what to choose to achieve your financial goals

Summer is at that peak time when most dinners, parties, gifts or events arrive. During these dates, we always begin to consider how to try to spend less, although it is also on our minds that you earn more or have extra income.

The combination of both is where the money that allows us to face these leisure options comes from. But many sometimes only bet on one, which is usually to save more. Is it really better to spend less than to spend more?

Each of them has particular advantages and disadvantages. The balancing both can be the most interesting in order to achieve financial stability. Both are necessary because they allow us to control, save and also make our income ever greater. However, there are several reasons why it is better to earn more money rather than spend less.

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Close up of man holding pink piggybank while woman putting coin in it.  Indian young couple saving money for their wedding.  Close up of woman hand putting euro money in piggy bank to save for the purchase of an house.

The balance between earning more and spending less can be the most interesting in terms of achieving financial stability. . Creative.

Reducing spending in the long run is difficult

Too many times we have heard that it is easier to control spending than income, but this phrase in the long term can turn into a falsehood. At first, reviewing the budget we have and controlling what we are going to spend seems simple. It is about investing time in detect all expenses and then try to reduce some of them based on priorities.

These decisions are easy to make for the next few months, but it is not so easy for those times when the income level may vary. Plans to reduce expenses in the medium long and term can be full of obstacles that do not depend on us. It is true that you can, but they require a lot of effort and determination.

We must also take into account that Saving has limits, there are expenses that it will be impossible for you to eliminate. There will come a point where we will be able to “squeeze” more savings.

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Earning more enables a more comfortable lifestyle

To achieve your financial goals it is necessary to have a sustainable lifestyle, which allows you to indulge yourself from time to time. In addition to this, reducing expenses is a sacrifice that can affect fully on the emotional plane.

Therefore, one of the main reasons for opting for the option of generating more income is to take care of these psychological aspects. It is always good to take care of the amount of money to spend, but depriving yourself of all leisure or of what makes us distract or enjoy can be a serious mistake.

Increase income

There is a general belief that it is impossible to generate more income. However, this is not true. It is about looking for new sources of income that compensate for the economic deficit that we have every month. While saving has limits, on the contrary, the ability to generate money is infinite.

To do so, it is possible to search occasional jobs that complement our main job. You could choose a part-time job or consider starting a small business of your own. It can be something simple like babysitting on weekends, walking dogs or giving private lessons to acquaintances.

It all depends on individual interest

Really decide between one of the two options is more related to the personal situation of each one than with the theory. When someone is going through a situation of little job and economic stability, it would be convenient to reduce expenses, although without ever losing sight of the possibility of earning more money in the future.

Otherwise, if we are in a stable situation, it could be more interesting to raise possibilities than to generate income. It is not only about making money, but also about seeking the quality of life that allows us live comfortably.

All the aforementioned, could be summarized in a single concept: frugality, which is based on raising a long-term domestic economic system that suppose a real saving. That is, it would consist of having a sufficiently clear planning so that financial success finally comes from that saving. But a frugal lifestyle would mean having many fewer whims, so the trend should always be directed towards that balance between earning and saving and thus being able to pursue our goals in a simpler way.

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