It is said that rich people stay rich by living as if they are broke, and broke people stay broke by living as if they are rich.
Many people are not ready to face the fact that living within your means can be an easy route to financial freedom. Maybe the idea of missing out is so crippling that they cannot get themselves to save money (I am they).
The truth is, rich people had it figured out all along. This is difficult because we are bombarded daily by signs from television, radio, billboards and magazines that urge us to spend more money.
However, is it worth it if you are routinely out of money by the end of each month? But living within your means does not necessarily entail you living an ascetic lifestyle. You can still have a very enjoyable life without having to keep up with the Kardashians.
A solid starting point would be to have an approximate figure of how much money you rake in each month.
This can help you set up a substantial budget plan that can act as a guide to reduce excess spending.
Budgeting should not really be that scary if you know what financial ruin is. Next, you should try to clear out your debts because your efforts of achieving financial freedom will not really go far with debts dragging you behind.
Cleaning out your debts can set up a good savings path for you, and the more you save, the more financially secure you are.
It is also very cost effective to buy your groceries in bulk. Most of them have a long shelf life, and doing this saves you the burden of frequenting the grocery store.
Think of Saving as A Way of Rewarding Yourself.
A good way to reward yourself would be to open a savings account, direct all your savings to an interest bearing account and watch your money accumulate.
Nothing spells less deprived like going to buy something you really want and paying it in cash, thanks to your savings.
Sometimes depriving yourself from the things that you love can lead to you resenting your budget; therefore, one needs to allow themselves small but regular indulgences to keep themselves on track.
Remember, at the end of the day, your budget must work for you, and not the other way around.
Living within your means sounds easier said than done. Credit cards, emergency funds and loans sometimes allow you to bite off more than you can chew when it comes to spending, but that kind of lifestyle is not sustainable, and is likely to catch up with you one day.