10 spending rules to help you always have a lot of money

Effective money control will make life abundant without necessarily having a high income.

Check out the 10 spending rules below to help you live a more comfortable life.

1. Invest in yourself

Investing in self-development is the most profitable investment because we ourselves are the most valuable asset.

Investing in yourself is a willingness to learn and experience new things. If you are interested, love a certain issue, focus on it. That could be taking an online course, getting a certificate, or signing up for personal development programs. Spend time and money investing in learning and gaining experience, you will increase your value and thereby earn more money.

2. Rule of 3 numbers 8

The average person works 8 hours a day, sleeps 8 hours a night and has 8 hours to spare. So, to become better at something, 8 hours of free time must be used efficiently and wisely.

Make good use of 8 hours of free time, investing in things that bring long-term effects such as learning new knowledge, new skills… instead of just going to YouTube to watch entertaining videos.

3. Be careful lending money to relatives and friends

Whether it’s a family member or a friend who borrows money, paying it off on time is something to remind them of. Lending money also has to see what the other person’s situation is, only when they are really urgent, needy, should you lend it. And when the other party borrows money just to buy a car, brand name or investment to make a profit, it needs to be reconsidered.

Lending money to a loved one can very well bring an inherently good relationship to an end. Therefore, before lending money to someone, you need to determine the amount that must be paid within a certain period of time.

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4. Reasonable spending

The lack of a specific limit makes it easy to overspend on non-fixed expenses such as food, groceries, shopping, and entertainment.

According to professor Elizabeth Warren of Harvard University, USA, the formula to limit reasonable expenditure is 50 – 30 – 20, of which: 50% is essential expenditure (house, transportation, meals, tuition fees) children, utility bills…), 30% are for personal expenses (travel, entertainment, shopping…), 20% are financial goals including savings, debt repayment and reserve fund room. This formula can be flexibly adjusted depending on the spending needs and budget of each family.

5. Every day, take a minute to check your expenses

Every day, take a minute to check every trade you make during the day. This will help you determine what is appropriate or inappropriate.

Checking the expenses of the day also helps you to plan for the next day’s spending. This will help you visualize your monthly expenses and what must be spent and what can be changed.

6. Before every purchase, compare

When wondering whether to buy things or not, ask yourself if you really need them, what would you do without this item. Also, practice thinking about how you compare your purchases to your current payday. Whether they are worth how many days’ wages, from which you will realize the importance of the item and decide to buy it or not.

For example, when you see a sweater in the store, think, “Is this sweater more important than next month’s holiday?”. Savings from small things, but over time will certainly be a good amount for you to backup.

7. Follow the 24 hour rule

There will come a time when, after the shopping is over, you will regret it. After buying many items, I realized that I only made an impulsive decision because I thought the value of the product was insignificant compared to my income level. However, when summarizing, the amount spent really surprises you.

Follow the 24-hour rule, wait a full day after you want to buy something. The impulsive emotions will gradually subside and you will have more time to think about whether to buy or not. Some experts even recommend increasing to 72 hours. Try it out to see how much money you can save by skipping unnecessary items.

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8. Don’t fall for the marketing tricks

Big companies always have marketing tricks that make customers spend more on things they don’t really need. The prime example is price drops where the price doesn’t actually fall.

So before the items are heavily discounted, please compare the quality, the original price… and always keep in mind: the discounted goods are mainly the items that have a higher price than their actual value, or the quality. just disproportionate amount.

9. Should go shopping alone

When we go shopping with friends, especially close friends, we often spend more money. Simply because the two of you going together will often be happy, but the happy mood will make you wave your hand over your forehead.

When you want to meet friends, go for a walk in the park together. Shopping should never be seen as entertainment but as a serious duty. The ideal person to go shopping with should be someone with experience in shopping, able to give advice and interfere with your spending pleasure.

10. Get rid of any toxic thoughts related to money

Many people have bad habits and unhealthy views about money, affecting the way they spend and save. That’s why two people with the same salary have different feelings about finances. One person is constantly running low on money, while another is budgeting and managing to save for a down payment on a home.

“Money mindset is all about your beliefs and attitudes about money. It drives the decisions you make and the actions you take to earn, spend, save, invest,” said Sarah McCalden, who invest in money coming from the UK said.

Vy Trang (According to Brightside)


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