How To Spend Less And Invest More

in steemleo •  10 months ago  (edited)

spend less invest more.jpg

A long time ago during a bible study class in church, the priest was stressing the importance of members paying tithe, at some point during the class he asked the question “Why do some members fail to pay their tithe”. A man sitting at the back of the church who had been listening attentively answered. He said for him he doesn’t pay tithe because God gives him 50 thousand and then gives him a problem that will cost him, more than 50 thousand to solve, so since he doesn’t have anything left on him there is no way he can pay tithe.

This is not a religious post or a post about paying tithe, it is just to illustrate to us that some people spend more than they earn and if such is your case then it will be very difficult to invest your money not to talk of growing it.

When countries spend more than they earn they print more money so that they can spend more, however, this action has a negative effect on the country as the value of their money diminishes. It is different for individuals, when we spend more than we earn we can’t print more money, you go bankrupt and fall into debt.

A wise person invest more than they spend, so here are some ways you can spend less and invest more:

Understand How Much You Earn Monthly : - A lot of people don’t know how much the earn monthly so for them they have an open ticket to spend as you like. If you know how much you earn monthly then you’ll know that your spending has a cap limit.

Have A Spending Plan : - You need to figure out what you are going to be spending your money on, that way you determine on time how much it is going to be and start cutting out those things that are not necessary and things you can do without. This will help you stay within your earning range as you know you can only spend what you have.

Have An Investment Plan : -These plans comes in different ways, some calculate it as 70-20-10 or 60-20-20 or 50-40-10. What these figure boils down to is the first part is living cost, the second part is for investment while the third part is left as reserve in case of an emergency. Using the first example 70-20-10 it means 70% of my monthly income is used as living expenses, 20% is invested while 10% is left in savings in case I need it for something that wasn’t planned. What I have discovered is that you choose the ratio that works for you based on you stage in life. A fresh university liver that just started working can’t have the same investment plan as a family man with 3 kids.

Stop Habits That Don’t Add Value To Your Life : - Are you an excessive smoker? Do you drink too much? Are you a glutton? Or are there other harmful habits that eat up a lot of what you earn and they don’t do you body or health any good. While I can’t tell you to stop them out rightly, but reducing those activities can really help you spend less and invest more.

Look For Cheaper Alternatives : - One thing some people don’t know is that something been cheap doesn’t always mean it has less quality. For instance, we process our own grinded ginger and spices which ends up less than 10 times the price we’ll get the packaged ones at the super market, on top of that the quality is far better that the packaged ones. There are so many things like that including your choice of place for a vacation. Cheaper alternatives can leave you with a lot of free money to invest.

Sell Off Stuff You Don’t Need Or Use : - A lot of us have loads of stuff we barely use or have need of or have no need of them again. Why are you keeping them? Why not have a garage sales? Some times in the past we buy things due to the marketing that comes with it or the color or sophisticated looks and at the end of the day it is kinda useless to us, we can’t throw them away because of the money we remember spending on them. Lol. We pack them and dump them in the basement. Let them go, allow people that will use it get it and will make some money off them.

Look For Bargain Prices, Offers And Coupons : - Buy 2 get 1 free!!! I believe we are used to such promos especially during season sales. Or buying stuff and getting coupons that give you a discount on other purchases. These are great ways to free up more money to use for investing.

In conclusion, I can go on and on but we all wear the shoe and knows where it pinches us the most, develop your own ways to manage your income so that you can invest more for the future.

Image Credit: Source

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Good article! This is information that needs to be taught in every school.

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Very true my dear.

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Excellent post @ketcom!!!
Just wondering, have you looked into/ tried @scotauto to claim Steem-engine rewards?
Maybe that would be a good post for you to do???

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Thanks for your comment @silvertop, I'll find time to check it out.
Too many things to do these days.

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I know what you are saying @ketcom!😳

Our lives are all so full.....
we are leading the Worship band Sunday, and practice is on Saturday afternoon, and I have been so busy I forgot it was our oldest sons birthday tomorrow!😳

We were going to go for the automatic win in the morning... then band practice 3:00PM to 6:00PM then...... run over to have cake and ice cream at my soon to be 36 year old sons house!🎂

Do we do this to ourselves Lol???😊😇

Don’t follow me I’m lost Lol 🤗👍

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Well said @ketcom I read two books that really opened my eyes. The first was The Richest Man in Babylon and the second Rich Dad, Poor Dad, I highly recommend both.

Afterwards, I began to track my monthly spending using Quicken and was surprised to find out I was spending over $100 per month buying magazines, for example.

Switching to annual subscriptions saved me a lot of money as opposed to buying them at the bookstore. This allowed me to begin putting aside funds for investments. Eating yogurt instead of ice cream, healthy juices instead of soda all helped, just like reading this post has. The point is to cut out the waste, invest for the future and never give up. Well done. :)


Thanks a lot @evernoticethat for comment it is well appreciated. I've read both books and they're great.

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You should read or listen to Tony Robbins - 7 steps to financial freedom :D
It made me diversify a investment portefolio while saving money for the next 6 month and live comfortable with what I had :D
Also you @ketcom should read this :D

Thanks a lot @cwow2, I'll check it.

It is sad that many people do not learn about financial management. Most people learn it from their parents that creates a cycle that is difficult to break. I think that schools should teach financial literacy, that would benefit society in the long run.

Very true my dear, it should be taught while kids are in school. Unfortunately people graduate from University without knowing anything about financial management.

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Sorry for being late. Being working a lot.

I liked your post.

I liked your post, very good, to know how to manage. You are very right, many times we don't measure what we spend and we don't know what we earn. Of course, in our case, Venezuelans, it is very difficult to save because the currency is constantly devalued. The best thing would be to invest it, but the prices go up too fast and the investment ends up being food and medicine. But I like your percentages. Of course we would have to change the 20% of investments for payment or repayment of debts and 10% to invest (although this is already very difficult here.)

Thanks for sharing!

Hi @jadams2k18, no problem at all.

I do understand, I myself have been hands full now with loads of holiday makers staying with me.

Things can be tough sometimes but we must strive to survive.

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That's right my friend!

Which browser or DApp are you using with too many tags. Thanks.

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Using the tribe UI you can do that.

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Oh. I will just login using steem connect? I guess? Thanks

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Hi, @ketcom!

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Thank you so much for participating in the Partiko Delegation Plan Round 1! We really appreciate your support! As part of the delegation benefits, we just gave you a 3.00% upvote! Together, let’s change the world!