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Thursday, February 23, 2012

The Secret to Spend Less Than What You Earn


The Secret to Spend Less Than What You Earn

Spend less than you earn

A lot of personal finance blogs I've read, I notice a common theme and advices to our financial problem. And they most common advice — “Spend Less than What YouEarn”. Unfortunately, it’s easier to said than done, otherwise, There will be no rampant debt problem in our society. Fortunately, I went through this in myself, and over the years, I’ve learned a few tricks that I think it might help also to you.

The secret to spend less than what you earn.

Step #1: You Must Know Your Income
Answer this question, how much money you make annually? This step is especially hard for people who run a small business, have a multiple income streams, or whose earning fluctuates in any way.  Nevertheless, you cannot spend less than what you earn if you don’t know what you earn.

Step #2: You Must Establish a Spending Plan or In short Make a Budget
Once you've already know and determine your income. You should keep pay attention and remember that you cannot spend more than this number.

Some people make a budget for weekly, others monthly, and some quarterly.  The most important thing is that you have a budget.

Step #3: Write down all the expenses and Stick to your budget
Write down all the expenses to track every peso that you spend. The only rule is to make sure that you do not spend more money allocated in each category you make.  Always be sure your budget is doing its job. To make this happen stick to your budget.

Step #4 Review the Budget, Income, and Spending
Fix any issue if there's some conflict. Whether your regular expenses are too high or not make some adjustment to make you feel comfortable to your spending and fit to your budget.

Once you have found the balance between your income and your expenses you are now in a position to spend less than what you earn.

Anyone out there spend less than you earn?  What are your tips, ideas, or suggestions?



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