How to spend money determines whether you can avoid unnecessary problems

[Marcellin9]

Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.  This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

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[browsiek]

It is true that financial management is very important, suppressing lifestyle to reduce exploding expenses, focusing on the basic costs that we really need. Everyone should have a savings where these funds can be used when there is an emergency, but if we spend it just for a moment's pleasure it doesn't feel necessary to do it especially just to buy an expensive drink at a famous restaurant it will only be a waste of the money we collect, right? means not allowed but more to where the needs that must be prioritized. Avoiding financial problems is one way to relieve stress and reduce the burden of life.

[Aanuoluwatofunmi]

Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion.

How do you now get this fact established, it's either one is poor or being rich as long as you're living a satisfied life without begging or waiting on other's to decide for you, then i can say you can bare the burden of your demands accordingly as the needs arises.

Only those who are employed with steady income, some savings and spare time will find this topic useful.

what about the self employed entrepreneurs, having no fix income but making a good savings from their earnings from the business or work they do, sone can have a background experience to give to how and what led them to their presents position in life, it is believed that we all have some past events to point at which has contributed to where we are today.

I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.

The problem of how to spend money begins with the inability of individuals to different wants from needs, they waste time on unnecessary things and invest their money as well on liabilities that take away money from them, or have a high cost of maintenance without having a means that brings income for them.

[CageMabok]

Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.  This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

The ones who should be blamed in that case are themselves or those who have been caught up in it. Because everyone who is always self-aware does not spend a lot of money on things that are not needed as you describe, of course they will save money on expenses that are more important and will ignore things that are not important for their lives.

So regarding how to spend this money, actually everyone needs to look at the amount of their income every month and classify every important expense that they have to spend every month and stay away from things that are not important for themselves, because they can still live frugally without having to eating at a fancy bar surrounded by women who weren't his wife. So only themselves can be blamed for this because other people have no right to be blamed and linked to this kind of thing.

[noorman0]

To be honest I was a bit disappointed with the example presented, I thought it would be as extreme as some low income workers in poor countries which really have to choose one of several necessities to be disqualified. For normal people, financial complaints are the last thing they do after they evaluate their expenses several times. The gym or dating are activities that are actually easy to get disqualified from the expense list when someone realizes that their financial condition is declining instead of complaining first.

[Zlantann]

For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

Life is all about choice. People tend to spend their money on what is important to them. But I totally agree with your examples on how people spend money on what they don't necessarily need. Recently, I was guilty of this wasteful spending. I did a monthly Netflix subscription and I just watched one movie for less than three hours because I had no time to watch movies. I regretted this financial waste and will never try it again.

Many people claim that their earnings is not enough but they can afford to buy several bottles of beer for friends in a bar. They would buy shoes or clothing that they don't even need. I have a friend that bought five pair of shirts and forget that he bought anything like that. He later saw the shirts wrapped inside his wardrobe after seven months. He doesn't really need them.

If you are a low or average income earners, the only way you can save is to spend on mostly basic needs and avoid spending for fun or pleasure. Food, clothing, housing and other important expenses should be paramount. Others can be set aside until ones income has been diversified or increased.

[Plaguedeath]

they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on.

Don't need to buy a cup of coffee for seven bucks, buy a good manual coffee grinder for $100 and 2 pounds coffee beans for $50, you can drink it for 1-2 months.

Don't need to have gym membership, just workout without gym facilities e.g. push up, sit up, running, etc.

Don't need to have a dinner in an expensive restaurant, there's a lot delicious street foods you can choose.

Don't drink, it's unhealthy, expensive and addictive.

After all it depends on each person choice, my choice is the right one while majority of people will pick the left one.

[davis196]

Please don't mistake the people who are financially irresponsible with the "working poor" members of the working class. There's a definition of "working poor" in Wikipedia. You can check it out. There are people, who aren't making any irresponsible financial decisions(like buying expensive coffee, smoking, drinking alcohol, having gym memberships), but they still don't make enough money from their job to make ends meet. Who is to be blamed in that situation? The people, who are working in such low paying jobs(because they lack education and skills to get a better job) or the labor market/employers/the government? I think that everyone can be blamed for the harsh conditions of the "working poor". The workers have to educate themselves and develop better skills, the employers have to pay higher salaries and the government has to create a better environment for the businesses to grow and make more money.

[Jody.Drummer]

To be honest I was a bit disappointed with the example presented, I thought it would be as extreme as some low income workers in poor countries which really have to choose one of several necessities to be disqualified. For normal people, financial complaints are the last thing they do after they evaluate their expenses several times. The gym or dating are activities that are actually easy to get disqualified from the expense list when someone realizes that their financial condition is declining instead of complaining first.

I agree with you that the example given is something we can clearly judge without difficulty. How is it possible with their complaints about financial conditions, they are still doing that. This is no longer their complaint in my opinion, but more how it is difficult for him to let go of the lifestyle he has lived so far that has made his financial condition worse.
I also have an environment that always complains about their financial situation, but their condition is caused by themselves, I mean it's not funny when they complain about finances but they are reluctant to try to at least get a job? I understand that finding a job is very difficult now, but if we just stay quiet what can we expect? Waiting for a miracle?

[palle11]

Op what you are trying to narrate is just unnecessary spending or wasteful spending and that could come from anybody no matter where they fall in the economy. The rich do unnecessary spending likewise the poor but I think it is more unreasonable when you see the poor who is living wasteful financial live because those money could have been used for other investment that can help them run away from poverty. The poor are suppose to be the one very careful in their spending.

[Fesatmas]

Op what you are trying to narrate is just unnecessary spending or wasteful spending and that could come from anybody no matter where they fall in the economy. The rich do unnecessary spending likewise the poor but I think it is more unreasonable when you see the poor who is living wasteful financial live because those money could have been used for other investment that can help them run away from poverty. The poor are suppose to be the one very careful in their spending.

Yes, that's right, spending like that doesn't make sense when poor people do it. And it would be stupid when they actually spend like that in the midst of a very difficult economy. Rich people may not be too worried when they behave extravagantly because their main needs have been met, but still they shouldn't do it even though they can do it because they have a good economic condition.
I'm not anti-entertainment or anything else, because I also do it once with the intention of appreciation for what I do every day, but I do it for a certain period, it can be once a month or even once every 3 months.

[Wexnident]

If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

It's like the idea of paying subscription-based payments every month, e.g. Youtube premium, spotify, etc. It's cheap if you look at it at first glance yes, but it's also a really unnecessary expense for the most part. I'd only ever give out the idea of buying those type of things when you're really comfortable with the amount of money you get. People may argue that it's a sort of "enjoyment" part of your finance, but really, you'd only ever have that sort of part in your wallet if you didn't have problems with money, aka as I said, comfortable with the amount of money you get.

[lovesmayfamilis]

Don't need to buy a cup of coffee for seven bucks, buy a good manual coffee grinder for $100 and 2 pounds coffee beans for $50, you can drink it for 1-2 months.

Don't need to have gym membership, just workout without gym facilities e.g. push up, sit up, running, etc.

Don't need to have a dinner in an expensive restaurant, there's a lot delicious street foods you can choose.

Don't drink, it's unhealthy, expensive and addictive.

After all it depends on each person choice, my choice is the right one while majority of people will pick the left one.

You have correctly noticed everything, but the habits of people are very strong. For me, going to the gym will be mandatory, just because I will pay for it. Going for a morning jog on your own is always rejected by the desire to sleep longer. A cup of coffee drunk in a nearby café is also defining the coming day.
In fact, of course, you can deprive yourself of everything. But a person gets used to the good very quickly, and it is almost impossible to wean oneself from it. Therefore, allocating your finances in advance for vacations, closing loans, renting a home, and even investing will be the best choice. But the younger we are, the weaker we are at educating ourselves. But time teaches, and I think that with age, many begin to understand that some pleasures can really be deprived of themselves.

[Razmirraz]

Live within your means. I mean, managing financial management is very important. Have you ever felt regret when you mismanaged your finances?

Spend money where it is needed, not where you want it, the goal is to be able to leave some money to pay the installments at the end of the month. Savings are also very necessary, at least when you urgently need money quickly, there are already savings that you can rely on without having to borrow from other people.
This shows that you must prioritize needs over wants.

[Dickiy]

Please let me clarify first: anyone who is extremely poor or wealthy is not included in this discussion. Only those who are employed with steady income, some savings and spare time will find this topic useful. I guess most of us are doing fine now but financially we have to face one common problem: how to spend money.  This issue leads to many consequences if not handled properly. Here I would not start any broad and subjective agruement. To deliver my message clearly, I am using some specific examples to elaborate. For example, a lot of peole complain that their income is not enough to cover their daily expenses so they can't save much money while...they spend seven bucks on a cup of coffee almost every morning, throw a hundred dollars on some gym membership cards but never show up training, have dinner with some random girl in an expensive restaurant, buy drinks in bars and waste hundreds of dollars... The list goes on and on. If you live this kind of lifestyle and at the end of months, you are running out of money or can't pay the mortgages, whose fault is this ? I can not provide any statisitics but I am sure that many people have fallen in the trap and can not get out.  I hope you are not one of them.

The importance of managing finances and real needs, which we basically need, when the habits you mentioned I think are bad for your financial health, no matter how much income you get today if you do it every day, we can manage this wisely for a solution to this problem, like drinking coffee and beer once a week on a date once a month, I think it's more effective. things that are consumptive and unproductive for personal development I think we should be able to reduce them to reduce excessive spending so that we find it difficult to survive at the end of the month.

[virasisog]

Self-discipline and self-control are necessary for us to handle and manage our finances appropriately. There will be times when we will be tempted by the people around us or even by the current trend but we should be smart enough to deal with those temptations and mind saving and proper budgeting first. Prioritize your needs over your wants and always aim to save and invest to secure your future. Our desire to spend should focus on what we want to achieve and what we want to become in the coming years.

[hugeblack]

I think that the problem is related to the personality of the individual, as he gets used to a certain lifestyle, and therefore reducing this pattern or trying to change it makes him depressed, which prompts him again to either buy something expensive or try to hang out with friends and others.
The only solution to this problem is to be aware of the financial culture and then identify the important things in your life, and from them you will have a reason why you want to stop the rest of the things.

After you save money, a big question will come to you, what will you do with it, if you are not very financially aware, you will end up giving it to a broker or an uncalculated investment and then losing it.
So financial culture is the solution.

[Merit.s]

Life is about choice,when we are making some decisions, because our choices can make us a better person or destroy us. Why must people invovle themselves in an expensive lifestyle, by spending money unnecessary activities and get broke. If we can differentiate our needs from our wants,we will be able to control our spending and cut down excess expenses. Some persons love to find themselves in conducive environment,which can lead to excess spending because you are to pay for everything you do there. This is the major problem that makes people to spend carelessly forgetting it is an expensive lifestyle.

[bitzizzix]

Luckily I'm not the type of person the OP mentioned, and I'm not a coffee drinker outside, and I don't eat in restaurants either, because I find doing both at home which I find much tastier and more enjoyable and also more economical.
And according to people like the OP mentioned and beyond their capacity who shouldn't be doing it. And if you want, it's best to schedule it only a few times a month and in a location that is more accessible and less expensive.
and the people mentioned by the OP should really change their habits and do financial management in order to properly manage incoming and outgoing money, drink coffee at home which I think can be made according to taste, eat at home and bring lunch to work or eat out, and you can also walk or bike to work if it's affordable or half way and it will keep you healthy without having to go to the gym.

[ChiBitCTy]

As a long time licensed financial advisor I can attest that you are correct, people in that "middle" area do complain a lot about their finances and not having enough money for this or that but as you perfectly stated, will come in to my office holding a Starbucks drink that just cost them eight dollars.  This is a very typical issue with Americans, as I'm sure it is with all people across the globe.

When it comes to me and my job, I have to at least try and teach them, but to be honest so few every take good sound advice and just continue on living in a poor economical fashion.