Spending less than you Earn

This is a dream i have yet to achieve!! -- to spend less than what i earn.
This is easier said than done! Especially if you find yourself living from paycheck to paycheck, or in debt, or if you have a lot of/ expensive "luho" (frivolous stuff you buy/ spend for on a regular basis that has no "real benefit" except to punch a hole in your wallet - and this spending pattern ends up looking like a vice, ex. shoes, jewelry, magazines, etc), or all of the above!!

Here are 2 ways to help you spend less than you earn:

1. Stick to your budget
Spending less than you earn is all about self control, and sticking to your budget is the best example of self control.
Armed with a budget you can make sure that you'll keep the spending under control, thus making sure you'll have savings after your expenses, just make sure that you budgeted for savings!

2. Earn more!!
By earning more you widen the difference between your monthly income and your monthly expenses; therefore you end up spending so much less than what you earn!! (of course with the assumption that your monthly expenses will still stay the same!)

There are 2 ways to increase your pay checks
a. get into a higher paying job - this is a no-brainer. time to move on and move up!
b. diversify your income portfolio (multiple income streams how they can work for you @thesimpledollar) - By collecting income from multiple sources, you gain additional earnings even if you stick to same job and you spread risk of losing your source of bread on the table (i.e. even if you get fired or you resign from your primary job you can still rely on your other income streams for your monthly expenses.)

Here are some benefits you can get from Spending less than you Earn:

1. Discipline in spending - you will have to measure the priority of spending obligations
2. Learning to put more value in items to purchase - In making purchases within the limit of your set budget, you will think twice before spending your hard earn cash.
   
3. The difference of your income and expenses can be set aside to create an emergency fund - for those unforeseen circumstances or events
   
4. The difference of your income and expenses can be pooled as capital for another source of income - to increase the number of your streams of income
   
5. The difference of your income and expenses can be set aside to eliminate debt.

Do you Spend less than you Earn?