How to avoid over expenses and have discipline

[Latviand]

~

The thing is most of people don't know how to make more money, even they know the side job, they're only earn small amount of money and it still not enough to change their life. It turn to be worse if they get sick due to working overtime and they need to spend more money to buy medicine, they're not make more money, but they ended up spend more money.

Many rich people don't want to let anyone know how to make money to the poor.

As @Wend have already said, two sources of income is still better than one and I don't believe that opportunity doesn't knock on everyone's doors, I am pretty sure that in some way, there was a time it did for everybody. Working overtime for your only job is not making more cashflow though, the money generated on that isn't a lot so I wouldn't count it as a different cash flow.

Many rich people don't want to let anyone know how to make money to the poor.

As the saying goes, "If everyone is special, no one is."

[superman184]

Financial management is always taught how a person in spending his money for the right needs and they must prioritize something important rather than buying some needs that are not so urgent. A simple example when we can buy basic needs to be processed and cooked at home, so buying ready -to -eat food every day is not needed because it will force money out to be much greater for those needs. When talking about spending something needed then we must be able to place something far more important.

People who are wise in using their finances will definitely prioritize their basic needs first before buying other luxury items that they may not have the time to use yet. Moreover, if he is very aware that making money is very difficult in conditions like now, of course he will learn to be frugal in all aspects and especially in the aspect of spending money for his daily food. Because it is something that cannot be postponed (unless he is willing to starve his body) which will eventually get sick, so basic needs are the first consideration for people who want to use money more sparingly and also wisely in life.

The financial regulatory system's methodogous is a person's step in preparing for his management and if it fails to be managed properly well it will be difficult for anyone to avoid excessive expenses. Unstable economic conditions will definitely force each group to try to save the budget unless those who have income above the average expenditure needed.

Those who have above average income have also learned to save a lot, because they also don't know what the world's economic condition will be in the future, so they also don't want to waste every day. And everyone has also realized that wastage is a very bad thing even though they have more income than other freelancers, because in the end they will also experience difficulties when they continue to spend money more extravagantly through life.

[Smack That Ace]

Just make more money, increase your cashflow so you don't have to worry about budgeting too much, yes it's a good thing that there's a budget and you have a discipline on how you spend money but you've got to step up your money making game too, if there's an opportunity that allows you to make more money, get it. Sometimes it's not that you are overspending, sometimes it's your cashflow, it's  so little that you're forced to skimp on stuff that you're not supposed to skimp on.

This way is more efficient, but I don't mention or discuss it, everyone just suggests ways to maximize the savings. Life is full of surprises and overspending is inevitable no matter how perfect our savings plan. Unless we live alone, without family, without friends around, the savings plan will be more effective.

Why doesn't anyone save by making more money? So we can both spend comfortably and can't spend too much time planning to save? Moreover, having an extra source of income will help us live more fully instead of finding ways to save money.

[Twentyonepaylots]

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.

1. Make a realistic budget
           In budgeting it is important that we consider everything. It should be realistic and achievable, It cannot be said that the budget is only 20$ for a week for food if you are 8 people who will eat at home. Plan what to eat every day and budget for it. Write down all the ingredients or how much to buy and how much it will cost in pmashae or gasoline if there is a car. Do everything with consideration and do it consistently.
Stop yourself from buying things you don't need, like buying coffee at starbucks when you can just buy 3 in 1 sachet coffee that just tastes like coffee. Because if we cannot prevent such expenses, include them in the budget.

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.

3. Break down luxury expenses
             Try to list the things you have spent and separate the luxury and the things you have spent. It is important that you know what is really needed and the word I deserve it.

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.

5. Set a budget
            Allocate a limit on expenses, know all areas of expenses from food, rent, electricity, water, shopping and other things related to spending. Once you set all of your spending limits, make sure to follow them and do it because everything will be ignored if you don't do it.

I hope this somehow helped us and the community here on the forum.
Other source:
https://www.incharge.org/financial-literacy/budgeting-saving/how-to-cut-your-expenses/
https://www.mymoneycoach.ca/blog/how-to-stop-spending-money-7-tips.html

Sometimes it can be hard to resist the temptation of buying something out of our budget, especially when it would bring us so much satisfaction. However, we all know that giving in to these temptations can lead to a shortage of funds later on, and it will not give us any good.

As for me, I create a budget plan monthly to avoid over-expenses. First, I list all my expenses, including bills, groceries, and any other costs incurring regularly. Then I also monitor and track my expenses to ensure I stay within budget. I try to avoid impulse purchases and unnecessary expenses by planning ahead and sticking to my budget. Lastly, I consider ways to save money, such as cutting back on dining out or shopping for deals and discounts. I checked it multiple times before buying it if it was worth it and had an important use case. We can really avoid over-expenses and stay on track financially, and we just have to take it with complete discipline and have a stand to stick to the plans.

[Vaskiy]

• Always maintain a checklist, so that requirement gets fulfilled with ease.
• Don't rush to buy a product. Wait for a week and find whether the product is a must thing.
• Always find a good marketplace where you can buy used products at a better price and best condition.
• Don't stick for brand, better to go with quality products from local manufacturers.
• Avoid miscellaneous spending, because those spending doesn't make anything and when calculated for a month it'll be huge

[KingsDen]

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.

1. Make a realistic budget
2. Find out what triggers the cost
3. Break down luxury expenses
4. Make the 24 hour rule
5. Set a budget

I assume it all depends on the daily or monthly income one gets to manage all the expense and income records.
All of these concepts will not apply well if one's income is unstable. The logic is how he can avoid excessive spending and try to apply discipline to all that is expected.

I don't mean to argue with the concept that you find from the source, but sometimes a tip that is made must do research on all people with their economic level.
For me, these tips apply to people with middle and upper economic class and the authors of these tips rarely see how they apply to people with lower economic class.
Never mind planning to save and avoid big expenses, sometimes they can't afford to eat 2 times a day.

I will have to agree with you to a very high degree that all these things are not some kind of standards that everyone must have to follow. This is because what works for one person might not work for another. As you have rightly noted, some people does not earn steadily, what comes to them monthly or weekly is very inconsistent and unstable which will make it difficult for them to plan.
While a few have a very standard income and they would not have the ability to plan on how to spend them. This does not actually mean that articles like this are not helpful. But what it actually entails is that there is a very much discrepancy starting from the size of earn, to the standard of living. What the topic created listedis fine, but I would argue that the point 1 and 5 is saying the same thing, it is all about budgeting.

[raidarksword]

It all breaks down to wants and needs on daily basis just in order to avoid more expenses. Having a budget necessarily has a great factor in order to have a solemn daily living and with that it can save from short budget issues. As well as having a good discipline will bring good significant on savings and future unnecessary expenses as well.

[Litzki1990]

I am also in this problem, many earn much less money than I do and save a lot of money every month but even though I earn comparatively more than them, I run out of money before the end of the month. As a result of which I sometimes have to borrow from others. I have tried many ways to spend less money and save some money but I have never been successful in my plans.

I work in a private company and along with the job I continue my education and also I have to pay some household expenses but after paying the household expenses I think I should have some money but at the end of the month I never find that amount with me. 
Tell me about how I should spend my money and how if I spend the money I hope to save some money at the end of the month.

[erep]

What the topic created listedis fine, but I would argue that the point 1 and 5 is saying the same thing, it is all about budgeting.

Points 1 and 5 are interrelated and the explanation is almost the same regarding planning limits on the use of the budget for basic expenditure purposes and avoiding high spending for other purposes, the main thing for saving and disciplining spending must be implementing financial management based on monthly income and replacing other needs for priority savings, pattern implementing good financial management is very simple and we don't need to hire a financial advisor, but if we need high expenses for other needs then it's better to try to earn income from other jobs, now in the digitalization era it's easier to get optional work that can be done at any time and sufficient income to buy other needs and can increase the allocation of funds for savings.

[tech30338]

The most important is to have discipline OP, list are really what everyone needs to do spot-on but, without discipline even if you list all the things that you need, but you can't control your emotions or habit, it will happen over and over, the best example is the person I know, he got 2 jobs all paying good but his expenses are over the limit combine with his two jobs, every time he is short he always say he will save and don't spend the money on things he don't need, but when salary comes same scenario, so without discipline every planning and promise is useless, thanks OP for your topic.

[kro55]

I am also in this problem, many earn much less money than I do and save a lot of money every month but even though I earn comparatively more than them, I run out of money before the end of the month. As a result of which I sometimes have to borrow from others. I have tried many ways to spend less money and save some money but I have never been successful in my plans.

I work in a private company and along with the job I continue my education and also I have to pay some household expenses but after paying the household expenses I think I should have some money but at the end of the month I never find that amount with me. 
Tell me about how I should spend my money and how if I spend the money I hope to save some money at the end of the month.

That depends on each person's situation. People earn less than you, but if they live alone and don't have to care for anyone, they will easily have savings at the end of the month. As for you or those who have more responsibilities to complete such as family expenses, children, education ... of course, you can't expect to have savings at the end of the month like them. My income is even several times higher than that of my friends, but I have never had as much savings as they do .

[traderethereum]

We need to make a budget for each expense item, including important things that we may encounter during the month, so we can fulfill it immediately if we have the money ready.
And only spend money on things we need because it will never end or overspend.
And try to save any amount so that you can also have cash savings that we can use at any time.

[Gozie51]

I am also in this problem, many earn much less money than I do and save a lot of money every month but even though I earn comparatively more than them, I run out of money before the end of the month. As a result of which I sometimes have to borrow from others. I have tried many ways to spend less money and save some money but I have never been successful in my plans.

I work in a private company and along with the job I continue my education and also I have to pay some household expenses but after paying the household expenses I think I should have some money but at the end of the month I never find that amount with me. 
Tell me about how I should spend my money and how if I spend the money I hope to save some money at the end of the month.

That depends on each person's situation. People earn less than you, but if they live alone and don't have to care for anyone, they will easily have savings at the end of the month. As for you or those who have more responsibilities to complete such as family expenses, children, education ... of course, you can't expect to have savings at the end of the month like them. My income is even several times higher than that of my friends, but I have never had as much savings as they do .

All of what we are saying here depends on our life style. If you are that type who spend all he has today and expect that tomorrow greater income will come in then such person is not prudent about spending and may not be able to have savings except they change from such way of life. Money needs to be guided so that it will generate more money, if you have enough savings then you can use that in establishing another business which will become another source of income and you continuously become better financially but to squander all in expectation for another tomorrow is a hope that may be thwarted.

[nurilham]

As for me, I create a budget plan monthly to avoid over-expenses. First, I list all my expenses, including bills, groceries, and any other costs incurring regularly. Then I also monitor and track my expenses to ensure I stay within budget. I try to avoid impulse purchases and unnecessary expenses by planning ahead and sticking to my budget.

I also always plan for daily and monthly budget. It is surely to avoid excessive spending. When we already set a maximum budget to spend daily or monthly, we must commit to apply it whatever the reason is (except for an urgent needs). Monitoring and tracking our spending should be done in daily basis, so we can evaluate it soon if there is something wrong on it. Those unnecessary spending must be avoided, we never tolerate unplanned spending.

The most important is to have discipline OP, list are really what everyone needs to do spot-on but, without discipline even if you list all the things that you need, but you can't control your emotions or habit, it will happen over and over, the best example is the person I know, he got 2 jobs all paying good but his expenses are over the limit combine with his two jobs, every time he is short he always say he will save and don't spend the money on things he don't need, but when salary comes same scenario, so without discipline every planning and promise is useless, thanks OP for your topic.

Indeed. To implement the lists, we have to be discipline and committed. Whatever we list to deal with over expanses, won't work successfully if we can't be discipline and committed. It is not easy to reduce the number of expanses if someone got used to it. But with a strong intention and committed to have a better financial management, it is possible to apply all the lists above.

[marcous]

This step is very useful for people who have a stable income, meaning that with a measured income they will easily determine and specify where to use the money. On the other hand, if the income does not match, this step needs to be rationalized according to the demand for daily conditions. The wisest way to react is to minimize expenses and meet basic needs first.

To be disciplined with spending, I think it takes learning and wisdom, sometimes the financial situation gets out of control when a situation like Covid-19 occurs.

[GigaBit]

When people's incomes are stable and expenses are rising, budgeting is more or less thought about by most people. This budgeting trend is especially common among low-income people. Budgeting is undoubtedly a good way to cut costs. It is a very useful strategy for everyone from low income, middle income or those who belong to the rich class of society. Since inflation is almost everywhere these days, low-income people can manage their lives very well if they abandon certain habits to manage their lives. One should take a break from buying all kinds of things except for those essential in emergency situations. Refrain from buying luxury goods and cut back on some extra expenses like buying afternoon tea or coffee or hanging out with friends. If these issues are properly focused then budget control is possible.

[Agbe]

Op have you encounter unexpected expenses in your life? And I believed yes; and I also believe you have heard about supplementary budget. What you have said is very but you have to add those two I have mentioned in your budget so that thing can be moving fine with you if not your budget in the week might be exhausted before the week end. Like according to a saying that nobody keep money for health related issues  it food and clothes can be in the budget. There are sometimes friends will ask you money to assist them get food on their table and when you looked at it the situation is critical so you have to help them if you have. And if the person is married with children, those two things I mentioned will come to play again. But if you are single your budgeting will help you, those there are some days you might spent more.

[serjent05]

~

The thing is most of people don't know how to make more money, even they know the side job, they're only earn small amount of money and it still not enough to change their life. It turn to be worse if they get sick due to working overtime and they need to spend more money to buy medicine, they're not make more money, but they ended up spend more money.

Many rich people don't want to let anyone know how to make money to the poor.

As @Wend have already said, two sources of income is still better than one and I don't believe that opportunity doesn't knock on everyone's doors, I am pretty sure that in some way, there was a time it did for everybody. Working overtime for your only job is not making more cashflow though, the money generated on that isn't a lot so I wouldn't count it as a different cash flow.

Opportunities are meant to be searched those who are waiting for the opportunity to knock on their doors while taking the comfort of their home and being lazy often miss out.  As one of the verses in the Christian Holy Scripture :
⁷Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you: ⁸For every one that asketh receiveth; and he that seeketh findeth; and to him that knocketh it shall be opened. ► Matthew 7: 7-8

When it comes to workload, it is better to be a smart hardworking than be hardworking alone since by being smart, we are able to maximize our productivity in correlation to time.

Many rich people don't want to let anyone know how to make money to the poor.

Well, they don't want to share their secret because if it becomes well known, it is not a secret anymore.  Besides, the lesser the number of people knows the method, the lesser the competition.  Each one is entitled to their discovered great financial method.  Whether they share it or not, it is up to them.

[sunsilk]

After setting a budget, list all of those expenses that you're about to spend so you will have a track on much is coming in and out for you.

Also when you're doing groceries, list all of the groceries that you're going to buy so that you won't overspend. And the same goes for eating out, before going to groceries, eat at home if you don't intend to eat outside.

Don't let yourself hungry when you pick those groceries because you will overspend and will make you pick those foods that you're craving for.

Set a budget
Dont spend too much on luxuries
Dont spend on outing
Have control on money lust
Have control on travel goals
Always set priorities

This would be the most or best way for you to be able to save up and avoid yourself on having that total wreck.The most important thing is that you do sustain yourself on living
because if you are really just trying out to go well go lucky on everyday without even minding about those plans and possible solutions and additional income.
Then sooner or later you would be finding yourself into such tough situation in terms of finances because you would really be suffering with those lack of money due to
unwise spending and uncontrollable expenses.

I agree with all that you've mentioned and it all sums up that everyone has to live with their means. Because the typical person today that lacks priorities are living beyond their means and they can't take.

It's not par with the salary and income that they're getting but, the lifestyle inflation that they have is enormous and coming to the point that they cannot sustain it anymore.

All that you've said can also be prioritized depending on the person but it's not always a priority that should be set. Like in traveling, it's like a once a month or two depending on how often the person travels.

[eightdots]

After setting a budget, list all of those expenses that you're about to spend so you will have a track on much is coming in and out for you.

Also when you're doing groceries, list all of the groceries that you're going to buy so that you won't overspend. And the same goes for eating out, before going to groceries, eat at home if you don't intend to eat outside.

Don't let yourself hungry when you pick those groceries because you will overspend and will make you pick those foods that you're craving for.

Set a budget
Dont spend too much on luxuries
Dont spend on outing
Have control on money lust
Have control on travel goals
Always set priorities

This would be the most or best way for you to be able to save up and avoid yourself on having that total wreck.The most important thing is that you do sustain yourself on living
because if you are really just trying out to go well go lucky on everyday without even minding about those plans and possible solutions and additional income.
Then sooner or later you would be finding yourself into such tough situation in terms of finances because you would really be suffering with those lack of money due to
unwise spending and uncontrollable expenses.

I agree with all that you've mentioned and it all sums up that everyone has to live with their means. Because the typical person today that lacks priorities are living beyond their means and they can't take.

It's not par with the salary and income that they're getting but, the lifestyle inflation that they have is enormous and coming to the point that they cannot sustain it anymore.

All that you've said can also be prioritized depending on the person but it's not always a priority that should be set. Like in traveling, it's like a once a month or two depending on how often the person travels.

The fact that today's economic conditions are getting worse every day requires us to pay more attention to our own economy.
- Creating our list of needs
- Avoiding unnecessary expenditures
- Not spending on luxury
- We can do many things, such as taking notes on our spending and organizing it. Everybody is responsible for their own finances, but often similar expenditures are made. There are similar expenses in society that are unnecessary but that many people do. Avoiding these expenses can also benefit us.