How to spend money determines whether you can avoid unnecessary problems

[lixer]

I spend my salary by buying first all my personal necessities such as groceries, personal care, monthly and house appliances(if ever I needed some replacement for my broken appliance). The remaining of my salary will go to my different savings such as life savings, personal savings(money that I save if I plan to purchase something) and insurance. I don’t spend unnecessary things that I just think outside my plan budget and I always plan so that I can allocate money when I’m buying things that is not on my list.

This is how I manage my monthly salary. The only thing I spend that is not planned is for food like when I crave for a specific food but I don’t count this as unnecessary expenses because food is my favorite part of my life.

You forgot to add the bills i.e water bills, electricity bills, internet bills and the like. This and then the grocery are the ones that are more important than personal care and appliances because we can still live a peaceful life without them. As long as we already have the basic and the most needed appliance like rice cooker to cook food and then gas stove then we are now good to go.

The rest can just be carried on. Insurances and savings are important but this can only come once we still have extra money from our salary. I see that you're a foodie. I think that's better than other habits like gambling or alcohol but you must still have a control, so that you won't spend more and then you won't have a health problem.

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[Aanuoluwatofunmi]

There are things we don't need to spend money on but yet we direct our responsibility on them and they took away time and money, other things that needed crucial attention from us we give less time for because we are being careless not to be well observant enough from descerning things right, we may not be able to solve all the problems and challenges we encounter around us but we must have that ability to distinguish from the ones urgently needed to tackle.

[Minecache]

I spend my salary by buying first all my personal necessities such as groceries, personal care, monthly and house appliances(if ever I needed some replacement for my broken appliance). The remaining of my salary will go to my different savings such as life savings, personal savings(money that I save if I plan to purchase something) and insurance. I don’t spend unnecessary things that I just think outside my plan budget and I always plan so that I can allocate money when I’m buying things that is not on my list.

This is how I manage my monthly salary. The only thing I spend that is not planned is for food like when I crave for a specific food but I don’t count this as unnecessary expenses because food is my favorite part of my life.

You forgot to add the bills i.e water bills, electricity bills, internet bills and the like. This and then the grocery are the ones that are more important than personal care and appliances because we can still live a peaceful life without them. As long as we already have the basic and the most needed appliance like rice cooker to cook food and then gas stove then we are now good to go.

The rest can just be carried on. Insurances and savings are important but this can only come once we still have extra money from our salary. I see that you're a foodie. I think that's better than other habits like gambling or alcohol but you must still have a control, so that you won't spend more and then you won't have a health problem.

And I see you both didn't mention money to invest, I think we should add a long term investment for the future. Apart from the daily expenses and bills, I always have one to save and one to invest. In general, people like to eat delicious food, but should not waste too much money on food, especially fast food, which is harmful to our health if eaten too much. I only eat main meals and rarely snack. I prefer to save my money in order to invest.

[isaac_clarke22]

~

Well cause they spend their money that way, so they just keep doing it and regret it later on. It's not really a trap if you would look at it. Pretty sure that they're aware that they're losing money on things that are not necessarily worth spending for. 

You mentioned spending seven bucks for cup of coffee every morning? I would assume that it is a Starbucks purchase. I personally never bought anything from Starbucks since I can just blend my own coffee either around office or even at home. It is sometimes just social status that people wanted to show off that they're rich and people should be jealous of them. Those other scenarios you mentioned pretty much sums up what I usually see in celebrities or some of my friends in social media that just wanted to gain attention and yeah, I do not care.

It's their money, OP. Surely after they go broke, they would learn their lesson.

[Jody.Drummer]

I spend my salary by buying first all my personal necessities such as groceries, personal care, monthly and house appliances(if ever I needed some replacement for my broken appliance). The remaining of my salary will go to my different savings such as life savings, personal savings(money that I save if I plan to purchase something) and insurance. I don’t spend unnecessary things that I just think outside my plan budget and I always plan so that I can allocate money when I’m buying things that is not on my list.

This is how I manage my monthly salary. The only thing I spend that is not planned is for food like when I crave for a specific food but I don’t count this as unnecessary expenses because food is my favorite part of my life.

You forgot to add the bills i.e water bills, electricity bills, internet bills and the like. This and then the grocery are the ones that are more important than personal care and appliances because we can still live a peaceful life without them. As long as we already have the basic and the most needed appliance like rice cooker to cook food and then gas stove then we are now good to go.

The rest can just be carried on. Insurances and savings are important but this can only come once we still have extra money from our salary. I see that you're a foodie. I think that's better than other habits like gambling or alcohol but you must still have a control, so that you won't spend more and then you won't have a health problem.

It's actually very easy to see an estimate of how much we spend per month. Yes, I mean every month, we definitely know what we have to buy for our daily needs, what bills we have to pay. Maybe there will be a difference due to the increase in some basic commodities, but it will not make a very significant difference. From there we already have an idea of how much money we will spend to fulfill it all. Because maybe there will be one or two additional items and also there are unexpected expenses. I usually keep all receipts so I know what the difference is each month.

[bitgolden]

Problems simply arise because of your decisions especially in terms of one's financial status. If you are a minimum  wage earner and you are spending more than you can suffice, it won't be surprising to know that you would be in debt eventually. Orevention is indeed better than cure. If you would be prioritizing savings and investments at the early age, your sources of income would multiply which would help you to sustain your lifestyle and expenses, even unwanted situations. The root cause of evil is money; I disagree. But most of the problems revolve around monetary aspects. Think of the situation like a bucket of water and bottles as problem; if your bucket is full you can fill more bottles with it. The way you spend, earn, and utilize money would ofcourse reflect to the life you are currently living.

I think this is true if you are young, but at a certain age it is futile to try to invest money. For example, I still invest but I feel like I am getting close to saying that's enough, not because I am getting richer or my investment will be enough, but I do not have too many years left, I feel like I can live maybe another 20-30 years at most, and I rather spend that time having fun and living a good life instead of having a bad life and investing.

But, if you are 18 years old or so, you may have as much as 70 years in front of you, god forbid if nothing bad happens of course, in which case you can of course spend 30-40 years investing, that one would make sense.

[Fortify]

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.

I think age is a very important factor in this discussion for two reasons, the first one is they are often on lower wages at the youngest end as many countries stagger the minimum wage to a point. This means if you're only earning $5 an hour under 21, versus $10 an hour minimum over 25, there are vast differences in your ability or inclination to save money at that point. Second is that many younger people should be spending their money on life experiences to be honest, there is no point saving all your money up like a troll until you are two wrinkly and frail to have fun with it. People should definitely enjoy their younger years to the max even if that means spending every penny they earn in a monthly wage.

[South Park]

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.

I think age is a very important factor in this discussion for two reasons, the first one is they are often on lower wages at the youngest end as many countries stagger the minimum wage to a point. This means if you're only earning $5 an hour under 21, versus $10 an hour minimum over 25, there are vast differences in your ability or inclination to save money at that point. Second is that many younger people should be spending their money on life experiences to be honest, there is no point saving all your money up like a troll until you are two wrinkly and frail to have fun with it. People should definitely enjoy their younger years to the max even if that means spending every penny they earn in a monthly wage.

Something on the middle should be the goal, saving all your money and refusing to spend it when you need it is unhealthy, but not saving at all is a huge mistake, I say this because there have been studies which have been made and it is known that those that save their money early on their lives do much better than those that do not, and this is because the sooner you begin to save the sooner you can begin to invest and make money without lifting a finger.

[Fivestar4everMVP]

Someone who does all of those things mentioned in the OP should already be rich, cus based on how i understand things to be, and maybe personal experience too, a poor man, or should I say, an average person in terms of finance, hardly would have the time or resources to go or register for a gym class, someone who hasn't had enough to eat and feed his or her family shouldn't be found eating out in an expensive hotel or spending so much on drinks.

One thing I can say right now is that, it pays to hustle and work hard while we are young, because a time is coming when we are not going to be as strong as we are when we are young, let's minimize spending while maximizing income, this is one of the tricks to become financially comfortable even as youngsters.

[isaac_clarke22]

~

Yeah there could be some people still spending like hell like OP describes. It's their money in the end and it's their responsibility if they would choose to just lose it all before the time of need and urgency for money comes.
For the sake of my mental health and peace of mind like I mentioned previously here in the thread, I would just keep something at least. I might not be able to keep it all when the time of uncertainty happens, but hell at least I would somehow perish in "peace".

I would not even considering doing a loan just for the sake of spending on my wants.

[Hamphser]

~

Yeah there could be some people still spending like hell like OP describes. It's their money in the end and it's their responsibility if they would choose to just lose it all before the time of need and urgency for money comes.
For the sake of my mental health and peace of mind like I mentioned previously here in the thread, I would just keep something at least. I might not be able to keep it all when the time of uncertainty happens, but hell at least I would somehow perish in "peace".

I would not even considering doing a loan just for the sake of spending on my wants.

Regrets do always come at the end on which it is true that its their money and its their full rights on what they should gonna do with it.Being sensible when it comes to your actions then it would really be putting

you into a situation which you would really be making yourself avoid on possible problems in the future because of unwise spending.If you do have various income sources then spending a ton wont really be that

a problem but of course it would really be that important that you should really know about having those limits because we know that there's no such thing about unlimited funds.This is why it is
really that good if you do spend up on something which is really that important and dont spend that much when it comes to wants and overall it would really be on yours decision.

[Oceat]

You didn't explain/say anything on how to spend money here but instead you blame them for being irresponsible.

Anyway, if OP can't tell you what you have to do if you are living a lavish lifestyle despite of how much you are earning or let's just say your salary isn't enough to keep up your weekly/monthly expenses, you should cut-off some of these lifestyle and wasting money on an overprice things that you don't actually want.

Be practical and spend your money wisely, it's okay to try those expensive drinks if you want to try them for the first time but don't make it as a lifestyle. You can do it later only if you are earning more than what you need or let's just say you are having too much extra money even after all of those luxurious lifestyle you did.

[tabas]

I know someone that's definitely be guilty with all of those things mentioned. Keeps on complaining how tough life is but when its come to budgeting, you'll see him go first with those things that he don't really need. Buying expensive stuff to showoff the others on what type of person he is and trying to impress them as if he's a wealthy guy. But in real life, he's broke and it will be easily understood if he's cash broke but no, he's totally broke. No assets, no savings but then every payday spends to expensive coffees and dine outs. It's not necessary at all and I'm only thinking that he's treating himself but IMHO, that's just too much when you're always complaining how tough life is.

[coupable]

I do not believe that it is possible to achieve a living balance without developing a clear strategy and financial plan to control expenses in balance with resources. This applies to the richest, but does not include the very poor either.
Financial planning is critical to anyone's success because it complements the overall living plan and ensures that set goals are achievable.
Financial planning mainly includes strategies and policies that will eventually lead to achieving complete self-sufficiency and avoiding as many difficulties as possible, which will lead to an increase in your money in the future. However, for many people and even business owners, the financial plan may not be that important to them, and they often find themselves in endless financial hardships.

[KennyR]

What OP have mentioned about the unwanted expenses is really a disaster to the savings that could help on our emergency needs or for some investment need. By the time it can also be taken as care, responsibility and different other terms. If a parent have got kids and they ask for something one day, we'll say will buy it tomorrow. The same happens for a month, what will the child think. Such expenses are like responsibility spending and not an unwanted thing. So, it depends on how we see the spending than the purpose on which it is spent.

[Iranus]

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.

I think age is a very important factor in this discussion for two reasons, the first one is they are often on lower wages at the youngest end as many countries stagger the minimum wage to a point. This means if you're only earning $5 an hour under 21, versus $10 an hour minimum over 25, there are vast differences in your ability or inclination to save money at that point. Second is that many younger people should be spending their money on life experiences to be honest, there is no point saving all your money up like a troll until you are two wrinkly and frail to have fun with it. People should definitely enjoy their younger years to the max even if that means spending every penny they earn in a monthly wage.

Something on the middle should be the goal, saving all your money and refusing to spend it when you need it is unhealthy, but not saving at all is a huge mistake, I say this because there have been studies which have been made and it is known that those that save their money early on their lives do much better than those that do not, and this is because the sooner you begin to save the sooner you can begin to invest and make money without lifting a finger.

Saving is necessary, but if we only know how to save without any life experience when we are young, we will regret it even more. If we only knowing how to save will not make us richer after getting older and excessive saving will make your thinking obsolete. Youths should spend money to experience and will find many life-changing opportunities, when you spend more money, you will find ways to make more money. That doesn't mean you don't need to save, I mean, save enough, don't be too stingy with yourself.
Saving is necessary, but if we only know how to save without any life experience when we are young, we will regret it even more.

[AnonBitCoiner]

For living a good life one should manage the uses of daily life through amount of money which is affordable. If we want a prosperous life then we should avoid all those things which are not important for us and are not a necessary part of life like that which you mentioned.

One other thing to save money is that if a person cannot afford to save more money then at least 5 percent of income should be saved properly so in this way he will have no burden to manage the system of home and if he want some other business or any other thing so this save amount can be used for further development.

Money comes hardly but it spends very easily so we should all ignore those things which we think that are not vital for life and for the prosperous life we should change our lifestyle so we will not act like the others do. Always prefer your own lifestyle and do not copy others.

[Cling18]

Spending money is the easiest thing to do but doing it efficiently and wisely is very challenging. There are lots of temptations nowadays from our working environment to everything that we see online. Sales are everywhere and they are hard to resist. I think we need complete discipline to do wise budgeting and we can accomplish it by having a smart lifestyle. Allocating funds for our bills, expenses, and savings should be put on too first before buying our ones. We have to control our urge to buy our wants and avoid anything that will tempt us to spend too much.

[Findingnemo]

What you stated is about the mind set of typical working class person who wants to express themselves as more rich than what they are and this is also happening due to their work style inflation which means even if their salary is appreciation they keep adding unnecessary expenses to match the life style of others and ofcourse thats how many people are living and who wants to get rich then they have to be an exception and start saving then make the money work for us there is no other way than realizing this and start making changes.

[Bestdss]

First thing people should know is that " it is easier to make money than to save money". A lot of people aren't prudent with spending especially the male folks. Saving is a pattern, culture and way of life and if you don't have the saving culture inculcated in you can't save. Yes, most people will say what they earn is not enough to be able to save, but believe that if you were making $100 monthly and couldn't save $1 out of it monthly, if you make $1k monthly, you would still not save because issues to be solved will still be around.
What I do is, every month I take pen and paper and write what I need to solve or buy for the month, write down what to be saved no matter how small and keep to the plan, you don't allow ur emotions change ur list. Keep to it and see ur self saving little money at the end of the month.