It's commonplace to work extremely hard in order to pay off debts incurred from prior expenses.
Our financial plan shouldn't be structured in this way. Spending less now allows us to save for future expenses, which is the real secret to riches. Also, cutting back on spending will help you resolve your debt. You can free up cash that will aid in paying down your debt by spending less than you earn.
Building your emergency fund is another advantage of spending less than you earn. This money is for use is case of an emergency, instead of borrowing money. You need to be prepared for anything that can cause you to incur debt. Despite the troubles you are now experiencing, having money in this fund will make you feel less stressed.
Saving money for the future is crucial. Not all people believe this. They believe they can wing it when they get there. Avoid putting yourself in this predicament. Be disciplined now to accumulate enough wealth to support a comfortable and high-quality lifestyle when you retire.
Of all the reasons to spend less, this is the most proactive in getting you more money— you can invest. A portion of your income becomes available for investment when you spend less than you make. It may be put toward equities, bonds, cryptocurrencies, or real estate. Make your money work for you. This is a good first step towards increasing your money.
Spending by Americans is a much bigger issue than we realize. Spending more money than we can afford is a cultural practice. But we must break these negative spending habits, and that can be very difficult.
Perhaps, by establishing savings objectives, making a budget, and cutting back on wasteful spending, we can turn things around.
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I am not a financial adviser. This article is not meant to be financial advice. My articles on cryptos, precious metals, and money share my personal opinion, experiences, and general information on cryptos, precious metals, and money.Thank you for stopping by to view this article.
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In the coming years, with the strong rises in interest rates, it will be very necessary to learn how to save efficiently if you want to maintain good financial health.
The credit is going to be limited considerably.
You could ask the bank to take a certain amount out of your paycheck and deposit that into a savings account, if your bank does that service.
Or put it into a Roth IRA.
Be creative.
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When I chose my first home I knew I had to have more than one income and collecting beer cans wouldn't cut it. And I had little time for another job. I picked a home with a legal rental suite for revenue and close to a bus hub. Writing off half my taxes, mortgage interest, and repairs as my rental was a passive income business. This year with my Emergency cash almost exhausted the remaining was reserved for emergency medical bills. I can write off my rental loss from my earned income.
Bring on the Tax Season.
I got an Emergency fund to slowly rebuild.
Always, with love 🤗🌺❤️
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Me too, I have no time for a second job. My first job is plenty. I bought this house for the income property I had built into the same property.... the best investment I have ever made.
Hugs and kisses, sis 🤗
!LADY 🥰🌺🤙
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Yet more great advice! For me I would call it a no brainer but I know so many people who live off of credit constantly. I wouldn't be able to sleep at night!
!CTP
I read in Hive a comment that "I told my dad to quit saving, that's so old style" or something along those lines. Gwad, forgive their ignorance! How can his dad not run to creditors in case of an emergency if he does not have money saved? How can the dad invest and make more money, if not from the money he saves?
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That was horrible advice they gave him! I'm sure he probably kept on saving though! Some people just plain don't get it....
Hahaha! I don't know if I should laugh or cry...
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Overspending is a big problem, and the “Fed” wants us to continue spending to fuel the economy @silversaver888!
I worry about the younger generations living with too much debt, and the majority renting……..
How will they ever be able to retire?😳
Given the major problem that is called "ageing", and the retirement age that is gradually being increased, we are slowly working towards a society in which no one retires. At least that's the feeling I get here in my country.
I completely agree with you!😳
It’s very concerning!
To say the least. But this is unfortunately just one of the many big concerns we're facing.
Yes, unfortunately very true, my friend!😳
Oh yes, @hetty-rowan! It is likewise very bad is America. But some people realize the importance of saving for retirement and thus working towards it.
Yet, I echo @silvertop's concern for those who are oblivious to how to manage their finances.
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It will take massive education, attitude, and mindset changes. Parents of today MUST educate their children on finances, setting an example themselves.
For most people, there is one major purchase that requires credit, and that is a HOME. For this reason alone you have to keep at least one credit card in order to generate a FICO score. But other than maintaining that, avoid credit like a plague!!!
!LUV
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One quick way to achieve these goals, unfortunately, is the collapse of the existing system. This can be due to the bankruptcy of the political government, or to the collapse of the currency (even including USD). Short of that, erroneous knowledge will continue to reign. While "The Great Reset" is not what we want, some sort of reset is necessary.
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I one hundred percent agree @silversaver888!😇
I unfortunately see a whole generation growing up and living in apartments and never owning a home!
I am not sure what will happen when these apartment dwellers are too old to work, and have no equity, and no way to pay rent !😲
OMG!
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It is a pitfall of today's society
Materialism and hedonism are the roots of such.
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It's very funny. Recently I watched a video that someone was asking a kid: "if you have 1 dollar, can you spend 2 dollars?". The kid was like "of course not, I only have one dollar."
Fortunately in Spain is not a thing going into debt like in America...
Yes, Spain is ideal. Household debt is decreasing! I know of a gold and silver stacker, @goldrooster, who moved to Spain.
!LADY 🥰🌺🤙
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100% agree with this. emergency fund first, then i think saving is so important.. as in, more money in than out! :P
You bet it is, @chinito.
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She's not sick, or anything - I just think she can get better..
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Not my style spending frivolously at all. The only time I spend money is on vacation which doesn’t happen very often.
I used to spend frivolously. That ended when I started stacking!
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!LOL
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They just work on so many levels.
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It is all happening in Your California Right Now............
!LUV
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I'm sure you already know how I go about saving... I spend the Paper and Pocket the Change...lol...
Yes, paper and pocket change!
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I Know you !LUV these kinds of Videos...........
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Fun Silver in the Coin Dealers Cases...........
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I think that a lot of people, when they are young, tend to think that retirement is a long way off. I suppose that it is in a sense, but it's not that far off at all! A 35 year old in 30 years will be 65 making it their prime time to retire or retire shortly. 30 years is not long at all and it will fly by before they even realized it's happened!
Even if it's just a little at first-just start! Once people are in the habit of doing this, it will become easier as time goes by.
Take care my sweet sis and have a blessed Sunday! Love ya much!🤗😘💖🌸 !LADY
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I have 20 years until retirement, assuming I reach that age. I better catch up, hehehe!
Hugs and kisses, sis🤗
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You sis, are probably one of the most budget minded people I know! I think you will do just fine and you will make it there and beyond! Much love to you!🤗💜😘💜🌸💜😘💜🤗
This is more than advice, this is how to increase your standard of living, while continuing to spend less than what you earn.
It seems so simple. Yet, it takes much discipline and perseverance.
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Unfortunately many people live paycheck to paycheck can't really do that, but at that stage it's important to get a better source of income and other sources of income
Yes it is hard, but can be done. Even those living paycheck to paycheck are able to save some. Some start with $20 a month, even lower if it is absolutely impossible. If they put their minds to it, they can save. It's a different challenge if they are jobless. They will need assistance. There are problems that will require a system to help them.
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When a person is tired of scrimping and saving, and then suddenly acquires a greater income level, there is a tendency to overspend.
Good luck in the SoCalHive contest.
I am due for an increase soon, and I am adding that to my savings/investments! I don't need a new car, hehehe!
Same to you, @steemseph. Good Luck!
!LOL
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California law says you need a new car ever 10… months!!! Jk, I have an old car.
Dusty dashboard old car.
Woot, woot!!!
Thank you!!!