Spending Less Than You Earn

For most of us the surest way to build wealth, and for some the only way, is to regularly spend less than you earn. If you are not accustomed to doing this, and many are not, it can be difficult to do.

A recent article on the Get Rich Slowly blog  offers us a way to come closer to the goal of spending less than you earn. In this article author Ellen Cannon suggests trying this for must one month. Are there expenses you can reduce for just one month so that you do earn more than you spend?

For most people the answer is yes. It may not be fun. It may not even be easy but almost anyone can cut their discretionary spending for one month. And what good would it do to do this for only one month, you may well ask?

It may demonstrate for you that cutting some discretionary spending is not as difficult as you thought it would be. By carefully examining your discretionary spending you may find you can live just fine without some of it. This experience may then allow you to make more permanent adjustments in your spending. It will also help change your perspective about spending and make control more easy.

If long term spending reductions seem too difficult for you consider this one month experiment as your first step toward discovering what you can live without. And always remember this is not about sacrifice, this is about trading – trading some non essential discretionary expense for the power you will obtain through building wealth.

And my all means, read Ms. Cannon’s article, it is an excellent introduction to an idea that could lead to your building wealth.

What do you think? Could you do this for one month?

Wishing you success and prosperity,

Daniel R. Murphy
Helping People Learn to Build Wealth

Wishing you Success and Prosperity,

Daniel R. Murphy

Wishing you well,

Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.