Contributed by Allison M.
Are you in debt? Are you living above your means—spending more money than you earn? It isn’t necessary and not as complicated as you think to live within your means. It is a matter of changing your way of thinking about money. Here are few ingredients I added to my life that got me started on the path to living within my means.
Ingredient 1 – Change my definition of rich. I used to think that being rich having a giant home, a new car every year, a killer wardrobe and vacations to foreign lands. When my financial situation changed I began to ask myself a few questions that turned around my thinking: Did those things make me happy? Or was I more stressed out and unhappy paying for it all? What is it that makes me happy? Was I appreciating what I did have – my family, my friends, my current home, everything I had built so far? I began to see that true wealth comes from appreciating what I do have, not from my next purchase.
Ingredient 2 – Stop shopping for entertainment. My idea of fun was going to the mall and invariable I would end up spending money on something I didn’t really need. I decided that when I had the urge to head to mall, I would ask myself: Was there anything I really needed? Or was I simply looking to get out of the house? If I didn’t need anything, I thought of others activities I could do. Go to the park. Entertain friends at home. Watch a movie. Going shopping was dangerous for my wallet so I began to give myself some other choices.
Ingredient 3 – Skip the magazines. I used to subscribe to several fashion magazines that I would devour looking for the next new fashion trends. Invariably I would end up seeing some items I just had to have—this was especially true when I was feeling a bit down and needed cheering up. I decided to discontinue my subscriptions (which saved me a bundle) and eliminated that shopping trigger. Now when I feel the need for a new outfit, I add an accessory to jazz up an outfit and mix things up. I have a lot of fun seeing what I can come up with. I guess all those years of fashion magazine study are paying off!
By giving up the need to buy things to make me happy and learning to appreciate what I did have was the first step I took to live within my means.
How do you live within your means? We invite you share your ideas in the comment box below.
Views and Reviews