How to avoid over expenses and have discipline

[panganib999]

With how things are going, budgeting will not cut it alone. You literally have to get a second job if you want to live comfortably. There's a fine line between budgeting, and pushing yourself to be frugal and a cheapskate at the expense of your well-being just so you have money to spend tomorrow. In my opinion, aside from budgeting you should also be able to take up another income stream and not just focus on the one that you have right now no matter how much they are paying you. The moment you fall for complacency, your lifestyle is sure to sacrifice. And I don't know about you but there's logic behind not relenting on the push for frugality amidst an economic crisis.

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[Bushdark]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Inflation is having so much effect on our funds especially the ones in the bank. People that are saving there money for a very long time now in the bank would have noticed that the value of there money before is different from the current one now or when they will get access to the money. We need to think about the future whenever we are making decisions and watch too on how we are not going to be affected by government policies that could jeopardize our interest in a long run not making us to achieve what we intend to do over a period of time.

[kingvirtus09]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

You have a point in this matter, we must think wise in keeping our money in terms of expensing it. Though, everyday we need some food to eat and things we need to use everyday like our in our personal hygiene. Everything should be in budget, we don, need to buy excessive things in which it is not important. And for us to do this it needs discipline and self-control as well.  So thanks op at least for the effort you did here to remind others for this matter anyway.

[CageMabok]

Disclaimer. In the past, I was taught to save, but my parents always had a shortage of money. So all my savings are always used for living needs, but it's true that we never learn to save for a goal, but usually when we're little we have the money we save to buy toys but that's not allowed. Immediately when we have our own money from the results of our new job, whatever we want we can buy, but on the one hand, sometimes there are times when we are still not free and don't think about how to get more money.

If you make a disclaimer about saving or saving money for a purpose or with planning for something, you should also differentiate between your own life after getting a job and life when you haven't got a job so you can see the difference in your efforts to save. That's what your own parents have said, maybe they have felt bitter things that they don't want to happen to their current child. So they tell you to save in life for a better purpose in the future.

But now that I'm getting older, I just understand how to avoid spending too much money and still have to be disciplined. Including as you said prevention and ensuring that our money is spent on things that are commensurate with income. Now I apply a financial pattern of 40% for basic needs, 40% for investments, 10% for hobbies/holidays, and 10% for emergency funds. Emergency funds are very necessary, even though these funds are rarely used, these funds are very important because they can be used in case we suddenly experience difficulties and disasters.

The pattern and percentage of financial distribution that you apply is not bad because maybe other people also do things like that even though with a slightly different percentage. Placement of spending money on things that are worth it and things that are needed is the main foundation for everyone to be able to apply the pattern you said.

[serjent05]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Saving without any purpose of investment is like wasting money bit by bit due to inflation.  If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income.  This is like making money out of our money.  We should also allocate funds for emergencies so that we won't be in trouble when the time comes that we need urgent money.

[gunhell16]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Saving without any purpose of investment is like wasting money bit by bit due to inflation.  If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income.  This is like making money out of our money.  We should also allocate funds for emergencies so that we won't be in trouble when the time comes that we need urgent money.

Yes, that's right, buddy. When everyone is able to manage their money, it's no surprise that they can build up savings for the future and, in addition, can set away money for an emergency fund. A savings account and an emergency fund are the first two ways we can save money.

If we learn to manage our spending, this is the main outcome. Who will gain from it, too? Of course, for us as well as our loved ones, who are important to us. We are merely preparing ourselves for events we do not anticipate occurring as well as the future we want for our loved ones.

[red4slash]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

I totally understand what you mean about fiat savings. And I realized that, and I also used the money for my further additional investments, over a period of time.
I am usually flexible in terms of time, it could be once every 3 months or more than that I change my savings for additional money that I allocate for investment. I'm usually 50/50 on this, by that I mean half I use it to buy assets and the other half I don't touch it at all. For the total amount I am usually flexible regarding the opportunities I see on Bitcoin, it could be bigger like 70/30 or smaller than that.

[Etranger]

A savings account and an emergency fund are the first two ways we can save money.

These are ways we can easily use money wherever we have such necessity. But to save them we have to do more than just keeping them in fiat. Because fiat money is not a reliable asset, it tends to inflation or deflation, it also inclined to be destroyed or blocked or lost. And you cannot be sure, that you will have access to it, when you need it. That is why you should concider other ways precisely for saving, and it can be investing included.

[Hamphser]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

Saving without any purpose of investment is like wasting money bit by bit due to inflation.  If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income.  This is like making money out of our money.  We should also allocate funds for emergencies so that we won't be in trouble when the time comes that we need urgent money.

Yes, that's right, buddy. When everyone is able to manage their money, it's no surprise that they can build up savings for the future and, in addition, can set away money for an emergency fund. A savings account and an emergency fund are the first two ways we can save money.

If we learn to manage our spending, this is the main outcome. Who will gain from it, too? Of course, for us as well as our loved ones, who are important to us. We are merely preparing ourselves for events we do not anticipate occurring as well as the future we want for our loved ones.

Emergencies and unfortunate events could really happen in someones life which it would really be just that normal that you should really be that be prepared on such thing.We arent wishing for those things though

but there are really moments in life on which you would really be needing that financial back up which it isnt really that limited to yours but also into your loved ones too on which it would really be just
that normal that you would really be needing to be prepared because on the time that you dont have money specially into those times that you are needing it then you would really be opting to take
a loan and would really be putting yourself into much trouble since you would really be needing to pay it up with interest.

Save up and always allocate funds for emergencies since we dont really know on where things might be ending up and this is something that would really make yourself put on a hard situation.
We cant really be able to tell on where it would be going or heading with our lives and situations but we know that money could solve out with those things or simply it could
really be handled when you do have  that enough finances.

[Aanuoluwatofunmi]

With how things are going, budgeting will not cut it alone. You literally have to get a second job if you want to live comfortably.

That's a brilliant idea, we need to get something doing, make an additional means of having income flow, there's a way we can get to whereby we will have enough money running, business flowing and things going well with our business and we won't have any reason to feel the cost of what we are spending in maintaining ourselves, business and other things we spent money on because we know that we will always recover any cost incurred on ourselves or business within a short period of time, unlike when we don't have a stable income and still struggles to make profits.

[Pamadar]

With how things are going, budgeting will not cut it alone. You literally have to get a second job if you want to live comfortably.

That's a brilliant idea, we need to get something doing, make an additional means of having income flow, there's a way we can get to whereby we will have enough money running, business flowing and things going well with our business and we won't have any reason to feel the cost of what we are spending in maintaining ourselves, business and other things we spent money on because we know that we will always recover any cost incurred on ourselves or business within a short period of time, unlike when we don't have a stable income and still struggles to make profits.

Yes, with how the economy is moving, we needed to have an additional way to earn money,

Having an 8hrs daily job might cover your needs, but most of the time you will see you out of budget before your next payday,
there are many factors that affect your finances, but having an additional source of income will cover your additional expenses and
will help you to save up if you are good at managing your finances.

[CageMabok]

These are ways we can easily use money wherever we have such necessity. But to save them we have to do more than just keeping them in fiat. Because fiat money is not a reliable asset, it tends to inflation or deflation, it also inclined to be destroyed or blocked or lost. And you cannot be sure, that you will have access to it, when you need it. That is why you should concider other ways precisely for saving, and it can be investing included.

If you remember that current economic conditions still tend to change and have not fully improved, it could indeed be very good if you consider saving in other ways besides saving money. But this option to save in other ways is only often used by investors who want to save the value of their assets into stablecoins besides continuing to invest in property and Bitcoin. Whereas people who don't like investing in property and Bitcoin will make their savings through gold if they don't like saving money in cash in their lives because of inflation or deflation that can arise at any time.

[Smartvirus]

1. Make a realistic budget
~snipe~

This is where the major work would be done, having realistic budgets. It defines you as per standard of living, what you can archive within a period of time, how you’re expected to raise the funds for these expenditures and when it’s expected to get exhausted. That’s way, you have a summary of what your circle would be and how to keep up.

2. Find out what triggers the cost
            It's important that we know this if it's stress, boredom, pressure from friends, need to follow the trend and so on. It is important that we have discipline in these things if you want to avoid overspending. For example, if you're bored, you hang out online shopping at Lazada, Amazon, and others, this habit should be replaced with something more productive, such as cleaning the house and others where you can avoid it and do something good.

That’s another one. At the very most, we are humans and as humans, we are moved by a lot of emotions. Some of which makes us depressed, feel under appreciated, feel we aren’t doing enough and just like that, you’re pushed out of the space of what you can do, should do or shouldn’t. Peer pressure or societal norms, a not to be caught in circle.

4. Make the 24 hour rule
             This rule helped me when I was building in this way. Because when I want to buy something, I put it off for 24 hours, and during this time I learn how to assess these things. Usually the excitement we experience disappears immediately after a few hours. You imagine the sacrifices you will make when you accomplish them. Like the small savings you have or sometimes we will even borrow the money we will use here. At least in this way we can avoid impulsive buying or bursts of emotion.

That’s some rule!
I haven’t really thought this through myself but, it’s definitely something worth trying out to see how my interest plays out. It just might get intense, can’t say for sure but, if this happened to have proven useful in your case, then it’s worth trying.

[mamesso]

The fact is that in society there are still many people who have difficulty managing their finances, not because they don't have plans for the future, but they still find it difficult to control their lust, which always wants something that absorbs excessive monthly expenses. Avoiding excessive spending or being undisciplined in managing finances is very easy to say, but very difficult for some people who still want a luxurious lifestyle or are looking for luck to multiply money even though in the end they still lose.
Educating yourself needs to be done to apply discipline in managing finances in order to achieve a future free from financial difficulties. The most realistic thing is that when you need an urgent need, you don't need to ask other parties for a loan because you already have savings that can be withdrawn at any time.

[xSkylarx]

I always differentiate money for saving and money for investing, why? yes it is a form of my preparation so that I don't have to sell my investment when something urgent happens in the future because I still have savings money ready for me to use.

I definitely get the point of such a diversifying, however, I think, that this is also a matter of time. If you prepare your savings in fiat for a long time, they will become victim of inflation, unfortunately. This is why, in my opinion, from time to time you have to convert this fiat savings into more reliable assets. While having some savings in fiat, especially in cash, is undoubtedly important, it is also worth remembering that this form of keeping money is not truth worthy.

You have a point in this matter, we must think wise in keeping our money in terms of expensing it. Though, everyday we need some food to eat and things we need to use everyday like our in our personal hygiene. Everything should be in budget, we don, need to buy excessive things in which it is not important. And for us to do this it needs discipline and self-control as well.  So thanks op at least for the effort you did here to remind others for this matter anyway.

You don't need to eat at those expensive restaurants if you can eat it in a normal restaurant, because if you are just earning minimum wage, then you don't need to eat at those restaurants. Don't be fancy, and you are right, don't buy those nonsense items that you don't need. It is really about self-control because, as others have stated, if you can't afford it, don't push yourself to afford it at that time; instead, work hard so that you can afford it in the future. Right now, because of the high prices, people are sure getting a budget on everything.

[Negotiation]

We all are more or less familiar with such situations due to recession and competition corruption, monetization has become a big problem these days. Also in a situation where the price of every thing is high due to inflation in the case of the country's economy as in the case of the country's economy, budgeting is done at a certain time interval to analyze the previous expenses and to create an outline of the possible income and expenses of the future just like in our personal life at the beginning of each month the current income is based on the expenses of the previous month. A budget should be prepared for the probable expenses of the month. And while budgeting focus should be on minimizing expenses and maximizing savings. Also it is better to invest along with savings investing in crypto will not affect inflation.

[Rabata]

Isn't it stressful when we spend more than expected, right? especially if we follow a budget, having a smart spending habit is a good way to avoid such situations or events.

Every person has a personal financial goal which requires a person to take up the challenge of maintaining the money after working hard to achieve it. Because making money comparatively easy but keeping it for a long time is very difficult. If we can observe some things very well in this regard, then we can be successful in fulfilling our financial goals.

The first thing to consider is that we need to budget for an expense you've outlined so well. After that I have to spend according to that budget. The habit of over-purchasing should be abandoned.

Every month's statement of expenses should be checked to see if there is any difference or average with the previous month's expenses.

Saving money should be given the highest priority. However, in some cases, it is better to keep a separate fund for sudden emergencies. such as medical treatment.

The following efforts should be made to reduce the total expenses and if some one have foamily then every member of the family to reduce the expenses to help him. Otherwise it becomes difficult to achieve financial goals.

[ancafe]

The fact is that in society there are still many people who have difficulty managing their finances, not because they don't have plans for the future, but they still find it difficult to control their lust, which always wants something that absorbs excessive monthly expenses. Avoiding excessive spending or being undisciplined in managing finances is very easy to say, but very difficult for some people who still want a luxurious lifestyle or are looking for luck to multiply money even though in the end they still lose.

There is too much hope to live like other people so that it forces people to fulfill something that is not needed but as a step to balance other people's lives (Lust). Unfortunately people like this don't think about the impact of what they are doing but just do it and tomorrow we will think about the impact. Monthly income is actually spent more than income and they try to enjoy life on a lie, lifestyle can kill someone's life and if they are unable to get out of this condition they will actually be in debt.

Educating yourself needs to be done to apply discipline in managing finances in order to achieve a future free from financial difficulties. The most realistic thing is that when you need an urgent need, you don't need to ask other parties for a loan because you already have savings that can be withdrawn at any time.

Living a life above simplicity is indeed very difficult to do and would be easy enough to say, but anyone should try to do it because there is no other way than to save money and spend on things that are needed instead of prestige. Avoid any loans because getting involved in loans is the same as trying to add new problems to our lives.

[Hanadawa]

If we save, we must make sure that we are allocating it for future ventures that will gain us more money so that we can negate the effect of inflation and at the same time we can have more sources of income. 

I have learned advice from books about being successful. And there it is stated that the people we call rich have at least 3 sources of income. And to achieve financial freedom we need at least 7 incomes. Such as salaries, dividends, rental properties, capital gains and many other types.
I agree that we cannot rely on saving in the bank or FIAT because every year the value will be lost due to inflation. Investing is better than saving. And don't forget to keep preparing emergency funds if something unexpected happens.

[lizarder]

I have learned advice from books about being successful. And there it is stated that the people we call rich have at least 3 sources of income. And to achieve financial freedom we need at least 7 incomes. Such as salaries, dividends, rental properties, capital gains and many other types.
I agree that we cannot rely on saving in the bank or FIAT because every year the value will be lost due to inflation. Investing is better than saving. And don't forget to keep preparing emergency funds if something unexpected happens.

That's as reference material that you can use when you intend to do direct practice because reading books might provide insight for us to put into practice. My question is how far is the impact after you have read many books that tell how to get out of financial difficulties? I think to achieve financial freedom you don't need to have all of these seven points because talking about financial freedom is different from the stage of achieving wealth. Savings are also needed as an anticipatory measure if something unexpected happens because if needed you don't need to sell your assets.

It's just that you can adjust the percentage of savings according to your desire to achieve a level of financial freedom or in other words to grow a much more developed investment. Savings are not productive because the longer the money we save will lose value and sometimes we only need to save a few percentages as a preparatory step and it is impossible to talk about investment or anything if someone does not have savings as a necessary step.