How to Live Within Your Means

[Mika]

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Do you know what exactly is living within your means? Well, this means that you modify your lifestyle to fit your income. Let’s say your salary is $1000, now you will be organizing your life to cover all expenses such as rents, food bills, utility bills, credit card bills, insurance premiums, energy costs, etc. as well as save some money and invest some money with $1000. If you are not unable to cover your expenses, you will be making changes by cutting your expenses. If your income is not $1000 but $500, you will be adapting accordingly. The main point of living within your means is to maintain a proper balance between income and expenses.

 

[Spencer]

Living within your means will prevent you from a lot of pitfalls like taking loans, paying interest and generally debt, contentment is needed to be able to live within your income, if you need more money, you can save from your income and get into a business that you like, start small and grow it.

Most people think they have to keep up with friends even if they can't afford it, just to be seen, it mostly what cause most people to get into a debt.