The question of "how much money should i spend"?

[TOZZIBLINKZ]

It is almost accurately true that majority of people today worry about how much of your income should be allocated for their spending activities and this is because individuals these days are becoming wise enough to know that they have to save money and invest in as much as they spend . It is totally not a crime to spend money because when you spend money you have the chance of enjoying the good things of life but the overspending of money is definitely what we are trying to avoid by all means because when we overspend money we definitely show no gratitude for the income that we have achieved . To sufficiently and accurately manage the income that we have accumulated for ourselves we need to understand the importance of money management . To be able to answer the question of how much money should you spend you must first of all convince yourself on the reason why we need to not overspend money .

Like already mentioned over spending of money can leave us broke and poor as a result of not saving and investing . To avoid this you must cut down any unnecessary spending habits and what that means is that spending money on things you do not necessarily or importantly need and want . The key human necessity include food , clothing , and shelter and anything above these are just miscellaneous activities. Spending on miscellaneous activities and purposes should be done in moderation and not extravagantly or overly .

 

[CALVINDOL]

The question of how much money to spend has been one of the most troubled question that a lot of people are finding it very hard to answer and to be very sincere only a few minority of people have been able to find a concrete and realistic answer to the question of how much money should I spend . As long as an individual is alive he or she will definitely spend money because money is definitely a very resourceful asset and important tool that totally helps individual to acquire they want and need they desire possibly the type of needs and ones needed for their survival and existence which include shelters , clothings and food .

To be able to spend your money wisely you must develop the act of preparing a budget because when you prepare a budget you'll be able to control the amount of money you spend but rather channel a reasonable amount of money to your saving and investing activities more than the amount of money you spend .

 

[Mika]

I don't think anyone should have a difficulty in answering a simple question like "how much money should I spend?" If you know the rule of 50/30/20 in personal budgeting, you should be able to answer this question. The rule of 50/30/20 says that you should spend only 50 percent of your income on necessities, you should save 30 percent of your income on fun/enjoyment/luxuries, and save 20 percent of your income on emergency funds and investment funds. The rule says your spending should never be more than 80 percent of your income and the 80 percent spending should cover everything from your rent, food, loan repayments, credit card bills, health care expenses, buying new clothes, going to movies, etc. The rule of spending 50 percent on necessities and 30 percent on luxuries is the maximum you can spend on these categories. If you can keep your expenses lower, and add more to your savings on investment funds or emergency funds, that would be better.

 

[Heartstrings]

This surely is not a difficult question, reason is that, how much you should spend depends on how much you earn and what are your budget? How well do you need to spend everyday,the only is,don't spend recklessly,I believe 90% of people in This present age knows the importance of savings,not spending extravagant is solely the key here. You see money is everything and we can't do without spending it on one thing or the other on a daily basis. Spend according to your pocket and budget and save the rest, for emergency and other bills that May arrise.

Personally how much I spend is based on how much money I have at that particular moment and what my budget are,if at the end of the day I find out I don't need the money on anything again I save it immediately because the more is at your reach the more you spend on irrelevant things.

 

[Ithedicious]

I don't know , but I believe that all this thing's will depend on so many thing , but most importantly it will depend on the amount of money you are making at the end of the month. That is the only thing that will determine how much you are going to spend in a day and so on.

Someone that is making $500 at the end of the month may just decide to spend 45% of that money over here and the person will have a comfortable life and save the remaining 55%..

There are people who are earning $200 and the person may just decide to used at least 75% of that money and still struggle to have a comfortable life..

So most importantly the savings you are interested to do at the end will be determined by your salary after you have been able to take out the most important expenses of your life.

 

[Rubz]

Like you said, it is not spending that is bad because it enables us to enjoy life to the fullness. It is actually overspending that is bad, it might lead to regret in future. One should know when and when not to spend a responsible individual. Also, one shouldn't live a lifestyle that is more than one's earning because ond would definitely end up overspending, not being able to save and even borrowing to keep up with such lifestyle. There are different ways individuals can avoid overspending. For example, having a list of necessary things needed monthly and actually sticking to that list goes a long way to help stop overspending. With the list, one only gets to spend on the basic things contained on that list and avoid buying unnecessary things.

 

[Sotherefore]

I believe the question should be answered individually because we are different in terms of religion , culture and environment. If you are interested to know the amount of money to be spending on daily basis or monthly basis , you have to put into consideration that this will depend on so many things. Your environment is also a very important factors that determines this..

On monthly basis I try as much as possible to save at least forty- 50% of my monthly earning . The reason why I am calculating on monthly basis is because I cannot calculate how much I spend on daily basis and no matter the amount of money I spend , I have to make sure that I have some savings at the end of the month.

Your location plays an important factors, people in the urban settlement may have a different saving percentage from people in the rural settlement.

 

[eldavis]

Everyone has a different answer to this particular question. The biggest mistake you will ever make is thinking someone out there would be able to tell you how much you should spend. The best way to know how much you should spend is your ability to separate your needs form your wants. Most persons tend to spend too much on their wants, which means they spend on things they do not really have need for, hence leaving very little for the things they need.

 

[Mujeeb770]

persons tend to spend too much on their wants, which means they spend on things they do not really have need for, hence leaving very little for the things they need.

 

[Suba]

Your question sounds strange to me, of course only you know your habits and lifestyle, especially in terms of spending. An expert like an accountant will also find it difficult if asked to make a budget for you without knowing your expenses in detail, maybe your current expenses are greater than your income, and if you are given a tight budget for example 50-30-20, then your life will be miserable. So the first time to determine how much you spend, you have to list all your income and all your expenses, and take out your expenses that you think are less important. Can you reduce your expenses by 75% so that you have 25% left for savings and investments? If you can't afford to spend 75% then you can start from 90%, and for the next month you can lower it and continue to reduce it for the following months.