Manage Your Debts

your personal money management - helping you keep more of the money you make

Live Within Your Means

[an error occurred while processing this directive]

Living within your means is a phrase you hear thrown around everywhere.  The problem is that few of us actually follow that advice.  We end up buying more things than our income can support, often resorting to credit cards to supplement what our salary and savings can't pay for.  This is the slippery slope that claims so many people and forces them to spend years trying to climb back out of the whole.

Live Within Your Means: Avoiding the Slope

To live within your means, you must realize that you will be going against many cultural norms.  The sad fact is that saving for purchases is not in style these days.  Being surrounded by those who swipe a piece of plastic and instantly have the things they want will make things all the more difficult.

However, living within your means does not mean giving up the things you want to buy; it just means acquiring them will take longer than the three seconds it takes to swipe a credit card.  Living within your means is not without its rewards.  While those around you are swimming in debt, your financial foundation will be solid.  If you budget for your big purchases, you will have all of the same things those debt-swimmers have without the fear of creditors beating down your door.

Live Within Your Means, Then Below It

Once you start living within your means, you can start taking steps to live below it.  Living below your means will provide you with money to save and invest.  Both of these practices are necessary if you are to break the mold and achieve greater financial stability.

[an error occurred while processing this directive]