By | September 7, 2022
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#2. Spend Less Than You Earn:

This rule encourages you to live within your means and prevent lifestyle inflation, which occurs when your income rises. The peculiar reality of humanity is that, unless you object, your necessary expenses, whatever you choose to call them, constantly increase in proportion to your income. Therefore, you should make an effort to control these costs, maintain it, and eliminate any want to spend extravagantly.

Maintaining a budget does not require depriving oneself of all luxuries. The majority of people, especially the young, spend their whole wage. You can effectively employ the money you have saved and paid to yourself by limiting your spending.

The greatest advise is to retain your current level of spending despite receiving a rise and to keep your spending under control. Determine your essential necessities for survival, not your whims and wishes. Never go beyond 9/10 of your income in expenditures. Only you will be able to save money after that, which will cover your expenses for essentials, and pleasures, and even set you on the road to financial success.

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