Quote from: dunfida on June 06, 2023, 11:59:18 PM

Quote from: greek_hephaestus on June 06, 2023, 02:48:11 PM

Quote from: Accardo on June 06, 2023, 09:42:50 AM

Quote from: SmartGold01 on June 06, 2023, 08:48:47 AM

Quote from: slapper on June 06, 2023, 06:40:26 AM

However, the solution isn't as straightforward as cutting expenses. It's about understanding needs versus wants and planning expenditures accordingly. A common saying among personal finance geeks is "Don't save what is left after spending; spend what is left after saving". Implementing such simple financial principles could be a starting point to financial prudence.

I can assure you that only few would do that, just that nowadays people have turned the way of living to a competitive standard whereby people don't even care where they are and what they got involved in living and expensive life. If there's an adjustment, then to also stop living expensive life I don't think in anyway we would live a life debt instead a debt free life, I myself have tried all I could to reduce and remove every unnecessary expenses in my family, whatever we don't want at that moment we skip it and go for the most needed ones by so doing we've eliminated lots of things.

Learnt many savings strategies reading this thread, I've never felt comfortable owing people or a firm, but sometimes things get too rough on a person and they'll need to survive on loan. I noticed that borrowed money burns like paper and people find it difficult to clear their debts even when the money is with them. It can be circled around their way of living life, they'll feel the money is not enough to settle the loan. The world is now complicated with people that can't control themselves from buying useless things, in the name of show off. What will happen to a person that use a borrowed money to fund his luxurious lifestyle? a lot of people do this to feed their timeline, opening a window for future obstacles.

This are the mainly affected financial problems and they income expense crossed is one virus it must overcome in managing finances . In a financial situation is bad at the time we get borrowing we are obey like a brilliant if your finances jam or fail to pay at maturity, one of the risks that cannot be avoided is that the installments will get bigger because the interest and fines continue to increase.

Thats why you should avoid on taking loans and borrowing money to pay another debt on which you are really that putting and sinking up yourself into much trouble because it would be continue to pile up until you would be able to realize that it is really that hard to pay anymore specially if the income source you do have is still the same. This is why whenever we do talk about financing then we should really be that wise when it comes to spending and we should really avoid to deal up with things which arent useful to us. Its not bad to borrow but only into those emergency times but for buying up something which doesnt generate
income then this is where problem do starts.

This is why as much as possible you should quit on borrowing and this is where you would be able to see the relevance on having some savings fund. If you dont mind on having this one then
you would really be able to realize things when you are already on a tough situation.

Your thoughts on fiscal gymnastics are pretty woke. Can't help but feel that "yup, this hits home" moment when you bring up the issue of grabbing a loan to pay off another. It's like digging an even deeper money pit, right? Truly, it turns into a whirlpool of IOUs and APRs, kinda like a financial black hole that gobbles you up the harder you try to escape.

Totally vibing with the concept that smart and savvy money moves are clutch. Dropping cash left and right can brew up a financial storm, more so if it's all going into depreciating baubles. On the flip side, prioritizing the must-haves and maybe a few boss moves in investments that deliver ROI could keep your bank balance from going red.

Your two cents on keeping a stash for the rainy days is on point. It's like the "in case of emergency, break glass" fund to combat those out-of-the-blue fiscal faceplants. A rock-solid savings game plan is your financial parachute that lets you sail through rough economic weather without falling into the quicksand of brutal loans. With the right fiscal playbook and keeping a tight rein on the spending spree, one can stay on top of the money game and ride out any storm.