“Earn more money or spend less money – what is your personal finance philosophy?”

Earn more versus spend less? Oh no, the never-ending battle of good versus evil! But which is good? And which is evil?

It’s like pitting Angelina Jolie against Brad Pitt in Mr and Mrs Smith. As a guy, I was rooting for Brad. But Brad, please don’t kill Angelina.

For Gen Xers, the focus is usually weighted towards “earning more”.

Census figures show average incomes peak between ages 45 and 50. So Xers’ careers are still rising. However, we might be back to one income for a while, as brats invade the household.

Earning more money isn’t necessarily easy, but rarely impossible.

Costs are a little less controllable. We’ve generally got a big first mortgage or have traded up to the second. Kids aren’t cheap, particularly if private schooling is being considered.

But let’s get this straight. There is absolutely no point earning more if you don’t keep a rein on expenses. Spending less can be more of a choice. There is inevitably some fat in a budget.

Personally? The last few years have seen me switch. Historically, I’ve always tried to keep a lid on expenses, given that household income was reasonably fixed.

But now, in fairly typical Xer circumstances, with a small business and a young family, the focus has definitely been about earning more. I know I’ve taken my foot off the costs brake while I put my push the income accelerator.

It’s always a trade-off. Good versus evil? Go Brad. But don’t hurt Angelina.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.