To boost our savings, should we spend less or earn more? Or, can we have a balance of both?
Many would think that it is easier to earn more than to spend less.
So, for this post, I will share my personal view on whether should we spend less or earn more.
Should we spend less?
It is human nature to have unlimited wants. Especially now that we are spoiled with so many choices available with just a few clicks.
Take an example with smartphones. There are new models of smartphones launching every now and then. Every new model comes with its own uniqueness and specialities to capture our attention and win our hearts.
Another example would be dining out. When there is a new fancy restaurant opening in the local town, it is so tempting to try it out. We’d feel left out if we haven’t dined at the restaurant.
So, we still make a trip to the restaurant even though we know it is out of the budget.
We really have unlimited wants. Thus, it is hard to cut our expenses and spend less.
Should we earn more?
When we want to save more money, it seems like earning more is a better idea. When we earn more, we can save additional income.
That’s easier said than done. Because the next question would be ‘how to earn more?’.
If you are employed, perhaps consider asking for a pay raise from your boss or superior. Do you think it’s that easy to get a rise from your boss or superior? You still can try it. There is no harm to try, anyway.
I would suggest also starting to look around for other job opportunities and asking for a better salary package.
Then, if your boss turns down your request, you have other job opportunities waiting for you.
How about picking up a second job or third job to earn more? Yes, this idea seems much better than asking for a pay raise from your boss or superior.
But, it requires our time, energy and effort. If this is temporarily, then go ahead. But, if this is for a longer term, you should reconsider it multiple times.
Because it might affect your health. Other options would be looking for other sources of income. Especially now that with internet technologies, there are so many good opportunities to earn extra income.
Thus, we should keep on trying to look for opportunities to earn more.
So, should we spend less or earn more?
Personally, I would love to have a combination of both. What I am trying to say is to spend less and at the same time earn more.
Between spending less or earning more, actually, it is easier to choose to spend less. Because our money is already in our hands. We just need to control it from flowing out. Or, at least control and slow down the flowing-out rate.
It is just that we need to have a strong mindset with the right attitude.
We can tackle our minds by setting up the budget first before we allow ourselves to spend on things, not within our budget.
And only allow ourselves to have the thing we want when the cash is ready.
By the time, the cash is ready, most probably we are feeling painful to let go of the hard-saved cash.
From another point of view, earning more does not necessarily bring more savings. Unless we set up strategies to put aside a certain percentage from our earnings into our savings.
Else, it will not increase the savings because as I mentioned above, we have unlimited wants.
Nevertheless, we should not stop ourselves from earning more. Because earning more money gives us greater flexibility.
This will tremendously increase the quality of life too.
Final thoughts
A different individual has different preferences. Some might prefer to spend less than to earn more. While some might prefer to earn more than to spend less.
As mentioned above, I prefer to have a combination of both. Which is to spend less and at the same time earn more.
Between these, spending less is easier to achieve immediately than earning more. Simply because the money is already in my hand and within my own control.
But, I will keep an eye out to earn more too. Because I know earning more will definitely contribute to my saving plan.
How about you? Do you prefer to spend less or earn more to boost your savings?
