Do you spend more money than you make from your online earning activities?

[Bookwormlux]

As individuals, we are tempted some times to spend recklessly the money earned online because they seem to come too easily and with lesser demands that we would ordinarily have made offline.

Personally, I think I have not applied good sense of financial discipline in all these years of making money online and this is a result of not having a good budget planning of how to make sure I do nygo extra miles.

I also did not do well in developing a good Savings culture that would ordinarily have enabled me to be able to make better exploits, like not missing out on an investment opportunity that present.

Here, it is a call for us to try analysing our spending and earning culture on a scale and then share experience of what we ought to have done better that we failed to do which would have enabled us to have enough money saved than we spent.

Another factor that cause people to spend much of their online earnings is the fact that they are easily tempted to invest this money in cryptocurrencies, forex and other things they have no reliable knowledge of. This then makes them to fail often.

What do you think?

 

[eldavis]

Truth be told there are times where I throw caution to the winds and just spend anyhow on things that are not even needed or necessary at the moment, while there are times where I try my very best to manage what I have and what comes in. That by the way I believe my online earnings is still not coming in as much as I want to.

 

[Bookwormlux]

Truth be told there are times where I throw caution to the winds and just spend anyhow on things that are not even needed or necessary at the moment, while there are times where I try my very best to manage what I have and what comes in. That by the way I believe my online earnings is still not coming in as much as I want to.

This is not going to be of any help to you in the long run and you will only realise that you have been spending so much time working while ending up with little to show for it. This I why you have to make sure that you attain a level of self discipline that would be enough o sustain you and help you stay afloat while making sure you only spend money on those things that really matter.

I personally tried my best by opening a core savings account with a Nigerian bank where I would only be crediting it with money that I do not need and this is very effective. I tried to not collect any debit card for the particular bank account. I also made sure I did not activate the ussd transaction, and the bank mobile app.
This is the formula I am using. Seeing the amount of money I have spent so far is shocking and I cannot even account for. It. That is why I want to do something different this time around and I can attest to the fact that it is working fine without much hurdles. I pray I can continue for long.

 

[Kingsley]

To be candid the rate of inflation is alarming and sometimes what I earn online may not be sufficient enough to cover all the needs, although it is truly helping to cover some major challenge as it touches financial problems. But sometimes it is not enough to go round. Hence one still need some other side.

 

[Sotherefore]

Well I don't really spend so much of what I makes online , the reason is because I have two source of income both offline and the online. Because of this I saved at least 90% of all the money I makes online and sometimes because of financial stress I may not likely be able to save this money. I may likely use it to do some things or the other but in normal circumstances I don't really spend beyond 8% of my online earning since my offline skill is able to generate me some money to take care of myself.

The most important thing is to have more than one source of income because when this is being done the possibility of having a little saving will be available.

A situation in which you only have to depend on one source of income you may not likely be able to save anything.
Personally I am an electrician and sometimes I makes money from my electrical skills. This is what sustained me almost on daily basis and my earning online are being safe mostly in cryptocurrency except it is absolutely necessary that I need it offline.. That's what I do Sha .

 

[Bookwormlux]

@Kingsley the very high rate of inflation that we are currently experiencing is something else and I just keep wondering if things would ever get better, especially when you consider poor countries like Nigeria that are still suffering from adverse effects of bad leaders that are not even interested in what would benefit the masses, but only working on how to make sure that they secure the future for their unborn generation. Things keep getting worse day by dey and that is why a lot of youths who cannot continue to endure are getting involved in so many dirty things just to get the money that they have been thinking of for a very long time.

I used to be happy that crypto currencies exchange rate was kind of high enough to cover what I have been spending offline, but it seems the naira rate is continuously falling against the dollar and this is affecting the purchasing power. Prices of goods keep doubling every now and then. The situation is just so bad and this has made Nigeria as a country to be too expensive for a poor country that it is at the moment. Life is miserable here and only God can help us.

 

[Kendy]

Each day, I spend more money because I am not employed by someone nor am I self-employed. My online earnings is not enough to Carter for my adequate needs because my needs definitely outweighs the available resources. There are times I spend excessively on things that I do not really need at the moment but at times, I like buying some products double especially if it has the potentials of increasing soon. Also, my online earnings is limited as I do not really have the time and lack of earning opportunities although I am still trying to sharpen my earning skills. I adopted a scale of preference, where presently, I budget my needs first then subsequently with my wants. I do no spend recklessly because I know how bad the economy has been and how limited my funds are. I try as much as I can to cut my cloth according to my size. If I am unable to avoid boutique wears, I go for first grade clothes and when it comes to devices, I can manage the fairly used ones until I am able to make enough money where I can buy what I desire. Most of my online earnings goes straight to my data subscription because this data gets exhausted quickly.

 

[Rachael]

Yes, I spend more way too much money than what I make online and that is almost normal at this point because I do not diversify my online earning skills. I only work on this forum for now, but I am very optimistic that I would get further opportunities. The money I realize online is just to cater for quarter of my basic needs like some toiletries. The last earning i realized here, I used it to clear off the debt of my electricity bill. There is no way you would work in a forum which is limited as to the number of threads and comments that can be posted, you would not realize the target amount you have and even with this, you might be pressurizing yourself almost unnecessarily. The most important thing I remain grateful for is the opportunity to even be acquainted with the online earning capacity. I know the quota of information that I have gotten from this online system and the most alluring feature is that, these knowledge is not paid for, rather I learn them for free. I do not despise the days of my small beginnings because I know with time and determination, I would realize my dream daily target.

 

[TOZZIBLINKZ]

I am a level 400 accounting students in the University of uyo in Nigeria and one policy we are always taught by our lecturers and tutors is that an accountant does not spend money recklessly or irrelevantly this is because an accountant profession deals on how to facilitate use and handle money . Whether you are am accountant or not every individual on planet Earth must know how to use money rightfully and sensibly . although in most cases individuals are being tempted to spend much more as expected in their budgets or in their pockets . Research and studies also has it that individuals who use credit cards to purchase items which they desire have the tendency to spend much more as intended .

Personally , I am still dependent on my parents to cater for most of my personal and material needs and so I am not sure whether I am spending more money then I am earning online . but if I were to answer that question I will say no ! because most of my money I earned on this website are been saved for future based purposes and for unforeseen occurrence . this morning I saved could be as a source of capital accumulation for a business I may intend to open .

 

[Rubz]

You are right, a lot of people tend to spend so much more than the earn. Sometimes they do it unknowningly, they tend to invest in differe schemes which rarely turns out successful, making them lose a lot of money in the process. There are people who always spend, they haven't developed the habit of saving and they tend to spend money on unnecessary things. I believe every body should cultivate the habit of saving.

 

[Chibson]

No, i don't. Even though, I have not started making a lot of money on the internet but I try as much as possible to cut down my expenses in order not to run out of money. it is very important people try as much as possible to cut down their expenses in order to have at least a little savings they can invest or put into other things. To me, it does not really make sense for me to be making money everyday and be spending more than that. This year I've decided that most of the money I make on the internet will be invested in things that will give me a lot of money in the long run. There are a lot of businesses on my mind now both online and offline and I am trying as much as possible to balance my spending in order to invest in good projects that would fetch me reasonable amount of money to a venture into good businesses. Last year I made the mistake of trying to spend a whole lot of money but this year I've decided that I wouldn't do that. I also try as much as possible to make budget whenever I want to purchase things in bulk.