SPENDING MORE THAN YOU EARN

[loopes]

👉👉Shopping with a list
👉👉Control your grocery list

I have something to add that's related to these two and that is before you go shopping, eat before you go. Yes, a very simple thing and reminder to eat before you shop. Because with all of those tasty and craving food that you'll see in the grocery store, you'll not be able to control your hunger and crave from those foods you'll see. That's why with this simple tip, you'll get to save eating out and just to be frugal, it's okay to eat outside but do it when you've got some spare or you think that you're not going to hit your budget when you do. And to have no budget constraints, if you can't help yourself but to spend more then the main solution is to earn more.

I feel what you have suggested. While we are hungry, we are potentially looking most of food on grocery store will look so delicious then coming the desire to buy anythings we are looking at. This small tip will always usefull to control what our grocery list to buy, so we do not spend more money for the things that we do not plan before. it may be small expenditure but if this case is done frequently so it will take a big enough amount of our budget.

[cydrix]

All of your comments are valid, but the second one—the one about using only cash—is partially unacceptable, but it depends on the individual. Going over the budget is presumed to be something you chose to do on purpose as having a shopping list is enough to ensure you only spend what you have written down to acquire. Unless, of course, you do not have a budget to deal with, which is the subject of your first point. Therefore, when a person satisfies the other criteria you listed, they would still go for their intended amount to spend, whether they pay with cash or a card; exceeding that limit because they are paying with a card is a conscious choice.

[South Park]

Not all old debts can be paid off if expenses exceed income. New debts will continue to pile up every month and increase over time.

In my opinion, this is more common among people who previously had very high monthly salaries and a luxurious lifestyle. However, when they lose their best job, their monthly salary becomes lower. Despite this, the luxurious lifestyle they adopted cannot be changed, and they continue to live beyond their means even if their salary is not enough. Pressure from their social circle or people around them to maintain their social status often becomes a significant problem in this situation. Someone does not want to lose their existence and chooses to maintain their lifestyle. They may hope to get a job like before by socializing with people who have a high-end lifestyle.

That is why if you can live life free from any debt, then much better so you can live a peaceful life. But let’s just accept the fact that having debts nowadays is already part of living your life, especially if you have a job that pays your debt. But the worst thing about making some debts is you will find it difficult to go out from it. It’s like an addiction that you can’t easily get rid off.

There are different kinds of debts, there are those which are permissible, like buying a house and pay it after a few years or decades, as very few people have the money to pay for a house with cash, besides the interest rates can be on the low side and you get an asset once you pay your debt, so this is an example of a good debt, but many people indebt themselves, pay very high interest rates and all of that over a piece of junk they will get rid of it after a few years, this is an example of a bad debt.

[Alphakilo]

This is a very dangerous act. Spending more than you earn will make you go bankrupt. Sometimes we try to buy unnecessary things which we dontreally needed. We may desire them but we do not need them. We tend to forget to  differenciate what we need and what we want.
In our spending, we need scale of preference to guide us spend wisely on important things.
This behaviour most times happens to ladies trying to impress their fellow girls and show off.

[be.open]

One of the main problems of the modern world financial system (and one of the main reasons for its inevitable future collapse and total dismantling) is that it encourages the strategy of "spend more than you earn." If you have a high credit score, you can take out more credit and afford a better house and better car than your friend with a low credit score (and less debt). It's the same at the state level, more developed countries have higher credit ratings and snowballing debt against a background of higher living standards. Moreover, it becomes a problem for the state if its citizens massively begin to switch to a savings model of economic behavior, because this is fraught with a recession and a loss in economic growth. Therefore, in a crisis, states are beginning to spend even more to spur consumer optimism, increase inflation and devalue the fiat savings of their citizens. And you have no chance in this game if you don't have bitcoin.

[serveria.com]

Base on one of my recent post titled"Common Money Mistakes Anyone Can Make"(https://bitcointalk.org/index.php?topic=5448160.msg62062701#msg62062701). One of the serious point there is SPENDING MORE THAN YOU EARN. I believe this should be discussed as a separate topic as it's a very crucial part of ones financial life. Spending more than you earn make ones keeps accumulating debt from expenditure before getting income. This isn't good for ones financial life. With this you hardly save money but keep accumulating debt. It’s better to avoid debt if you can. That way you’ll avoid paying interest on what you owe. Below are ways one can easily stop spending more than you earn:

👉👉Create a Budget (or Improve Your Existing Budget)
99% of the trouble that people have with money isn’t that there isn’t enough of it but that there is no plan for it once you actually get it. Your budget (either weekly or monthly) should consider your income and your expenditure. Guide your spendings for the week or month with the budget made. This might be hard at first, but having that extra cash in hand, definitely worth the effort.

👉👉Use cash only
Shopping using card look more convenient and most time encourages you to buy unnecessary things even out of plans. I really observed I spend more money(even more than 20% of my salary) on airtime only any month I load airtime directly from my bank account through USSD. This is so convenient that immediately I exhausted my airtime when calling, I just dial the USSD code to get another. This doesn't help you financially. You get to stop. Knowing your Credit and Debit Card Number offhand isn't helpful for you. It makes you shop unnecessarily online. Using cash-only envelope budgeting system can help you minimize your spendings and sticks to budget.

👉👉Shopping with a list
This is a lifesaver and a game changer. It’s so simple! Literally, all you have to do is write down what you need in the house that week. Make the list, and stick to it. If you only need to get chicken and vegetables and some pasta at the house for the week, there’s no reason for you to be going to the snack food section. It’s a trap!

👉👉Control your grocery list
Having meal plan can help you minimize your monthly expenditure. This helps you to stop spending money unnecessarily on food without depriving yourself of your favorite treats. This will also help you to plan your week without any worries and give you the insight of all what you need from the store.  

👉👉Learn to say “no”
Not all goods worth buying at the moment. Although ads may be tempting but one should learn to go off any unnecessary items.


Reference: https://www.pnc.com/insights/personal-finance/save/how-to-stop-spending-money.html

CONCLUSION
It's good for one to satisfy his/her desire when making purchase of items but this shouldn't cause issues in ones lifestyle. The key to stop spending too much money is to create better money habits in your daily life. But I know that’s easier said than done. Putting one or all of these ideas into action, helps in building a healthy spending habit. Take control of your spending today and you’ll reap financial rewards for years to come.

Good points, however there are situations in life when you can afford living above your means for a certain period. Like if you have savings (and you know what you're doing) you can spend more than you earn short-term.

[chrisculanag]

👉👉Create a Budget (or Improve Your Existing Budget)
99% of the trouble that people have with money isn’t that there isn’t enough of it but that there is no plan for it once you actually get it. Your budget (either weekly or monthly) should consider your income and your expenditure. Guide your spendings for the week or month with the budget made. This might be hard at first, but having that extra cash in hand, definitely worth the effort.

If it's just me I will control the budget so I can do it. But because my wife is in charge of the budgets at home, it is unlikely to be implemented. 😂 Sometimes our budget for a week is still missing, then an ending I'm adding more 😁. For me its easy to budget and you can save extra cash as long as you have discipline and know how to endure tempting things.

[slashz9]

We can add, don't spend money that is not earned yet. We should avoid this practice so that we can be saved from debt.  People who tend to do this often end up in debt since we are too comfortable in spending thinking that our funds will come soon making us comfortable in overspending and borrowing money from other people.  This kind of action may put us in financial jeopardy and since most borrowed money has an interest, it will incur more unreasonable spending on our side.

unfortunately some people are used to that situation, usually those who have not received a salary and want to quickly buy something they want, then borrow money and will return it with or without interest, I mean they can't wait for a few days before receiving their money, that's become a bad habit.

[Ultegra134]

All of your comments are valid, but the second one—the one about using only cash—is partially unacceptable, but it depends on the individual. Going over the budget is presumed to be something you chose to do on purpose as having a shopping list is enough to ensure you only spend what you have written down to acquire. Unless, of course, you do not have a budget to deal with, which is the subject of your first point. Therefore, when a person satisfies the other criteria you listed, they would still go for their intended amount to spend, whether they pay with cash or a card; exceeding that limit because they are paying with a card is a conscious choice.

I also agree with all points, but not with cash usage. I understand that card purchases make spending money easier, but they are a necessary tool in our day and age. On top of that, you can use them to keep track of your budget through your mobile application, while using cash and keeping track of all your spending isn't as easy or convenient. The issue only arises if you're using them uncontrollably, getting carried away without taking your budget into account, and ultimately spending more than you are earning or can afford.

[demonica]

👉👉Use cash only
Shopping using card look more convenient and most time encourages you to buy unnecessary things even out of plans. I really observed I spend more money(even more than 20% of my salary) on airtime only any month I load airtime directly from my bank account through USSD. This is so convenient that immediately I exhausted my airtime when calling, I just dial the USSD code to get another. This doesn't help you financially. You get to stop. Knowing your Credit and Debit Card Number offhand isn't helpful for you. It makes you shop unnecessarily online. Using cash-only envelope budgeting system can help you minimize your spendings and sticks to budget.

I agree mostly with what you've said. It's really helpful to know these things if you really want to save. But for this one, it doesn't really necessary mean that using cards can make you spend a lot. It depends on the person, if he knows how to use his cards in a smart way. Having credit cards can be great too if you know how to use it, and you can actually save more because of it.

All those things you've mentioned can be done if a person is financially literate and really wants to save money. It takes a lot of self control when it comes to spending on things you need versus on what you just want. I feel like it's easy to tell ways on how to save money but in reality, a lot of people still lack knowledge and skills about these things.

[Webetcoins]

I definitely agree with all other points except for the card one. I'm also a family person and we go shopping as well, and to be honest, having only cash doesn't really stop you from spending more unless you have already taken all the other steps like having a specific list and sticking to it or not buying unnecessary things.

Having a budget for everything is probably the most useful one, and sticking to the budget is very important. You can't add or subtract from a budget allocated for one thing to another or everything will start getting out of proportion.

[ichsan ardi]

Learn to say “no”

This is something that you should really be minding or have this kind of behavior on which it is really better where you dont make yourself get easily tempted on buying things which you do see around.If its something that is beneficial then go ahead but its not something necessary then its better to skip out and avoid it.There are people who do have that good self control and discipline when it comes to things specially
if they are aware on how much they've been earning.

Spending something or an amount which is more than you do earn will really be putting you on huge debt and would really be having some financial problem which is something
that we do really need to avoid on or having this kind of behavior.

I agree with your opinion, learn to say no, learn to be consistent and discipline about something, don't be wasteful, don't spend more than you earn, try to maximize your income, minimize expenses, don't be stingy for yourself, that's something that can make you save and have an emergency fund so we can survive in future.

[Russlenat]

Learn to say “no”

This is something that you should really be minding or have this kind of behavior on which it is really better where you dont make yourself get easily tempted on buying things which you do see around.If its something that is beneficial then go ahead but its not something necessary then its better to skip out and avoid it.There are people who do have that good self control and discipline when it comes to things specially
if they are aware on how much they've been earning.

Spending something or an amount which is more than you do earn will really be putting you on huge debt and would really be having some financial problem which is something
that we do really need to avoid on or having this kind of behavior.

Living your life above your means will definitely put you into financial struggles later on. This is really true to most of us especially if we aim to live a lifestyle that’s not suited for us. While it can make us experience comfort and luxury, but it can also lead us drown into debt. And certainly, that’s very unhealthy for us because we will live life being pressured and stressed on how to pay our debts in time, especially if we have no jobs to pay for them.

[kryptqnick]

Having at least a rough budget (knowing how much comes in and how much you spend on what) is important, I agree with that. I'd also agree about using cash, although the difference isn't as significant and that doesn't work everywhere. If you really need to be strict about the budget, you can set a limit in your online banking, most likely, on daily spending, so that a higher transaction is just rejected. Also, ordering food online and just picking it up can be a bit cheaper and also a way to save some money (because you aren't attracted by those chocolate bars near the cashier and stuff) in some countries. Having a shopping list is also something I do most of the time, but I do allow straying away from a list a little and buying a bit of extras (this really depends on how harsh one's financial situation is, I believe).

[virasisog]

This is actually a challenging thing to do especially npwadays where trends and temptations are everywhere. It really needs self control if we are being tempted to purchase or spend on something that we only want. We should base our lifestyle on how much we are earning so we can spend according to our budget. Exceeding our expenditures will be a reason for us to suffer in the future. If ever our colleagues ask to go out for a meal and we know that it will exceed our budget, we should learn how to say no. We should be responsible and always think of our future.

[umbara ardian]

It is natural for some people to overspend and live beyond their means, but it's not inevitable. In some cases, overspending can be a result of poor financial management or a lack of financial education. However, it's never too late to start implementing good financial habits and creating a plan to spend within your means.

Creating a strict and straightforward plan, such as a budget or a shopping list, is a great way to start managing your finances better. It's important to personalize your plan to fit your specific needs and lifestyle, so it's more effective in helping you achieve your financial goals.

While it's normal to deviate from your plan occasionally, it's important to recognize when you're overspending and make necessary adjustments. Over time, sticking to your plan can become a natural habit, and you'll find that you're able to spend within your means without even thinking about it.

[GideonGono]

Base on one of my recent post titled"Common Money Mistakes Anyone Can Make"(https://bitcointalk.org/index.php?topic=5448160.msg62062701#msg62062701). One of the serious point there is SPENDING MORE THAN YOU EARN. I believe this should be discussed as a separate topic as it's a very crucial part of ones financial life. Spending more than you earn make ones keeps accumulating debt from expenditure before getting income. This isn't good for ones financial life. With this you hardly save money but keep accumulating debt. It’s better to avoid debt if you can. That way you’ll avoid paying interest on what you owe. Below are ways one can easily stop spending more than you earn:

~snip~
It's good for one to satisfy his/her desire when making purchase of items but this shouldn't cause issues in ones lifestyle. The key to stop spending too much money is to create better money habits in your daily life. But I know that’s easier said than done. Putting one or all of these ideas into action, helps in building a healthy spending habit. Take control of your spending today and you’ll reap financial rewards for years to come.

Actually I am not spending more than what I am earning,
But I am spending more than I should, I want to change that.
I have been busy on working and I use that excuse to cut off sometime to cook for myself and buy the foods that I want even though it is quite pricey.
I also tend to buy more than I should whenever I go to the grocery stores.
I want to save up so I am starting by cooking my own food and hope that it would have a great result.
P.S I am not doing it just to save money now I know that most of the fast food is really unhealthy and I am having some health issue so I want to work on it now, it is like hitting two birds in one stone (Eating healthy and saving money).

[karmamiu]

This is actually a challenging thing to do especially npwadays where trends and temptations are everywhere. It really needs self control if we are being tempted to purchase or spend on something that we only want. We should base our lifestyle on how much we are earning so we can spend according to our budget. Exceeding our expenditures will be a reason for us to suffer in the future. If ever our colleagues ask to go out for a meal and we know that it will exceed our budget, we should learn how to say no. We should be responsible and always think of our future.

It is easy to give in to your desires and would just ended uo regretting that decision and there are even decisions that would even end up as something you have to suffer the consequences for life specially when the decision involves money. Personally, even if I am not someone who is easily swayed by trends, I am somehow struggling bit by bit with money. Although it is not that much if I add eveything up it can give me a headache. The problem nowadays is that, it is much easier to spend specially given that online merchants are very accessible nowadays, and the thing about earning is very hard due to lack of opportunities and jobs out there.

[goaldigger]

This is one of my biggest mistakes on handling my finances, I always go over budget and the result is not that good from me. Since then, I started to learn to control myself and buy only what is important, imagine earning less and spending more, that results to me zero savings at all. I’m rising now slowly but surely, doing things right so I can start saving some money and invest more in cryptomarket.

[Kasabus]

I definitely agree with all other points except for the card one. I'm also a family person and we go shopping as well, and to be honest, having only cash doesn't really stop you from spending more unless you have already taken all the other steps like having a specific list and sticking to it or not buying unnecessary things.

Having a budget for everything is probably the most useful one, and sticking to the budget is very important. You can't add or subtract from a budget allocated for one thing to another or everything will start getting out of proportion.

Bringing cash does not guarantee that you will never overspend, and that you will stick to your budget. There’s still high chances that you might not stick to your budget list because you find other items more cheaper and useful at that moment. At the end of the day, your budget list becomes ineffective. So you have to spend another cash just to secure other items that were missed to buy which means you already spend more than your budget. If that will continue and you never change your style, you might run out of budget and resort into taking loans. And once you start taking loans, believe me it’s always hard to get out from it and find yourself stuck on it.