Living within your means is not as difficult as most of us make it out to be. It takes some discipline but it can be well worth the effort.At the very least, you’ll be able to sleep at night knowing you aren’t burdened with a heavy debt load. If credit card debt is your weak point, take the scissors to those cards.
In fact, cut them up and cancel the accounts. This is the surest way to make sure you don’t get yourself into trouble by spending more than you make.
Don’t try to keep up with the Joneses. You know this tendency.
Your neighbor always seems to drive a new car. And, always buying the latest and greatest gadgets. That doesn’t mean you have to follow along.
What you might now not realize is that your neighbors aren’t living within their means. They could run into trouble if they have the wrong money mindset.
The interest on credit cards can be wicked. If you’re saddled with debt you could considering consolidating it.
This will give you one lower payment.
But don’t use credit excessively after you’ve refinanced. Otherwise, you’ll make the situation worse.
If you can’t get a consolidation loan, consider hitting up your family for a loan. This is not ideal since it can cause tension in the family.
But, it’s better than having huge interest charges added to your balance each month.
Show your family members an honest effort to pay them back. And do your best to pay them back quickly.
Living expenses don’t let up. For instance, when appliances break down you’ll have to replace them.
So you should always set aside some money each month as an emergency fund. Try to accumulate six months worth of cash for this.
For high ticket items that aren’t needed right away, consider using layaway plans. Retailers are bringing back this feature.
They know that some of us are overextended with consumer debt.
Look for quality when you’re shopping for necessary items. Look for the highest quality you can afford.
Over time quality usually outdoes low price and that can help keep you within your means.
JohnK 8-21-2018
Overheard: “There is no dignity quite so impressive, and no one independence quite so important, as living within your means.” ~Calvin Coolidge
RSS - Posts
Have your say!