Lessons Learned About Living Below Your Means
Over My Head
How often have you heard the term “live below your means?” I’ve heard it so many times through different financial teachers and money blogs. I saw the word for over 15 years, but I could not wrap my head around it until five years ago. I’ve heard stories of families living on one income. I’ve read about people living off 40% of their net pay. I wanted to get to that same place of financial security, but I did not know-how. So time and time again, I wondered, “how do I undo the damage that seemed impossible to get out of?”
Letting It Sink In
In theory, living below your means sounded easy. The problem was that I could not understand how to move from my state of overspending to living below my means.
Did the people that lived below their means start that way?
Did they own their home?
Did they have children?
Did they ever have any consumer debt?
Who taught them how to get rich?
The questions that floated in my mind were endless. If I stop overspending, how was I supposed to spend less than I made? Seriously, how could I go from living above my means to below? At that time, it seemed impossible, and I wanted someone to show me how.
Building A Foundation
Finally, years and years after making many money mistakes, I paid a financial guru to learn the basics. Even with learning the basics to help build the foundation, I had to learn a lot of steps on my own. I am finally “living below my means.” I’m not at 40% yet, but I am finally here. My goal is to operate off living on one income fully. How did I change my life? Here are some of the ways I when from overspending to living below my means:
I cut my expenses and stopped paying/purchasing items that were wanted and not needed
I started pre-planning meals and shopped weekly for only what I needed
I unsubscribed from my favorite retail newsletters to avoid making big purchases
I traded in my luxury vehicle for a low maintenance car that my husband could maintain with ease
I changed my cell phone provider and went with a pre-paid carrier. This alone saved me $1,000 a year for three lines.
I created a plan for my money by incorporating my budget in everything I did or thought about
I started separating my checking and saving accounts into different categories to ease managing my budget categories
If it was not in my budget (my financial guide), I avoided purchasing
I will be sharing more of the steps I used and show you how I went from being in debt to living below my means through my mailing list and the courses I offer. You can live below your means, too, to help build an outstanding financial foundation for you and your family.
If you have any questions, do not hesitate to email info@thewealthsharer.com.