which is better to earn more or to spend less

@KUSHANK55 (2437)
India
June 14, 2008 11:13pm CST
there is often a discussion in the family to keep a tab on expenses. though the family income is not an issue but i am reminded often about the expenses which can be curtailed.how do you balance this portfolio at your end?
8 responses
@snoopy88 (452)
• Australia
19 Jun 08
Well based on human nature, I will say that it is better to spend less because the amount you accumulated will become bigger in the long term. For me I love to spend less and invest my money with high interest rates. My lecturer said that from his work experience dealing with people's personal finance. He said that it does not matter how much you earn you will own $1M one day if you do regular savings. He helped with people who earns quite a big salary and finds out that they don't have much money left for retirement because they kept on spending whenever they have the money. Whereas, the people who earns below average have a lot of money left for when they retire.
@KUSHANK55 (2437)
• India
25 Jun 08
hi snoopy. welcome to my discussion and thanks for responding to this one. i fully agree with your lecturer. i call upon the mylot community to benefit with what the learned lecturer says . these are the basic things to be learnt today and practised lest when we reach a situation as you say ..from the point of no return . welcome again and keep sharing...
• Philippines
15 Jun 08
For me we really have to save more and at the same time earn more too. It's nonsense to earn more if you are not going to save it for the future. Spending less is an option you will make if you can not make your money double. But spending less on your necessity is really not an option. You just have to learn how you can double up your money or earn extra income with your salary that you are have. There are many ways that you can earn more.
1 person likes this
@KUSHANK55 (2437)
• India
18 Jun 08
true they say saving is equivalent to earning more.well we should improve upon our incomes and then restrain our expenses.lets find out ways not only to earn more but to spend wisely.
@nupats (3564)
• India
15 Jun 08
hi dear it is so true we r the spendthrifts kind bcoz we r very outgoing and enjoy partying a lot...of late we do discuss tht we can actually plan our finances and see how ppl spend so wisely..i think it is always good to balance it out we need to find a right ratio between the two..we both have a good income we have all r major investment like property car insurance polices going right but we still have quiet some amount with us..but we find it tough to curtail our xpenses and if we do curtail ourselves we r not happy it has become our lifestyle..
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@KUSHANK55 (2437)
• India
18 Jun 08
well nupats it is important to earn adequately but at the same time saving for the rainy day is equally important. not only that inflation beats us every time.imagine the same house in which you are presently staying what is the present market value? what was the value 30 years ago? and what it will be 30 years hence? and suppose you need two more for your familys growing needs?so one must have good financial planning.
@wahm805 (76)
• United States
17 Jun 08
I'm a big advocate of spending less. If you never implement this practice into your money management, it won't matter how much "more" money you earn as it will all just get spent leaving you in the same position. In the recent months that we've decided to really downsize and cut back our spending, we were amazed to realize just how much extras we spent money on that was nonsense
@KUSHANK55 (2437)
• India
18 Jun 08
well said dear friend and welcome to my discussion.there is an old saying that if you simply keep on drawing water from a well it may go dry one day.and it is true for every store or wallet.so thats why i sa we should do wise spending.
@juhi06 (1850)
• India
15 Jun 08
oh yeah it is true . it should be a dual strategy. one should always try to increase ones income as far as possible in the legitimate way and i never say that necessary expenses should be avoided but the avoidable expenses should be avoided rather when you have to spend it intelligently and buy the value for money.
@KUSHANK55 (2437)
• India
18 Jun 08
oh great you appear to have become a financial wizard. why dont you adopt as a business. becoming financial consultant.it will not only benefit you but advantageous for others too.
@yogeshdhusa (2237)
• India
15 Jun 08
Hi kushank, I think we should tab our expenses. I want to share my experience, When i was earning 5000, i was able to run the whole family and was not able to save. I changed the job and i got a job of 10000(double) When i got the salary, i felt i will able to save now. but then few month latter it was tha same condition. when i checked the expenses- they were increased . that why i feel we should keep track of our expenses.
@KUSHANK55 (2437)
• India
18 Jun 08
hi dear yogesh rightly said it is advised to earn more. but i feel it will apply to some initial stage only. suppose you start making 50000 pm now. and spend all of it then? so it is equally important to curtail the expenses too.
• Canada
15 Jun 08
You might go and check out www.daveramsey.com and look around the site. He has some great tips for budgeting and saving.
@KUSHANK55 (2437)
• India
17 Jun 08
thanks grasshopper for the kind and sincere suggestion. as and when i find time i will.thanks again.
@lamcouz (101)
• Australia
15 Jun 08
I am a strong supporter of earning more and against spending less! Saving/stingy on spending does not get you rich, only earning more grants you a fortune. This is what I believe.
@KUSHANK55 (2437)
• India
17 Jun 08
thanks lamcouz for responding to the discussion and putting it across straight away and rightly so. no doubts about that increase your earnings the expenses will be automatically taken care of. and reverse is also true, increase your expenses to such an extent that you must earn more and more.