How Living Below Your Means Can Improve Your Finances?

[freelancermaria]

Living below your means can help improve your finances, without a doubt, especially if you are a minimum-wage earner. It will help you pay off the debts you have right now and build an emergency fund. Also, it will help you save more money and invest and lower stress levels in your body. And you will be able to reach your financial goals in time. Are you willing to live below your means?

 

[Starmix]

That's synonymous to frugality. It's one way to save and avoid a wasteful living. Living within our means is always recommended by financial experts. If possible to live without means lol.

 

[Suba]

I never imagine or think about living below our means, but I always try not to be wasteful, without having to reduce basic needs, especially nutritious food so that my body remains healthy.

 

[King Belieal]

Let's strike a balance between living below our means logically and enslaving yourself to save money. Just don't be wasteful as @Suba has already said. Give yourself a treat once in a while.

 

[neku]

I had been living below my means when younger and saved some money. In some countries, this is a major disadvantage since well connected people are always trying to rob your money, and think of new frauds regularly.

 

[Goldynn89]

If you live below your means, you have the chance to save money and even invest it. It's also helpful because in the event that you get a higher income, you can survive on it and save even more, which is the beginning of financial independence.

 

[freelancermaria]

That's synonymous to frugality. It's one way to save and avoid a wasteful living. Living within our means is always recommended by financial experts. If possible to live without means lol.

Yes, it is akin to frugality. It is quite challenging to live below our means when everything is expensive. Lol

Post automatically merged: Dec 23, 2023

I never imagine or think about living below our means, but I always try not to be wasteful, without having to reduce basic needs, especially nutritious food so that my body remains healthy.

Yes, we should not skimp on healthy-delicious food. We must nourish our bodies with healthy dishes

Post automatically merged: Dec 23, 2023

Well there are decent ways you can spend or live and still have something reasonable to save.

Yes. We must find a way to make it happen. Maybe we should avoid spending our money on unnecessary things and give top priority to essentials.

Post automatically merged: Dec 23, 2023

If you live below your means, you have the chance to save money and even invest it. It's also helpful because in the event that you get a higher income, you can survive on it and save even more, which is the beginning of financial independence.

You are right. The money we save can be of helpful in having financial freedom later

 

[Starmix]

As much as possible invest more instead of adjusting your usuals especially on food. However, let's try to adjust if we can. So far, we spend the same at home.

 

[King Belieal]

If living below your means might mean having to compromise on the basics of life, I won't do that. Like having to cook food without meat? Or having to trek a long distance to save money? I can't suffer unnecessarily. I just plan my life well and keep on working to make more money.