why there are those who spend more than their earnings

Philippines
March 14, 2011 10:01pm CST
I do a lot of budgeting but no matter what I do, my expenses really spills out of my plans especially when my teen boy ask for money to buy something for himself that I can not resist. Releasing money to him is right after my long nagging which in the long run is not heard by him,hello! am I knocking on the wall with that kind of ears as my son.
1 person likes this
12 responses
@livecenter (1136)
• Malaysia
15 Mar 11
As for me, most people have many desires and dreams, like new cars, new house, new clothes, etc and they are really into that thing very much...For that very reason, as soon as they get some money, they tend to spend their money on things that they think first, and in this case it is their dream things...I think this type of person needs to practice self-control in spending by saving some money BEFORE even they buy things...It reduces the availability of money, and eventually delays the spending as well...
• Philippines
19 Mar 11
you are right in saying save before spend,but you know,priorities always pop up that there is nothing you can do but to withdraw, anyway priority is priority. Thanks for the advice, maybe i'll just change my way of approaching him in telling about spending. i just hope that he'll work soon so that he will learn to value his earnings.
@sweet_pea (3322)
• Philippines
15 Mar 11
I am responsible for budgeting our family's finances and it really is crazy to stick to one! I really don't know, there are really more expenses than money coming in. I think it really takes discipline to keep your spending within your budget. Why don't you tell your son to do some part-time job while he is not busy with school rather than asking for money? In this way, you are trying to help him be independent and make him learn the value money. That money is something that a person works for and not just simply being given.
• Malaysia
15 Mar 11
I believe the same way as you are...The irony of money is that the more you tap in, the more it leaked out! I don't know if this applies to everybody, but I was until I recently doing some revisions of my monthly budget and found the leaks...The leaks are sealed now, and I enjoyed myself now having more money at the end of the month than I had monthly one or two years back...Some essence of money-saving techniques that I have learnt: save-before-spend, seal the leak, and build the heap...Hope that helps!
@sweet_pea (3322)
• Philippines
15 Mar 11
Thanks for your tips livecenter! I really lost control of our budget for the past two months. In fact, I didn't even do it because it was just totally crazy! I started the year with almost zero debt, then we got into more debt from purchasing a new house. I know it is a good investment but it would really have an impact on our budget. We need to tighten our belts! I started budgeting again and will try to stick to it.
• Malaysia
15 Mar 11
Ops, forgetting something ...@macayadann Teach your boys the real value of money is one of the essential things to be taught by a mother...Giving him less pocket money for some weeks can be good idea to emphasize what you are trying to teach him...Give it a try, and who knows it will work?
• United States
15 Mar 11
Oh dear yes this does seem like a headache. It is hard these days to budget yet still be the loving and giving person. There does come a time when as a parent we somehow have to say no. We have to weigh the wants from the needs because at the end of the month the obligatory bills must be paid. I would suggest that although your son will not listen at first that you continue to remind that it is virtually difficult to continue to please with money all the time. A no once in a while will remind him the next time you give him money he may use it wisely knowing some will not come perhaps for sometime.
• United States
15 Mar 11
Great advice!
@tiffnkeat (1673)
• Singapore
15 Mar 11
To add to HWG's advice, I would add that even if the item is a need, the parent can always prioritize when to buy. It need not be bought all at once. Buy those in urgency and defer others to next week, or next month. And yes, sometimes a "NO" will teach them to be creative and see what can be re-used. And if a parent is always spending more than budget, they might want to consider not buying totally new stuff always. Hope it helps.
• India
15 Mar 11
Very sad to hear your story and I am student have my own desire and I cannot ask my father every time money for a small thing I want to buy or have because my father have a large family to look upon and that is the reason I am working online to make money for spending myself and at first it was very tough and after many loose and gain and time now I am earning almost $110 in one month and $100 from a single site and I am very happy to earn $100 as a student
• India
21 Mar 11
Thanks for your advice and I did not earn when I started working in internet. It took lots of time to fall on right path of earning money and from there only I came to know about the site I said. In that site took me two months of time to make $100 and right now I am making $115 from that site. I know about saving money and I am a student have less expenses and saving my money for future use
• Philippines
19 Mar 11
I admire you,you got the right approach of having money on-line because I believe that if you are not wise and don't study the right approach to that you will only get disappointed.You have a lot of patience and determination and so i believe that you will do good in your future.as for now, while you still don't have a responsibility,do save while you are still young.
@donski (132)
• Philippines
18 Mar 11
It is maybe because they do not know the value of money and how difficult it is to earn money. We have to work hard in order to earn to have a decent living. Explain to your son that you have to tighten your belt due to increasing of prices of basic commodities and that you are only earning enough for your daily expenses and bills.
• Philippines
19 Mar 11
well, what kind of conversation I should get into to know better the kind of approach to deal with my son. i am just hoping that by the time he is already working, he'll learn for himself the value of saving and i hope too that as he gets the job he will not fall to the call of credit cards.
@gelayagui98 (1336)
• Australia
19 Mar 11
Budgeting is one of the difficult task of a wife, just like me, i am just receiving allowance from my husband because i am a plain housewife with 3 kids. At first I have a record from our day to day expenses in order for me to see where to cut down those unnecissary expenses. I spend based on our day to day needs but sometimes cannot avoided to out money because of school fees and contributions another is social obligations that is not included in our allowance. And consedaring that our country is known as one in a high standard cost of living compared among other progressive countries. Although i see to it that our allowance is enough to augment our needs and have extra to use for emergency cases.
• Philippines
22 Mar 11
Budgeting is exhausting and frustrating. The pluses and minuses of our spending is so hard to think about. We can not set aside priorities for sure and when you are strict in budgeting you can not even set aside least priorities for they are still priorities.
@dodo19 (47034)
• Beaconsfield, Quebec
16 Mar 11
I do think that budgeting is always a good idea. However, sometimes, it might not always be easy to do so. The prices of food, rent, and such can get pretty expensive, which doesn't always help unfortunately. Sometimes it is difficult not to spend when you see a good deal, or something. I do think that some people spend way more than they should, but sometimes, it can get difficult not to spend a little more than what you have to spend.
• Philippines
17 Mar 11
Try to limit your visit to malls or department stores so that you will not be tempted of bargains and all out sales.
@maezee (42003)
• United States
15 Mar 11
It's hard. I did this a long time (with the help of my many credit cards) and it did not get me very far... Except for far into debt. I'm finally just about done paying it off..Boy did that take forever! You have to learn how to live within your means. Either make more money - pick up a second job, start working more online, pick up some more hours at work - OR spend less. It's really about discipline, I'm starting to learn, and just learning to live with what you have and cut corners where need be.
• Malaysia
15 Mar 11
Indeed, we need to live within our capabilities...We should always practice self-control in spending (and obviously, make others do the same as well!)...Build bigger heap is another way, but picking up second job is not as easy as we think...Live within you means, and plug the small spending leaks...
@SimpleBB (1329)
• Philippines
15 Mar 11
Ouchhh. Actually, if I'm going to answer your question, simply I would say, because I'm an impulsive buyer. But come to think of it, you're right that despite of doing lot of budgeting, there were inevitable events came out beyond our control. Me myself do really want expenses to be in proper place but unfortunately, everytime it has been planned, there always this things that would ruin that goal. What usually happens is spending much more than my earnings. But I keep on holding to my intention to atleast be a wise spender just to cope up with shortage and cover up scarcity. Hardly hoping to attain this goal.
• Philippines
15 Mar 11
Maybe your son doesn't realize just now that money is tight, and you have to budget your money in order to meet monthly dues. But there are also those who are working but just spends and spends more than what they earn. I currently have an officemate whose bills are piling up, and credit card agents are calling our office everyday because she hasn't paid her dues again.. It's just sad that she had to come to a point where she had to borrow from almost all our officemates just because they can't pay for their bills because they used the money for something else less important.
@Jiabsa (511)
• India
15 Mar 11
Without money nothing is possible. Now a days money is not enough for most of the people to fulfill their daily needs. We have to reduce our unnecessary expenses. There is no other way in front of me. Otherwise we will fall in debt. We have to control ourselves. It is a human tendency to buy the things which we are seeing. We have to train our children also to stay away from buying all unnecessary items.
• Philippines
19 Mar 11
yes,as you see your kids and you can not give what they want it is hard for the parents to accept that situation but you need to train them no matter what because it is for their sake, for the future to come.
@sanjay91422 (2725)
• India
15 Mar 11
I think no body can spend more than what they have. If some body is spending more than what they have then either they will be under the loan or debt from a friend. It is not a good thing to do. I myself spend only that much which I can spare from my earning. If my earning is high then at the same time my expenses get higher and it is natural. I always have plans with me for my money and time.
• Philippines
19 Mar 11
it is really hard to control ones budgeting and for now a days the costs keep on rising but salaries stay the same, it is really hard to cope up most especially your priorities and basic needs are much higher than your salary intake.