Planning avoids unnecessary expenses

[JamesBorn]

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.

[Casdinyard]

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.

[Anonylz]

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.

[mk4]

In a way yeah but there are some unexpected expenses that planning can not avoid.

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.

[tabas]

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.

[Queentoshi]

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.

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.

[Ndabagi01]

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.

[dothebeats]

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.

[Dr.Bitcoin_Strange]

According to Benjamin quote, " 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.

[noorman0]

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.

[xSkylarx]

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.

[mk4]

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.

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.

[Don Pedro Dinero]

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

[lovesmayfamilis]

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.

[Majestic-milf]

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.

[Sterbens]

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.

[joniboini]

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.

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.

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.

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?

Better to keep some control

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.

[michellee]

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.

[ivankoh]

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.

[Plaguedeath]

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.