Living within your means and knowing the difference between things you need and things you want is quite challenging. Finding ways of spending that makes you happy, and not your friends or neighbors, is easier said than done. Listed below are three tips to live happily within your means.
Maintain a balanced budget
Create a list of essentials, things you cannot do without like clothes and groceries etc. Estimate your monthly salary and think about how much you have got in your hand, this way you will be more careful about dividing the money evenly. Recording expenditures will never let you slip away, a list of what you bought and how much it cost you will always be helpful in managing money. Compare your income to your expenditures and decide if they are in accordance with each other. If not, work on spending less on things you need less. Categorize the things you spend on,
like “essentials” and “food” etc, doing this will also help you keep track of your money and you will be able to cut the fat from a particular category you are spending excessively on. If the ends still don’t meet, work on increasing your income by taking extra hours at work or doing another part-time job. Also,work on saving some money for the rainy day, hard times don’t ring bells. Start with throwing your change in an “emergency jar” at the end of the day.
Adjust your mindset about spending
Keep on telling yourself that you do not need luxuries you cannot afford with your current salary. For example, if a TV of smaller size would suffice in your little apartment, better gave up your dream for a big HD TV at the moment. It is okay to splurge on your ‘wants’ once in a while but do not make it a habit. Do not look at what your friends and neighbors are buying; they do not have the same income as you. Pay more attention to what can keep you from drowning in debts. Because being happy does
not always mean owning expensive stuff, a happy life can be lived by just
managing your means the right way. Be grateful for what you have already and know that spending less will not affect your quality of life at all if you are contented.
Eat at home whenever you can, it is never less exciting than eating out, it will also make you a better cook. Go out to eat once in a weak or two, this way you will be saving money for an unexpected dinner, like a coworker’s party etc. Wait for great deals to shop for things you like, it will make a huge difference. Cancel the subscriptions you don’t need. Borrow things that you can borrow, like a book from library instead of buying one.
Living within your means is being mindful of the difference between what you need and what you want. If you do it properly, you won’t
actually be depriving yourself of the things you really need in order to be
happy. Do you have any tips for living within your means? We’d love to hear them, feel free to leave a comment below!