Comments on: Spending Less Than You Earn Is Not Enough

By: Anita

Anita — Wed, 16 Sep 2009 04:52:29 +0000

Hi, great article. I have yet another way to help: Spend slower than you earn. This means whatever you buy has to be above the rate at which you earn’t the money in terms of time. For example: Say you earn $5 per hr. Then what ever you buy at that price must give you a benefit for over an hour.

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Weekly Update: The Cheap Travel Edition — Almost Frugal- a frugal blog — Sun, 09 Aug 2009 05:58:06 +0000

[...] Spending Less Than You Earn Is Not Enough @ Oh My Aching Debts [...]

By: cd phi

cd phi — Wed, 05 Aug 2009 23:25:30 +0000

I see what you’re saying Cindys. Thanks for the response! My debts are actually quite manageable. Pay very little rent because I moved back home to save money, car payment, and student loans. Will be done paying off everything in two years at the current rate, and saving about 8% of my income.

By: cindys

cindys — Wed, 05 Aug 2009 01:33:06 +0000

Cd phi, I would still save 10% and believe me, I still have debt that I am paying off but without saving, I would have to go into debt for all of these emergencies. My financial situation did not start to turn around until I learned that I have to “pay myself first” or I will never get ahead.

By: cd phi

cd phi — Wed, 05 Aug 2009 00:57:05 +0000

What if you’re using the money to pay down debt? I have an auto loan and school loans which I couldn’t avoid incurring, so I have to aggressively pay it off since I have a nice savings fund in case emergencies occur.

By: noclegi gory stolowe

noclegi gory stolowe — Mon, 03 Aug 2009 07:47:16 +0000

As I generally agree with your post I think that sometimes thinking that way is dangerous. Spending less than earning sometimes makes development slower – that is truth, but sometimes it can save your business. Everything we see around us (I mean the case of economical crisis) originally started with people who invested too much in things that could not give them profits. Let’s be honest – sometimes spending less money could be very profitable.

By: Rondi

Rondi — Sat, 01 Aug 2009 05:31:59 +0000

Great advice ‘spend less than you earn.’ This definitely keeps you within your budget and out of debt. I will have to read ‘The Richest Man in Babylon.’ Thanks!

By: Denise

Denise — Sat, 01 Aug 2009 02:52:56 +0000

I still haven’t read that book but need and want to. I just have to find a copy at my price..free!
Good and practical suggestions in this entry!

By: Ms Save Money

Ms Save Money — Fri, 31 Jul 2009 23:15:14 +0000

Great article – I think The Richest Man in Babylon is a great book to reflect your own personal finance.

Currently I’m spending far less than what I make and have a decent amount in my savings. I like that you were very bold about buying the horse and then reselling it to make more money. I’m at that part rt now where I don’t know what to do with my savings to double it – it’s just sitting in my savings account and earning only .20% APY. I know I can put it into a higher savings account – but I’m more or less looking into the opportunity of doubling my savings right away and not just over time.

Anyone with recommendations?

By: cindys

cindys — Thu, 30 Jul 2009 19:15:17 +0000

I agree, Leslie and it has been around forever. Most of the rules that he talks about are still relevant today.