Spend Less Than What You Earn

in Ladies of Hive2 years ago (edited)

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.



😍#ilikeitalot!😍


All comments written on any LADIES OF HIVE posts receive staked ARCHON tokens, along with Feathered Friends and Shadow Hunters posts.

Gold and Silver Stacking is not for everyone.
Do your own research!

If you want to learn more, we are here at the Silver Gold Stackers Community. Come join us!


Best Regards,

@silversaver888

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.
All photos, gif, and video were taken by me with my iPhone, unless specified.

Thank you for stopping by to view this article.

I hope to see you again soon!




Hugs and Kisses 🥰🌺🤙!!!!



I post an article daily. I feature precious metals every other day, and on other days I post articles of general interest. Follow me on my journey to save in silver and gold.

@silversaver888

Sort:  

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.
!invest_vote

Posted Using LeoFinance Beta

@silversaver888 denkt du hast ein Vote durch @investinthefutur verdient!
@silversaver888 thinks you have earned a vote of @investinthefutur !

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 🤗🌺❤️

Posted Using LeoFinance Beta

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 🥰🌺🤙

Posted Using LeoFinance Beta

View or trade LOH tokens.


@silversaver888, you successfully shared 0.1000 LOH with @kerrislravenhill and you earned 0.1000 LOH as tips. (1/30 calls)

Use !LADY command to share LOH! More details available in this post.


The rewards earned on this comment will go directly to the people( @silversaver888 ) sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.

Thanks @poshtoken!

Posted Using LeoFinance Beta

You received an upvote of 100% from Precious the Silver Mermaid!

Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!

Thank you, @ssg-community!

Posted Using LeoFinance Beta

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?
!LUV

Posted Using LeoFinance Beta

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...

Posted Using LeoFinance Beta

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.
!LOL

Posted Using LeoFinance Beta

If you arrest a mime...
Do you have to tell them they have the right to remain silent?

Credit: marshmellowman
@hetty-rowan, I sent you an $LOLZ on behalf of @silversaver888

(1/8)
Delegate Hive Tokens to Farm $LOLZ and earn 110% Rewards. Learn more.

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

Posted Using LeoFinance Beta

It will take massive education, attitude, and mindset changes.

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.

Posted Using LeoFinance Beta

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!

Posted Using LeoFinance Beta

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 145 of my contest just started...you can now check the winners of the previous week!
15

It is a pitfall of today's society

Materialism and hedonism are the roots of such.

Posted Using LeoFinance Beta

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 🥰🌺🤙

Posted Using LeoFinance Beta

View or trade LOH tokens.


@silversaver888, you successfully shared 0.1000 LOH with @capitanabeach and you earned 0.1000 LOH as tips. (9/30 calls)

Use !LADY command to share LOH! More details available in this post.

You have received 5.0000 LOH for posting in Ladies of Hive. We believe that you should be rewarded for the time and effort spent in creating articles. The goal is to encourage token holders to accumulate and hodl LOH tokens over a long period of time.

!LADY🥰🌺🤙

Posted Using LeoFinance Beta

View or trade LOH tokens.


@silversaver888, you successfully shared 0.1000 LOH with @ladytoken and you earned 0.1000 LOH as tips. (2/30 calls)

Use !LADY command to share LOH! More details available in this post.

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.
!LOL

Posted Using LeoFinance Beta

I sent my girlfriend a 'Get Better' card.
She's not sick, or anything - I just think she can get better..

Credit: reddit
@chinito, I sent you an $LOLZ on behalf of @silversaver888

(2/8)
Use the !LOL or !LOLZ command to share a joke and an $LOLZ

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!

Posted Using LeoFinance Beta

!LOL

Posted Using LeoFinance Beta

Elevator jokes are the best
They just work on so many levels.

Credit: reddit
@silverd510, I sent you an $LOLZ on behalf of @silversaver888

(3/8)
Are You Ready for some $FUN? Learn about LOLZ's new FUN tribe!

Ms. Saver @silversaver888
It is all happening in Your California Right Now............

!LUV

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!
!invest_vote

Posted Using LeoFinance Beta

Ms. Saver @silversaver888
I Know you !LUV these kinds of Videos...........

!LOL
Fun Silver in the Coin Dealers Cases...........

Why are rainbows always so cheerful?
Because they just got out of a prism.

Credit: reddit
@silversaver888, I sent you an $LOLZ on behalf of @stokjockey

(2/6)

PLAY & EARN $DOOM

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

View or trade LOH tokens.


@elizabethbit, you successfully shared 0.1000 LOH with @silversaver888 and you earned 0.1000 LOH as tips. (1/16 calls)

Use !LADY command to share LOH! More details available in this post.

I have 20 years until retirement, assuming I reach that age. I better catch up, hehehe!
Hugs and kisses, sis🤗
!LADY🥰🌺🤙

Posted Using LeoFinance Beta

View or trade LOH tokens.


@silversaver888, you successfully shared 0.1000 LOH with @elizabethbit and you earned 0.1000 LOH as tips. (6/30 calls)

Use !LADY command to share LOH! More details available in this post.

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!🤗💜😘💜🌸💜😘💜🤗

Make your money work for 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.
!LUV

Posted Using LeoFinance Beta

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.

Posted Using LeoFinance Beta

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

Why are cats bad storytellers?
Because they only have one tale.

Credit: marshmellowman
@steemseph, I sent you an $LOLZ on behalf of @silversaver888

(1/8)
Farm LOLZ tokens when you Delegate Hive or Hive Tokens.
Click to delegate: 10 - 20 - 50 - 100 HP

California law says you need a new car ever 10… months!!! Jk, I have an old car.

Dusty dashboard old car.

Congratulations @silversaver888, your post won 1st prize in this weeks Show us Your California contest!!

Woot, woot!!!
Thank you!!!