How to Live Within Your Means

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“Just because you can afford it doesn’t mean you should buy it.”-Suze Orman 

Don’t live beyond your means if you can’t afford it, save for it. 

Most people from the lower and middle class aim to find financial stability. However, in a world of consumerism and capitalism, most people find out soon enough that what they earn will never be enough to buy everything they want. This dilemma causes them to turn into financial loans and mortgages to acquire assets which starts the act of financial slavery.

Whether it a house, education, or items, by spending money they don’t have, people’s health and liberty become subjected under the mercy of large companies and banks. Some can pay it back and gain financial freedom when they get old, while others will never be able to pay it back.

According to a study in 2018, the average Americans own $38,000 in personal debt, excluding house mortgage. This issue negatively impacts their health and goals in life. That’s why it is essential to learn how to gain financial freedom without breaking the bank.

How to live within your means:

  1. Start by calculating how much you make and owe. Doing this will allow you to see how much your lifestyle needs to adjust to pay back what you owe as soon as possible. 
  2. Budget your money. It’s always wise to first pay the bills then set aside a savings plan before seeing how much money is left for you to spend freely. Even little savings can make an impact if done 
  3. Stay away from loans. Don’t rely on credit cards and mortgages to get by because they will bite you in the back.