Introduction
Many people today do not know when they will become completely from from debt. Its like modern slavery for some, its an endless circle for others. It is actually a big challenge to handle one's expenses and that is why some people never knew how they entered the circle of debt. Living within your means imply that you do not spend more than you earn. It is very crucial to strike this balance in your finances, but how? At least in three ways. Check them out!
1. What is the size of your means: Well, that is the starting point. You need to know how much you bring in. For some people, it is fixed. For other people, it varies. Do little math, write down your earnings on paper and calculate the total in a month. Whatever is the case - especially if your income is not fixed, you need to figure out how much you make and then you can work your budget based on your income.
2. Separate needs from wants: This is crucial. In your budget, start from your needs like food, house rent and other things that are indispensable. Then your wants and other stuff like recreation could come later. Your budget should contain your priorities first and then other things. This will help you leave out non-essential things that will swell your budget. In this way, you could live below or within your means.
3. Supplement your income: If there are other things you could do to make more money, do them. Remember, no matter how small your budget is, if your income is too small, you will run into debts. So look for something else to grow your income. Online business, selling your skill, doing some crafts, etc are some other ways to raise more money, why not consider them. When you raise the amount of more you bring in, it becomes easier not to run into debts.
Conclusion
Living within one's means could be difficult, but what is more difficult than debts? When you owe nobody, you have peace of mind and your sleep will be better. And you can be richer by making savings if you live within your means.
Share your experience or helpful suggestions
How have you managed to stay out of debt? Tell us. Or suggest other things that could help one to live within one's means. You helpful comments or suggestions will earn you a small steem bounty when this post pays out.
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Great advice mate! Being tied to debt is horrible I hope people can get out one good idea is paying off your highest interest debt first if you can.
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I WILL KEEP READING YOUR POSTS and saving them in my log directory as i like what you write - it is just logic. - your writibgs are directed to the mind.
your post is being upvoted and resteemed too
thank you
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@focusnow, We are living in the times of Competition and people are focusing towards the wants and now a new competition is going on and that is, whatever new Gadget or Fancy stuff coming into the market people are buying it anyway no matter they have to hold the burden of loans to show that they have a higher status in this Society. Stay blessed.
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well I think the economic situation that crosses my country Venezuela currently I change my way of thinking how little money I get is for food and I try not to look for debts because it would be fatal jaaaja.
good statement thank you for sharing I will put it here in a referential way.
Living within one's means can be difficult, but what is more difficult than debts? When you do not owe anyone, you have peace of mind and your dream will be better. And you can be richer by saving if you live within your means.
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The key is planning, we must have an average of how much we spend on the basics and the necessary things, after that we can see if our salary can cover that and those things that are not priority should wait. Be optimistic with yourself, maybe find another monetary resources is an option to buy what you want, but while that is not possible is better to keep those impulses, remember that our peace of mind depends on us and debts can lead to tormenting us.
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Working on getting debt free. Debt free equals freedom. Great post!
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Many people today do not know when they will become completely from from debt.
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Hi @focusnow
Yet another interesting publication. Upvoted already.
I think you've made small mistake in your first sentence (as it doesn't make much sense):
I absolutely enjoyed reading your publication. Financial awareness is something that most people are lacking and idea of budgeting expenses seem to scare many. Thx for sharing your knowledge with us.
I found it very challenging to teach my wife not to use credit cards if not necessary. To only spent money for products/services only once you allocated those money in the first place. Now I feel like I created a JEW. She doesn't want to spent penny on anything but her own little dog hahaha :)
Cheers,
Piotr
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