BEING TRAPPED IN A JOB
People are trapped in jobs they don’t like because they depend fully on the level of income, if you can live on less than you earn, you can plan ahead and think of what to dabble into.
A lot of people are in debt because they don’t save money. But if you live below your means, you will always be putting money into savings, because that’s what you should do with money that you don’t spend. A good saver can achieve set goals for himself and won’t have to being in debt to achieve the goal to a large extent.
TURN YOUR PASSION INTO BUSINESS
As you live below your means, you will have enough money to enter into your side hustle. This will give you the time to plan and organize yourself and know what it cost to enter into your side business.
HOW TO LIVE BELOW YOUR MEANS
AVOID THE MALL
When you avoid the mall, there are chances that you will avoid IMPULSE BUYING; buying things you don’t need, they trap you by drawing your attention. Even if you don’t buy at that point in time your mind has captured it and you will be back in a very short time to buy it even if you have to be in debt to buy it.
BUY WITH CASH
Buy all you need in cash than your ATM card because you incur more charges and the ATM card don’t really look like money and you use it for most of your transaction.
ALWAYS FIND A BETTER DEAL
You can always get the best deal before buying anything if you price that particular product in 4-5 places you will get a better price and cut down your cost.
KEEP TO LONG TERM STRATEGY (INVESTMENTS)
You will have enough to invest into long term investments that pay-off and yield more income like bond, stocks, mutual funds and so forth.
PREPARE FOR THE DIFFICULT DAYS AHEAD
If you take the time and patience to set yourself up properly when things take a turn for the worse, you will be prepared to handle it. If you live above your means and when the slightest financial woes occur, you might likely be in debt.
Comparing yourself to others makes you want to acquire things you don’t need and incur debt.
FIND A BETTER BARGAIN IN ENTERTAINING YOURSELF
To stay within your budget, look around for other sources of entertainment. Instead of buying books most times, borrow them from the library or download from internet. Instead of going out to the movies most times, rent a movie or download from the internet Instead of buying an album, download from the internet.
living below your means is the road to financial freedom whatever your income level may be, you will worry less and sleep well at night. you will be a little efficient at work. Anyone who lived from paycheck to paycheck to a life of financial freedom will tell you what he/she sailed through to financial freedom.