How do you use your income to spend, save and invest?
This is a really interesting question. There's this feeling we get when our income arrives. We want to spend, spoil ourselves, purchase our needs and even our wants that are not really necessary but we have to be wise in our dealings.
First, you have a mental budget depending on the amount of your income. You sketch out you pressing needs placing them according to priority.
Take out a portion and invest. Saving is a good thing to do but it's quite useless when you have openings to invest your money.
You could save, quite alright, but why keep your money where it doesn't yell more money. Why not invest and get more money?
I'd actually advice people to spend wisely and invest the rest of the money if they can but if they are no openings for investment, they could always save their money.
Speaking from experience, saved money is always very tempting. You have it at the back of your mind that you have money and you could always use it but once invested, it takes some time to be able to gain access to it.
Haha, so true. I also believe saving is an illusion and investments are a wise way of utilising your money.
Yes dear.... Thats the drill.