and small expenses but instead, they have been worried if they will lose the market competition. That is why they'll somehow focus on growing their business and spend more time there.

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Budgeting is quite challenging but I believe it could be a workout as long as we are motivated to do so. Planning is very important that could help our budgeting work well, only we have to stay on it.

It depends and differs between users. From my personal experience most of the unplanned things have happened in the right way whereas planned things gets delayed. As mentioned unnecessary expenses can be avoided with the perfect plans. Whether we plan or does things randomly, we should have the fund to meet unexpected expenses. This can be done with the allocation of miscellaneous fund from our regular savings. In the inflated even with the perfect execution we need additional fund, because the price increase in products are changing everyday.

I used to plan on how much I would spend back when I was younger, now that I am working and earning my own money it seems that I spend so much that I only have few money left before my next salary arrives.
I spend most of my money on food, I know some would think that it is just an excuse but when I am stressed out or feeling down food is the only thing that could make me feel good right now other than online games.
But I also want to go back to how well I handle or plan my money before it's just that it is so hard right now for me.

Learning from mistakes is a must for us to be successful, most people don't want to take lessons from mistakes or failures so they only regret what has happened, namely failure, remember the philosophy that the more you fail, the more steps you will be successful, don't stop from mistakes and failure, but make it as a spirit to improve quality in the future.

Narrative is quite good in the principle of life that you prepare, but in many places of practice it does not go as smooth as expected, right?Accidents cannot be predicted and anyone does not want to get the accident. However, a person must have a backup plan in living life, for example preparing special savings or long-term planning to start investment, so that the level of financial capability that we get will be useful when things are not wanted.

Anyone should avoid unnecessary purchases and luxurious lifestyles, because we cannot predict financial conditions what will happen in the future, people who have more abilities even more efficient than those of us who have standard income, herein lies the mistakes of many people in planning life.

Patience is the key to success - one should do things with time and learning. Doing the proper homework is the one of the finest way of doing thing.

I think it's about how to be wise in spending our money. and it seems like most people already know about it. i.e. only spend money on things we really need. and avoid spending a lot of money on things we don't really need.

having fun is also necessary in our life. but we shouldn't do it too often. maybe we can schedule it at certain times like on weekends only. namely to release the stress that has accumulated on us due to the workload that we have lived every day.
But the money used must be limited. or we have already set aside special money that will not interfere with our finances.

and if we are used to a glamorous life, then no matter how much money we have, it will quickly run out and we will regret it later when our money runs out.

For me life must have a concept of planning so that it can save us from unnecessary expenses that can conflict in the future. It's like having a map to guide us toward our destination, helping one avoid detours that can lead to financial problems. But sometimes it often goes off the rails too. At least we'll all be grateful for that later.

I enjoy reading your story, however I find your recommendations wanting. It looks like you've messed up fairly badly in the past, but now you want to provide advice on how the rest of us should live. It's not plausible that one would have enough money to buy two cars and live a lavish lifestyle. Regardless, I appreciate your honesty in describing your trial and error. The significance of planning ahead and seeing it through is, in my opinion, the most significant takeaway from your narrative. Just winging it will not get you where you want to go in life. But adaptability and a willingness to change tactics on the fly are essential. It's okay if things don't always go according to plan. So, remember this: set a course of action while maintaining some degree of adaptability. Try new things, but only if you've given them plenty of thought, and if they don't work out, don't beat yourself up over it. No one is perfect, and we can all learn something useful from our mistakes.

The keyword patience can be implemented when someone has a financial plan that has been prepared, if you are just patient and don't do anything, then patience will not bring a solution to this problem.

To avoid unnecessary expenses there is also a portion that must be considered, without neglecting social status in carrying out friendships with friends and family, as human beings we definitely need holidays, eating out with family/friends and social relations with others. If we don't have financial planning, it will be difficult to reach this level and to be more precise, being wise in using money is the best way to avoid unnecessary expenses.

Though life is not always goes as it plans that is why we should be prepared what path we are going to like in this unexpected expenses if we have savings or funds about this then it means we are prepared and we can tackle this problem. Only the cons is that if you are just only earning minimum and it is only enough for your needs. That is the time if you want to be prepared find another source of income so that you can achieve those your plans

it is the best way, looking for more income to cover all possibilities that cannot be estimated.
in this life we have planned in such a way as to maintain the financial stability that we have, but sometimes many unexpected things happen, such as losing control in life or disasters that occur, we cannot be prepared because that time will come by itself, but what we have to do is try our best to keep saving and looking for other income if time still allows and our income is still lacking.

Of course it's nice if we can fully control our expenses or living costs, it's not easy to do something like that especially when we are already married, even when I was single it was very difficult to avoid the temptation of unexpected expenses, now everything is easier if we can have a strong commitment to be strict in spending, don't eat at restaurants too often, it's better to bring food that we prepare ourselves at home.

Proper planning and money management is something that should really be in default specially if we do only earn sufficient or really just that small on day to day living, which it would really be just that right that

we should really be that mindful when it comes to spendings.Yes, it is really that true that you would really be having a financial problem if you do really just make out some unwise spendings.
It is really just that right that you should really be that depending on how much you do income or gain and then you should really be that keen on spending above those limits.
You would really be putting up yourself into trouble if thats the case.

I did not notice the difference in saving when you are on your own or have a family. Of course, it is important that this be a mutual decision of the whole family and not just you, because otherwise nothing will work out.

I believe that budget planning is a very important moment for every family, otherwise financial problems will bring many other problems that can become critical for the family.

It is very difficult to be able to control expenses according to plan, after I experience various financial problems then I will sell the house that I will use for capital, I plan to buy a cargo car for me to use as a traveling merchant, I will sell fresh sea fish, vegetables and fruit, I sure to be successful with this strategy.

The best thing is that you had to learn this lesson the hard way, and now at least you can make changes in the future based on what you have learned. From the proverb "he that does not plan is planning to fail" from your story whenever you remember the cars and all the tragic incidents it's all a painful situation, living a luxurious life that you could not afford, and phones that are beyond your budget. I really appreciate the information you provided, and I think planning is crucial in onces life with this you can avoid unnecessary expenses.

Experiencing failure will truly give you a very good lesson to remember in your lifetime.
People will only understand the situation after they surpassed such trial in their life.
Planning will only makes sense to some people if at one point in their lives, they did experience such test with their financial situation.
Also, at a young age, you have very different goals in life as compared to when you grow older, as you become wiser.
And to add, once you have your own family and kids depending on you, you definitely will change your financial decisions.
The OP lived an extravagant lifestyle once, and then, going broke. Once he got out of this miserable situation, I would say, he will know his choices in life already.

Unexpected events and circumstances are inevitable that’s why if we can prepare and save funds for it, that will be a lot way better. That is to save us from panicking on where to get the funds that is currently needed. If you can save and plan your expenses as much as possible, you can avoid bigger problems later on.

Sticking to plan is a must thing but we know that in life which there are really that unexpected things that could happen which means that you would really be sometime needed to divert and always have that
Plan B's so that you would be able to handle things up because we know that not everything would really comes to plan on which there are really moments or times which you would really be needing
to adjust and face off on whatever things it might be. Expenses is inevitable but if you are earning an income which is sufficient only on your needs then it would really be not
wise on pursuing out things which is out of your budget.

The aspect of expenses it comes as result of demand or individual needs, I believe that your wants and inflation in the country determine the rate of expenses, secondly much expenses can be caused by lack of management and plan's,  so many things factors can comes as results of expenses, forget about budget, because budget  is planed, and any finance or funds been spent by budgets is not a negative expenditure from my perspective.

Having a plan is indispensable to reach your desired financial success, but at the same time we need to be adaptable and capable to take decisions on the spur of the moment if there is a need for it, this is key because it is almost impossible to consider every single eventually that it could present itself, so while being able to adapt to the circumstances is a must this does not mean giving up on our goals, and if anything if we take advantage of the opportunities that present themselves we may reach our goal even faster than our most optimistic predictions.

Planning before implementation might sound like a good idea but if care is not taken one can still backslide during implementation. That being said, Pele - one of the greatest footballers already said  "No one can win a game by himself". The best way is to welcome ideas and possibly team up with someone.

A careful preparation and planning will always be needed before we will do something. because doing anything without a prior plan is simply an act that is considered reckless. Likewise in a financial management we are required to make a plan that is arranged as effectively as possible. adapted to all situations and times. and backup plans also need to be prepared . when we fail to carry out the main plan then we must have a backup plan that is executed in anticipation of failure.

I am in between a spendthrift and a "spendster". It depends. Sometimes I want to spoil myself and spoil myself well. At other times, I am tight fisted. This may sound contrary and like an unpopular opinion but I also plan for unnecessary expenses too. Never to be cut unawares or unprepared. It makes keeps balance between my savings and expenses. Planning for unnecessary expenses is something I learned back in college from a professor of psychology. He said chaos exist because most people let life catch them off guard. So to not be caught off guard you must plan your life in the most conscientious and meticulous manner.

hope you know, not all expenses are planned and funny enough, the unplanned expenses some times are usually funds draining.
Don't get me wrong please, it's necessary to plan for expenses but while on it, plan for the expenses you don't expect.

I have stopped going to market unnecessarily unless there is something important.
I have stopped online purchase and sudden purchase too.
This is a big drains so much money

I read every line of your story and I like the perspective you shared. However, there could've been another dimension to the whole thing if everything had gone awry, don't you think so? I said that because I've seen both private and residential buildings burnt to ground zero and the invested cash gone. I've seen filling stations burnt down too. I've seen people's lands bought with their hard earned money grabbed by government and other grabbers. I've seen lands swallowed by flood and rendered useless. This is to show you that every investment is a risk. Have you ever thought that if you had gone into the taxi business it would've turned out better for you? It could be.

I remember when I was getting into this online trading stuff and family members didn't support it. They wanted me to focus strictly on offline doings. Today, I'm better off and happier that I didn't heed their advice. Sometimes, it's good to stick to one's gun. I'm just saying, anyway.

Obviously yes. I remember the old quote saying, failing to plan is actually planning to fail. So technically whenever you are not planning anything you are sure that it will lead to losses and unnecessary expenses only for sure. But always keep some buffers in your budgets because it's a sure shot thing that you are going to miss it, in that time you should keep your emergency funds in your armoury so that if anything happens you don't have to go for borrowing.

You are right sir, but something came into me to say; I quote from my uncle who said "what an elder will seat and see even though you climb an iroko tree you can never see it". Actually this quote made me very weak after I finished discussing with him, car or taxi business is good but also considered the risk involved will drive, to me is too risky because it involves life and death. Driving means your life is at 50/50 whenever you are driving on the highway and one had an accident there is every probability one could lose his life.

Boiled down to the landed property,  flood is not permanent, as a matter of fact within the South South region was filled with water in my country and after 30 days plus all water were off and you gets back your lands applicable with buildings. As per government taking over your property, this might be one might have committed any fraudulent activity or building in an unauthorized place before the government could seized up your belongings. So my dear friend, I have reasoned it verbally and quantitatively before paying heed to him.

Many time in our life we are hit by luck and many time we are hit by bad luck.
Sometime planning doesn't even work. Having a good game plane fails most of the time. It has happened with me many times

However, planning is still necessary. If something doesn't work, it means that an error has crept into the analysis. The quality of the analysis is a very important point. In addition, a proper assessment of the costs in terms of feasibility is necessary. Often what you want to buy is not the right thing to buy.

If the plan is to start a business with a bigger contract in the long term, it is better to choose someone to work with. But if planning is just for yourself, I don't think it's necessary to involve other people into your personal matters because usually someone who is broken and fails to develop is also caused by someone you already trust too much. You can see examples of several other people who have made previous plans even though they are for different plans in terms of spending.

A person will always be more easily destroyed by his own friends if he trusts a friend too much and opens up every personal thing that he should keep secret for others (including his own friends). So you also need to sort this out in more detail before making a plan for something better, because knowing the purpose of the plan will also be much better before directly trusting someone to implement something.

There is a says that said "The harder you works the more luckier you become successful".
We aren't living by luck but we are being living by planning, any man who doesn't plan well is as well planning to fail just as they said "Early to bed early to rise" you can't keep sleeping and expect luck or miracle to happen sir, ma is really arguable.
The only thing you need in life is to locate the area where you are best suited in life to succeed, being successful in life doesn't mean you doing any job to be successful; hence you need to pay attention to what you knows how to do very well that is where your destiny lays.

Even that mindset depends on luck as against your advice for no one to depend on luck. That's a faulty syllogism. It's faulty in itself in the sense that there's no guarantee that anyone will become successful at anything because they're working their butts off. If it were so, the truck pushers and other unskilled labourers should be among the most successful people then. Perhaps if you're driving towards repeated practice at something to get the better and mastery of it, I can understand that. What comes to mind whenever I hear people say work hard is "work smart". I rather work smart than work hard and I know it's so too for many here.

at least planning will reduce the worse impact of what we will spend on the money we think we have. Yes, the possibility of the plan failing because we don't calculate it properly, the points we consider are not in all aspects of the financial spending policy. yes, sometimes what we want just comes without us arranging it and we deliberately buy it, of course that kind of thing will ruin the plans we have made some time ago, if someone has strong financial principles I think it will be better to manage himself and his wishes not important.

Financial planning and budgeting is like an atlas map in the hand of the captain of a ship he doesn't sail out of course and he at every moment knows his position where he has reached and what to do next ahead. Same applies to a man with a good financial plan it helps prune unhealthy expenses that are fruitless and out of plan. Planning give value to your money for every penny spent and the outcome for good planning is more and more output.

I used to be a compulsive buyer before and I just buy whatever I can afford regardless if I need it or not but I realized that I'm not saving anything out of my salary. The pandemic came and it really hit me hard financially. From then, I realized the importance of proper budgeting and self-discipline. I have seen the importance of saving and planning because could save your life in the future. I agree that planning for what we want to achieve at the right time is too important than being a compulsive buyer. We have to control ourselves from spending too much especially if it isn't necessary.

I think the easiest thing to be able to control expenditure or unexpected costs is to limit out of the house, when we leave the house, it is certain that there will be many unexpected expenses, another thing is to continue to increase the source of income so that it can cover unexpected costs or not interfere with routine income .

Financial and risk management, these sciences should be taught to children from grade 1! As practice has shown, this is especially "good" in difficult times, crises, etc. - the majority of the population does not even know the basic rules of financial literacy! Rampant consumption, loans and debts exceeding the planned income, the absence of any savings ..... All this is an indicator of complete illiteracy, financial illiteracy. There are people to whom I just on my fingers, with the help of a sheet of paper and a pen, showed in 5 minutes that bankruptcy is a guaranteed final in literally 6-12 months if no action is taken. By the way, probably in 75% of cases - the main problem that financial illiteracy brings with it - is the use of loans and installments, which really do not make money for life. Moreover, things are bought that are not really critically important or significant! And then people are already FORCED to take loans for LIFE, and few people find a good way out of this vicious circle....

Correct. Careful planning can indeed help cut unnecessary expenses. although sometimes there will be situations where we may be forced to spend more money. such as when sick and the like are called unexpected costs. But because we already have mature financial planning, of course we are prepared for the unexpected. because of course we have prepared an emergency fund to handle it. which means having a plan is an important thing that everyone must have even in all other matters outside the financial sector.

To be honest, I've always been a little jealous of people who live luxurious lives and spend a lot of money. 

In my picture of the world, spending money is always associated with vivid emotions and an interesting lifestyle.  Saving money and planning every day is the other extreme in my opinion.  In my opinion, the dream of a bright and interesting life encourages a person to look for opportunities to multiply his income. 

And without this dream, it is impossible to increase your income (a person simply will not be motivated to change his life and look for new opportunities). 

Therefore, in my opinion, in addition to planning, you need to dream a lot.  This gives motivation to be successful and achieve new results.

Planning avoids unnecessary expenses because when one fails to plan, he has planned to fail. So planning helps one to cut his unnecessary expenditure by carefully analysing and knowing what's best for him at a particular time. Scale of preference is only used by those who plan ahead of time which is why they would identify their essential needs, buy those essential needs thereby saving themselves from unnecessary spending. So it's actually very good to plan before spending

My mom came to visit us this week, she came yesterday and she is leaving sunday so she will not be staying too much and that's sad, I wish she could have stayed al to longer but my dad is all alone when she is gone and they still love each other so much that they don't like spending any time apart, which is lovely to see in their age so I don't mind and usually I go to visit them. The part that is relevant to this topic is that, even though it is just a few days, my finances are already ruined, why? Because for the past 2 days I have been taking here on all the sights to see, and all the restaurants that are nice, can't just order KFC for her you know, so it may not be "unnecessary expense" because we are talking about my mom, and spending quality time with her is amazing, but it is definitely unexpected and wild expense that I can't afford, sometimes it just happens and you have to forget about economy and enjoy life for a while before you go back to living a normal life and pay off your debts.

Always a great idea to plan your activities and expanses for today and tomorrow. Once you make some mistake then you will know the importance of making planning of expanses. Maybe you can seek for consultant so you can maintain your financial better if you can afford to hire one but doing it yourself is manageable to do and you can become a better person if you do it personally.

Plan is a must especially when we go travelling, having it will allow us to know what are the possible expenses that we will spent during the vacation. Some plans might not happen as it is but its still okay since we have tracker to follow on what to do next. I guess we should have do plan b or c also so we have other option if the plan a doesnt work. If we go on vacation without having plan, we cant monitor the money that we can used unlike if we have plan we can limit ourserlves to not get short on that trip. Especially if you are not a rich people that have lots of money, plan is a good one.

I am an impulsive buyer and I buy instantly - This habit has given me a lot of damage.

Thank you for sharing your experience. It's important to learn from our mistakes and prioritize financial planning, avoiding impulsive decisions and living beyond our means. Setting goals, creating a budget, and practicing self-discipline can help us make better financial decisions and achieve long-term financial stability.

Yes, if we talk about desires, maybe I'm the same as you, when I see new things or new items, somehow I really want to have them without knowing the purpose and benefits of these items so that regrets come at the end of the day.
Sometimes it's hard to tell the difference between a need and a want, now I realize this doesn't amount to much in real life and only makes my expenses bigger.

And now I'm trying to get rid of lifestyle habits, I prefer to save part of my salary to buy something more important and useful.

although the wealth that we have today has met all the needs of life and even has been lost, but for the problem of expenses, of course, we must be able to manage it well if expenses are not too important, it would be nice to avoid it because it will waste our money without any benefits, of course it is not good, when we buy an item that we need must also be considered properly so that the expenses we use are not in vain, And we have to reflect on when we're still struggling because it's precious when we're successful.

Making decisions, planning and also self-discipline is something that is very mandatory for everyone to have because it is part of the technique in life to be successful. Because no one is successful with messy planning and disorderly discipline in his life, so things like what you say have become things that must be carried out by everyone who has the goal of being successful in the future.

It is still okay to spend in things we want and those that will give us happiness, but we must consider if it's within our budget or will it not affect our daily needs or future plans. Good investors also knows how to budget at the same time to spend. We're allowed to spend to inspire ourselves more to work hard it's just that some people spend more on things that loses values after awhile unlike in some smart investors who enjoys buying things that somehow can also consider as an investment. It will depend on our perspective in life how we will plans it.

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

The point is to spend money on everything that is really needed, because living frugally does not mean that everyone has to save money on spending, but only needs to know very well about where the money will be used and spent every day. Because today there are many examples that everyone can see in some of the famous rich people who also don't throw their money recklessly except to do business to earn more money regularly.

These are the mistakes most young people make that result in them having hardships for the rest of their lives. It's nice to enjoy life and try everything, but not on the back of the future. Therefore, there's a difference between people who have long term view and plans for their future, and people who don't care and spend everything their hands come on. Indeed, this might not be the mistake of the person themselves, as some countries don't include financial lessons in their educational programs. If I'm not mistaken, Robert Kiyosaki mentioned this idea in one of his books, some governments teach you how to spend, and don't teach you how to save and invest. Fortunately, we have everything online for now, and everyone can learn some basics about saving and investing their money. However, not everyone has the will to do so.

Why didn't you insure your cars? You have to be very cautious especially when you rent your car on 3rd parties. No one cares about your cars except you, keep this in mind. I would even say that Taxi drivers are sometimes very risky to finish orders quickly and generate more money.

I can't agree on wears. If someone buys some clothes for only one day and then doesn't use it, definitely that's a waste but if someone buys Nike Sneakers or Under Armour's hoodies and regularly use it, then why not? What's wrong? I think it's better to buy quality and fashionable clothes than cheap ones with low quality.

A waste would be to buy an iPhone 14 pro max when you have low salary, aren't in photography, aren't in digital industry and just buy it for show off.

I think you're patching things up because no matter decisions, planning, and self-discipline anyone has and still keep some company of people who are expensive brands ^{(like iPhone there are some friends that won't roll with you if you're not the latest iPhone user)}, jewelry, drug, gambling, alcohol, or smoke addiction which are tagged as the most money waster in the world.
It will still be difficult to avoid unnecessary expenses. This is why most crypto billionaires like Vitalik, and CZ wear simple dresses.
Therefore, making decisions, planning, self-discipline, and avoiding bad company is the key to being successful.

Planning means nothing if your spending habits don't change. It's a fundamental thing that needs a whole character overhaul. I think it's great that OP realized the error in his ways and is out here imparting knowledge through some sort of cautionary tale but at the end of the day all of this would've been avoided if you're just a little more wise in spending your money. You literally had the vision, no one at your age and with that amount of money would ever think "Ahh this is not gonna last me a long while, better for me to invest it into something that would pay me dividends in the future so I could get my money and live happily once I retire" but when the initial dream crumbled courtesy of your investments going to shambles, you chased out of that aspiration and lived life lavishly.

This is more than just a "you shouldn't do this kids" tale, it's a literal testament to how one should follow their bright vision no matter how dire it could look initially. I'm glad that you're trying to pick up from where you left off OP, would love to see more of your posts here for updates on your journey coz this forum could always use a few success stories.

I don't think everyone makes "plans" in this life, whether it's in managing their finances or other plans that concern their future.
most people I see, where when they have more money they think of it as if it will never run out, splurge on a luxurious life without thinking about other positive things. try if there is good planning, surely there will be no waste that occurs

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.

we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

There are people around in our society who waste time. They spend 10$ where they need 2$. We need to keep a little account or we will be in a lot of trouble. So I think we should not waste money.  We can save them and use them for other good things. If we all observe such precautions, then we can take the country forward, including ourselves.

Well said , Sometimes small savings give us big benefits in the future. Moreover, deserts and oceans are made of small grains of sand and water droplets. So many times many unnecessary things are expensive, they may be very small for us but we should not think them small and waste the party unnecessarily, smart people never do this. Smart people save instead of spending unnecessarily

wise thoughts like what you convey, it seems that many people know it, but it is difficult to implement or run by someone who has more money.
for example, those of us who are currently in this forum, surely we have big plans when we have the results of our efforts so far. when we get that, sometimes we forget the planning that has been planned, so that we are unconsciously having a spree with the community that we have. I have felt this kind of thing. and this is the worst for me personally

By looking at the poor and experiencing the lives of the poor, unnecessary costs can be reduced. The wealthier the person is, the higher the level of unnecessary consumption, and the person who earns little and has trouble supporting his family with the money he earns, that person never wastes money. So it must be accepted that money saves some and kills some. A person who spends more unnecessarily is also more likely to commit bad deeds. Therefore, it is necessary to keep track of unnecessary expenses as much as possible, then life can be run well

This can be a useful approach for people who are very knowledgeable. But I don't think it will work for everyone. Unnecessary expenses are personal matters.  And it is a bad habit. Just as a gambling addict cannot easily quit gambling, a person whose unnecessary spending has become a habit cannot easily stop it.  And whoever can leave it can save his money and use it for other necessary purposes.  So this is definitely an important issue.

There are some times that you will incur expenses that you didn't plan or foresee but the way you are financially wise in spending your money will determine if when such times comes you won't be in debt or going around for a loan. That is why if you have the grace to have a sustainable job set aside some funds for the better days ahead.

No matter how discipline you may be, there are things that come out of the moon that you may not expect like you will get sick and hospitalized to do tests, you don't have any other choice than to break your account, your family members will also call you for help when they know that you earn money, it may be that the dad or mum or brother is sick, and I don't think because you have plan you will want to abandon responsibility of the family. It is actually good to plan seriously but we should not forget than things we don't have plan from begining will always emerge.

Planning for unnecessary spending all expenses I believe that is only meant for people that does not have plan for the betterment of their life but when you have a plan of your life you can never spend money without condition that will profit you. And another thing is that anyone who have a good plan of itself always follow a correction so that it will not be mislead dead or being distracted by anything

well, things like that are what we can do so that we are more effective in making savings. Even the same thing applies in purchasing goods with the same function and quality. because sometimes someone who likes glamorous things really likes branded items that have a much higher price than non-branded items. but actually the quality and materials are sometimes not too much different. I still remember my friend showing off a branded jacket he had to me which had an extraordinary price. but then i tried it on and watched it and then i showed my jacket that i bought from onlineshop. at a lower price and almost the same model and even the quality of the ingredients is almost the same. and it surprised my friend. but still people who are already rich maybe they are not too afraid to waste their money because they have a much bigger income than us. so buying branded goods for them still feels cheap. but for those of us who are in a lower middle financial condition, we must not imitate the style of those who are rich or have a high level of economic level like the elite. we have to be more realistic and not follow those elite people.

Actually a person's lifestyle will change when their income increases. Who initially spent $ 100 per month, could have increased to $ 500 per month if you have a lot. It cannot be denied because it is human instinct, to want to buy whatever you want even though it is only a secondary need. It's a different story if you only get "surprise" money from bitcoin results or short-term investment trading, if you live a luxurious lifestyle then the possibility of returning to zero is very large as told by the OP. But if the business is already running, have a steady job with high salaries, usually people don't really consider the little things.

I would say that there are all kinds of people, and it is not just a single economical level. Think about it this way, there are poor people who live frugal and get richer, and there are poor people who stay poor and waste their money, there are rich people who live frugal and earn more by investing, there are rich people who waste and even become poor again.

All in all just because you are poor doesn't mean you will stay poor, and just because you are rich doesn't mean you will get richer. It's all about the characteristics of a person, this is why we see poor people have rich children or rich people have poor children, it depends on the persons character and not the financial situation.

In our lives it will be difficult to avoid unnecessary expenses, this is because there are many unexpected things in life and can easily happen, if we do not have alternative income, of course we will be dizzy, so the best thing to be able to avoid unnecessary expenses is to always write income plans and Expenditures, if we do not have an income plan and expenditure then our lives will be easily tempted to do everything we like.

I disagree with you, friend. Personal traits matter, but we can't overlook the structures that perpetuate poverty and wealth inequities. It's unfair, and it's hard for poor people to succeed. The rich? They have resources, opportunities, and connections that others envy. They have great schools, physicians, homes, and political and economic power.

Stop disregarding these issues and work toward a fair society. Blaming individuals for poverty and injustice won't work. Instead, we must address poverty and inequality's causes. We must advocate for equal opportunities. Watch the strong and defend the vulnerable.

Those who have more income have more expenses. And the higher the income, the higher the level of consumption and the higher the demand.  Therefore, the amount of unnecessary expenditure of rich people is always high. However, no matter how much money a person has, if he cannot reduce or avoid his necessary expenses, he will not be rich for long. So of course unnecessary spending is a big financial loss for a person

Unnecessary spending has become a bad habit of ours.  And with the advent of new things in this modern world, our hobbies, needs, etc. have also increased so it is very difficult for us to avoid unnecessary expenses. But of course we should try our best to reduce unnecessary expenses. Otherwise we cannot improve financially.

We always have to think about one thing. We have to spend a little less than our income. And save a little money. Because if we spend all our income at once, then if we have any danger in future. The money we saved at that time. With that money.  In times of danger we can be saved. But if we spend the whole money, we will be in more danger next time we are in danger. So I think we should save some money.

I've tried to avoid unnecessary expenses, unfortunately it's very difficult and stressful, it's better to think about making extra money than traditional thinking of reducing expenses, and surely as long as we are optimistic we can make ends meet in life.

For everyone who already has a steady job with sufficient income, of course they have to write an income and expenditure plan and it is enough to write it once to be used for many years as long as he is still working and making the same amount of money. This means that there is no need to always write the plan every month unless they have changes in terms of income or spending money.

And one more thing is to avoid spending unnecessary money as much as possible because living frugally is always better and will not interfere with one's prestige in one's own environment because a wasteful life in the absence of controlling spending money will always trigger destruction in everyone's life. So live frugally and avoid unnecessary expenses.

There is a proverb that goes: "Who fails to plan, plans to fail." So, if we actually want to live great lives, we must plan for ourselves.

When we have money and we don't have plans definitely we are going to spend it on unnecessary things that may not even have value to us. I personally experience this when i first received $2k.would you believe me that I spend it between one month on some unnecessary things, despite be a university student I don't even buy much things I need in school at that period.so we need to plan ourself base on ourself source of income, so that we may not be lack when we come across any challenges in future.

Everyone have their own story of reckless spending, and I think this issue of excess spending comes with time because one spends more when he/she doesn't have a well-built financial knowledge and management, and that knowledge comes with time and during that time of acquiring the knowledge you may make some spending mistakes but the ability to quickly learn from them and building a spending plans makes things easier for us.

-Almost everyone of us have made similar mistakes in the past spending the money we don't have on things we don't need, the realization of the fact that you don't need those things you spend money on can be frustrating but a lesson learned and we move on.

to avoid unnecessary buying habits in my opinion relatively easy. because if I think about buying what we don't need it is actually rarely done (by me personally), especially by people with middle to lower economic conditions.

- and to avoid habits like that, my advice is that it's better to keep in touch with people who are more frugal, so that you get carried away with those good habits.
- think twice every time I buy something,( do I need this )
- Don't be someone who gets carried away easily, for example when a friend or relative buys a luxury item, and you also want to buy that item, even though you really don't need that item at all.

The point is to be aware of your own financial situation, not to follow other people's lifestyles, especially the rich. it's better to make motivation first so that you can be more enthusiastic about working.

I agree with this because indeed we have to manage what makes us better in life, one of which is financial management, consciously or not realizing that if we don't have a plan that meets our needs, it will always be easy for us to spend our money on shopping, and the most difficult is being in a position this is our life will always be stagnant and maybe there will be no significant progress and only revolves around style and work for life.
Unnecessary buying is stupidity that is inevitable, therefore the importance of proper planning in doing it, I realize that we also have the freedom of the money we have to spend as we wish, and sometimes I also do that for stress medicine or whatever what makes the heart happy, the most important thing is that we are able to limit how much money we spend on unnecessary things.


Yes, that's a good step that maybe you can take and fulfill what you dream of. I think people who have financial planning are those who think long and hard about their lives, being aware of unnecessary expenses is the key to being able to live longer.
I think if you do like that continuously you will experience chaotic stabilization in finances if your income does not meet your wishes and at the same time you will experience difficulties if an accident occurs, of course someone who plans expenses or manages finances so that this never happens .

You can avoid unnecessary expenses if you have money planned for those expenses kept in store, that means those expenses can't come as a surprise anymore since you were prepared for them. We are humans and can't get everything figured out but we can always be prepared for it. When you have money for raining days then those days won't be a trouble.

The problem with humanity is that they spend without thinking about tomorrow just because there's this thought of living your life to the fullness since your tomorrow isn't guaranteed but they forget that anymore who fails to plan for tomorrow has planned to fail when tomorrow comes.

Keep some money aside in the bank for emergency purposes, sometimes the only thing holding you back is spending money that you aren't prepared for, so it's best to keep some money aside for such occasions.

There is no relation between this and people who like to spend lavishly, for example, someone who likes to go to clubs to drink alcohol and waste money on friend gatherings, which is their problem and the reason they will never be able to grow up.

OP you really can't avoid unnecessary expenses, because they don't come when you expect them, that's why an emergency fund is very important especially when you have a family.

Everything has its own rules and routine to follow. The nature teach us that. So we are not above that. We need to create our own rules and routine and have to follow it strictly. And anything that is too much can cause problems. So having a plan to lead your life is a good decision and it does help to avoid unnecessary things. I agree with you on this mate.
I have been living alone for a while now, and I can relate to this. I used to spend more than I needed, and it has led to me on some difficult situations in the past. Now I only spend what is needed. But I lack a bit in the routine to maintain. Working on it currently.

I think we all have our own way of unnecessary financial planning. If expenses exceed the budget and planning that has been made, you should find a solution to rebalance our finances. One way to do this is to cut back on non-essential or unnecessary expenses and look for ways to supplement your income. However, in unforeseen situations such as emergencies or urgent needs, it is sometimes necessary to access money that exceeds budget and planning. In this case, you should carefully consider how important and urgent these needs are, and how to arrange future expenses to rebalance our finances.

It is very important to pay attention to our finances and not depend too much on the budget or plans that have been made. Unforeseen circumstances can occur at any time, and can impact our finances. it is important to have sufficient financial reserves, and to consider the financial situation periodically and make adjustments if necessary.

Planning avoids unnecessary expenses is not easy, this is because there are many temptations to spend money such as food, gadgets, to unforeseen needs such as illness or the vehicle we usually use is lost so we have to buy it again.

Failure to plan make one a failure already. Every success made in life is from a well defined plan. For example, going to store without an adequate plans make you end up in buying unnecessary things leading to a waste of money.

But there are things or moments in life which it doesnt really go well according into your plan which means that you should really be having that back up plan as well which it would really be just right on having this one.
Planning on your finances which do includes expenses is really that wise and something should be in default.Live according to your means and not to your wants, there might be things that might fancy us to buy it out
but dont tolerate that kind of emotion because it would really be coming to a point that it would really be making a huge mess if you dont be able to control it out.
This is why you should really be that sensible towards your actions.

having a lot of money today will make you have a lot of friends and everyone will follow you with what you say and do. but when you no longer have a lot of money then maybe they will stay away from you. this is the law of life that happens.
therefore in my opinion, manage well the money you have and use your finances wisely. Following that lifestyle only costs money, spend what you need, don't follow too big a desire.

Some successes have been made by surprise but the whole process isn't a surprise & I agree that it's all in accordance with a plan.

Food is a necessity but if you eat out and you've got no budget for it. Then, it's better to just eat the traditional way and just cook at home. Eating out can be planned but it cost some money depending on how much budget you've got from eating but usually, it's becoming more.

This is not uncommon in one's life, sometimes these unnecessary expenses are also caused by ambitions that are too high and of course have a bad impact on us, just as these expenses also come from unexpected needs and this often happens to every individual, of course.


One of the first steps in anticipating this bad habit is indeed very precise in detailing expenses and income, because of this, of course, minimal management of expenses will occur, and maybe we can say a little that it is better for us to use this income into investment and at least we think this will provide opportunity for everyone not to be continuously involved in unnecessary expenses.

money should not be put at the top of the list. You can't buy real friends with money, and the health spent earning money is very difficult to restore. Life for money is clearly not what we were born for. Money is a pretty big evil. But you realize that only with time.

I agree with your statement that money can't buy health and true friends, but if you say money is a big enough crime I don't agree with you, there will be no crime if someone is right and wise in managing their finances.

Planning to avoid unnecessary expenses I believe that what triggers on people to run into expenses is high test of life because when you have a high test of life you will spend more than your invitation at the more than your income so they are for many people does not plan or strategize for their daily expensive so at least as salary person you have to make sure that you engage yourself into something that will not consume much of your money before the month run off

To learn how to avoid unnecessary expenses, you must first have a strong enough will, because temptations are waiting for us at every step. It is also necessary to learn how to plan expenditures clearly, and to be able to stick to the plan. Although always the unexpected finds us, unfortunately, so it is necessary to have some reserves, and not to live "without brakes"

In every plan, there should always be an alternative plan i.e plan B. If plan A doesn't work out well, then plan B should do. Your plan B work as a back up plan just as you have said.

Money can indeed make us powerful and have many friends. but this should be avoided. it would be better for us not to show off our money to many people just to raise our status in society or to get lots of friends. because when the money disappears from our arms then friends and high social status will also leave us.
we have to work hard to keep earning more money. but we also still have to hold back so that we don't stand out too much when we already have a lot of money. shop only for what is necessary and we must avoid living too extravagantly which will attract the attention of many people.

living simply and maintaining our health are things that make our lives more calm and comfortable.

The thing that we don't like is the many unexpected costs, it makes our finances messy because unexpected costs often occur, and I also feel like I have to go into debt when it's a few days before getting my salary because there are a lot of unexpected costs, and what I do at this time is to save all expenditure items.

In today's modern world, people are too busy to show off. and everyone more willing to use the brand.  Due to which everyone needs extra money to buy his clothes or other items which is often more than the income. And on the other hand in this modern world everyone is very emotional so everyone gives priority to his hobbies. And because of this, everyone's unnecessary spending rate is very high. But if one wants to live a good and happy life then one must cut unnecessary expenses and save money. But how easy it is for everyone to get it is questionable as it has become a habit for everyone

Social media is also a big part of this because people are attracted to what they've seen in the social media, which is why they want to buy those branded things even if they will do it on installment or take a loan. They can't control themselves for sure, like they really need to get their wants no matter what they do, and we people who don't want those very expensive brands will stick to only what we can afford. Though that is life for sure, they will learn later on about the things they've done.

I could say that this is really just been part of a human being or something that do talks about being jealous or got easily interested and does like that they would really be liking on also having that on what they do

saw and on the time that you do know that you do have the money then its likely that you would really be buying it and you would be telling to yourself that you could still earn.This kind of mindset does really make you that a big spender which you might be regretting later on specially on the time that you would really be having some financial problem.

We are doing our best to sustain our financial via investment but we know that not all is really that on that condition.

It's not bad to live a extravagant life if you can afford it, if you don't, then that's bad obviously. Sometimes we're having second thoughts when it comes to spending on things that we wanted, because of the "we only live once" and the part of us that says we should save money instead. It's not bad to buy thing you want from time to time, because you deserve it after all the hard works you've done, but of course limit yourself on things that's too expensive for your budget.

There's a saying that don't spend money that is bigger than your salary, which is very true for you to have something in your savings.

I don't object to what you say, money is not something that should come first in our lives. But that was only true for society in the past, in today's society, money is being put on top. It sounds heartbreaking, but we need to accept the truth and adapt to it. I also have had close friends since childhood, but when I grow up, people with more money don't want to play with poorer people. They lead a lavish life and play with people of the same class. Every time I think about it, my heart aches, but I need to accept the fact that money is everything, money can buy a lot of things, including friendship and health.

....and this is why I tend to lessen my time opening social media or I could just disconnect my connection to 90% of my friends in there since it is all about just some impulsive buying that I can see there. People should also realize that not everything they see in social media is true. You never really know what happens behind those posts. Those cute couples with luxury car could be couples in toxic relationship and within a crippling debt. Nobody wants to show their struggles in social media so there's that.

With the current economic and political situation around the world,  where there is too much hustle and chaos already with too much growing inflation  you can't go on with your life unplanned and abrupt . You have to think and plan about each and everything before taking any step either its any investment  or start of new chapters in life you have to think twice .
Everyone is under too much financial burden and trying to meet both end meet so planning can save you from any loss and any mistakes with expenses,  planning helps you to look for alternate ways to do anything which costs less of your time and energy.

I wouldn't call it extravagant if you can afford it, it's just normal, just life of you and for you. It's okay to spoil yourself once in a while when your income and funds allows you. I have to put them both in context as,
Income implies a steady in flow of money and not what you have to satisfy some need or what and then you find yourself wondering where your next income would come from, that would be the uncool part which means, your bitting more than you can chew.

Your funds having to allow means, after making your budget, you've got some surplus. It mustn't have to be some surplus all the time but, sufficient enough not to course pain in the enjoyment of want.
It's still good to live by some plan, it ensures your not surprised by even an unexpected event.

Everyone has the desire to spend on their dream item even though the price is expensive, they buy it from the results of hard work for months to buy their dream item, based on my opinion that it is not a waste and is not included in the category of unnecessary expenses, unless they have needs that must be prioritized over buy expensive things. Spending on dream items only once or twice based on previous budget planning, but spending on expensive items without planning is a waste because spending the main budget for other needs that are more prioritized.

I can attest that money can't buy real friends but it can help establish friendships, making them real friends is up to our effort.  Although the love of money is the root of all evil, I do not believe that money itself is a big evil.  Money is just a tool for payment, whether it will be used for evil things depends on the user himself.  Money is used to alleviate situations of people who suffered environmental disasters, they are used to buy relief goods and alike.  So money can be said as a pretty big good thing.

I also agree that planning makes us maximize the use of everything since we do make preparations ahead and calculating things to avoid extra expenses in doing things.

Planning before implementation may sound like a good idea, but if one is not careful, one can still experience setbacks during implementation. Even so, Pele - one of the greatest footballers has said "No one can win the game alone". The best way is to welcome ideas and maybe work with someone

You're right about planning to avoid unnecessary expenses. Financial planning is very important, especially when it comes to money and assets. Without a sound financial plan, you will end up losing opportunity to make more money through investments and also end up wasting most of your money for no reason. Also sounds like you learned some good lessons back in your college days. What happened to you is that you had a lot of money all of a sudden and you thought it was enough for you. You were living at the present without thinking about the future, when the present "ended" the future left you broke. But at least you realized it and learnt a lesson from it. Hope you made some changes to your lifestyle.

Correct. as long as this has been carefully planned without disrupting our personal financial condition for the future, of course it doesn't matter if we buy luxury goods that we have wanted for a long time. I also always have things that I dream of. and I always set aside money to save specifically for that. and when it's collected then I buy it. and it can also trigger motivation within us to be more enthusiastic about working hard. sometimes we have to value ourselves. but of course with normal limits that don't fall into the extravagant category.

You are right, we must be able to limit ourselves, we must always be able to adjust our expenses so that they are not excessive and must be according to our abilities, being too extravagant is not good but being too frugal is also not good.
No matter how rich we are, if we do not have good and wise planning skills, then the wealth that we have unconsciously will run out quickly.
But even though we are someone who is rich and a good planner, we are not necessarily protected from disasters that can bankrupt us.
So we really have to plan everything as best we can and wisely and always be grateful for what we have now, and if we can have a simple lifestyle that's even better. Whether we will succeed or not later depends on the decree that God has given us.

I want to add a saying "the best plan we have is not better than God's plan"