Should You Try to Spend Less or Earn More?

The idea of financial freedom is something everyone dreams of. Many of us are at different stages of that journey, but on some level, it’s something we all work toward.

Along this journey, a question I’ve often heard posed is this: when trying to achieve financial freedom, or even just save some extra money, is it better to earn more or spend less?

Should You Try to Spend Less or Earn More?

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As with anything, there are pros and cons to simply spending less. Pros: - One can make changes immediately and see effects - Simplicity and minimalism - Frugal habits create discipline

Spend Less

- There’s only so much you can cut - Frugality can lead to deprivation

Cons of Spending less

Pros: - Unlimited upside - Focuses on a life of abundance and potential rather than a mindset of scarcity and denial - One of the secrets to happiness is feeling like you’re constantly growing

Earning More

- You must step outside of your comfort zone and be bold about it - You could end up working more and having less time - Earning more to cover your lifestyle doesn’t necessarily require the same discipline that saving does

Cons of Earning More

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Spend Less. Live More.

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