Spend or Save - Which one do you do first ?

Pune, India
November 3, 2015 8:18pm CST
Finance professionals always suggest to Save a part of your earnings first before you start spending? But in reality many people spend first and at the last they will run out of money to save for future. Is it the same case with you. What is your style of saving or spending your earnings?
6 people like this
7 responses
@kiran8 (15398)
• Mangalore, India
4 Nov 15
I feel that your financial health is sound only when you save part of your income ...Money is for spending and taking care of your day today living but we also need to save for our future security and one cannot put it off indefinitely !
2 people like this
• St. Petersburg, Florida
5 Nov 15
The cost of living in the U.S. is so high, it is almost impossible to save enough to retire on. That is why people continue to work into their 80's sometimes. Saving is very hard, unless you have a very successful business, or you inherit money. I invested in real estate, and have four properties, two of them double units. I live in one of them, and could rent the upstairs if I couldn't work. But some day I will sell them. That is why I got them. It is not easy being a landlord with mortgages to pay, but it is the only way I could see for me to be able to have money for the last years of my life. I still work, and will continue to do so as long as I can. I love my work. I am very fortunate.
@kiran8 (15398)
• Mangalore, India
5 Nov 15
@ThankyouLord It is pretty much the same everywhere now since costs are high and spending power has drastically decreased.Most people depend on their provident funds for saving and of course buying property is a good option too..
• Philippines
7 Jan 16
I agree. We have to save some for the rainy days.
@Drosophila (16692)
• Ireland
4 Nov 15
I always have a "spending budget" and don't go beyond that.. rest is then automatically savings.
2 people like this
@kiran8 (15398)
• Mangalore, India
10 Jan 16
I guess I too try to do that , have a budget and try not to go beyond that but do go beyond because there is always something unexpected coming up !
1 person likes this
@kevin1877uk (36985)
4 Nov 15
I can save and won't spend more than I have, If I want something than I'll save for it.
1 person likes this
@rosekiss (30258)
• Eugene, Oregon
4 Nov 15
I won't spend money I don't have, at least not anymore. I try to save money, but that has eluded me too, as things will come up, that i end up spending what I was trying to save. The days we are living in are very hard days, and to save anything at all, is not as easy as it used to be. Financially, I am not doing that well, but I know in time, that things won't always be that way. I just have to have patience, and things will work out in time.
1 person likes this
@sugartoes (43887)
• Greencastle, Indiana
9 Nov 15
I save EVERYTHING I make online to my pay pal till I get a good amount saved up then stick it in my bank cause as LONG as it's in my pay pal it don't get spent for any reason this year till April is my goal to SAVE everything I make in my pay pal to see how much I can make in that length of time (6 mos)
• Philippines
7 Jan 16
That's a good suggestion. I'm also planning to do that so that it will stay there until its big enough for an emergency fund or something.
1 person likes this
@sugartoes (43887)
• Greencastle, Indiana
7 Jan 16
@cherriefic it's something I always have done & it works pretty good for me you just have to be strict on yourself to not spend what you have made till you reach your goal
• St. Petersburg, Florida
5 Nov 15
I think this goes on the theory that many people will waste money on luxuries if they have it in their wallet. If it is put in a savings account then it is unavailable for impulse purchases. For those who are in danger of overspending, they should put money away first, to protect it for the future. But many, like me, are frugal. I pay my bills first, as I must live and pay my creditors. Any money left over stays in my bank account, because next month may mean a car repair, or a repair on one of the properties. I am very, very careful with my money, as not having enough panics me. Every month is different for me, as my income is never the same, fluctuating hundreds of dollars each month. I cannot work out a budget for that reason. But I waste little.
• Philippines
7 Jan 16
That's a good thing if you really know how to control yourself about spending. If you have to pay the bills and maintain even just a little amount in the bank, that will be better.
@cherriefic (4813)
• Philippines
7 Jan 16
I just started doing the saving first instead of spending as most financial gurus are correct about that. It made my finances a bit stable eversince I started that way.