{When you don’t live within your means, you will find yourself in debts, stagnation, and you wouldn’t make any significant growth as a person.
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Living within your means would set you on course to planning your life better and achieving set goals.
How can you live within your means?
{{1. Have a budget }}
Have a budget, have a plan of how you spend your income. Don’t just spend money — plan how you spend.
Create a list of your expenses for each week or month, depending on how you earn and have a plan on how much that should be allocated for each.
{{2. Tally it with your income }}
Let your budget don’t be ambiguous; it should tally with your income. The aim of the budget is to keep you on track on how to spend your money.
{{3. Stick to the plan }}
The problem with many isn’t really that they don’t plan their money. It’s that they don’t stick to the plan. Don’t just have a plan for nothing; try to live accordingly.
{{4. Keep records }}
Keep records of your expenses to know where your money is going. Keeping records would give you an idea of how you spend your money.
{{5. Cut unnecessary expenses }}
Cut down on things you don’t really need; track unnecessary expenses and reduce what you spend on those items. Avoid splurging and impulse purchases; they would wreck your finance.
Have a list of your needs and wants, and try to spend more on your needs and cut down your wants.
{{6. Set saving goals }}
Set money aside for savings; have a goal to save a certain percentage of your income each month. Save for a future goal and save for emergency — very necessary.
{{7. Don’t live on someone else’s budget }}
Don’t do something because someone else did it. Plan your life according to your budget and stop trying to impress or imitate people; you will never live within your budget when you do this.
If you want to enjoy a financially healthy life, free of debts, and one you can plan your future, you ought to live within your means.
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