Do not save what is left after spending, but spend what is left after saving

[Starmix]

Most of us never think of saving, but rather spend incorrectly. It is important to note that prioritizing a portion of your income for savings and investments before allocating funds for discretionary spending. This ensures that you are consistently building wealth and securing your financial future.

By saving first, you become more aware of the resources you have available for spending. This can lead to more conscious and intentional purchasing decisions, helping you avoid unnecessary expenses and prioritize what truly matters to you. Saving before spending allows you to allocate funds towards your long-term financial goals, such as retirement, education, or home ownership. This approach helps you stay focused on your priorities and make progress towards achieving them.

Lastly, making saving a priority requires discipline and commitment. By consistently saving before spending, you develop a habit of responsibility that can benefit you throughout life.

 

[Trush Jodie]

I want to believe that this implies that you don't spend any of your earnings till you have taken out the percentage you have designated as savings.

 

[Starmix]

Despite of the fact that saving is essential but circumstances like having a small salary is one factor why some people cannot save. Yes, they spend what they earn but those they spend for are intended for the daily needs which expletives isn't enough. Those whose income are significantly higher must save first and spend only after doing it.

 

[Stardom22]

I agree with that. The savings should be given the first priority for that matter. In most cases when you spend what remains after making some savings then you are likely to achieve the financial goals with ease.

 

[Starmix]

If you plan to save after you spend don't expect that you still have the interest to save some amount in the bank. Most likely, your money will be no more he he.