Olde Hornet
Well-Known Member
Sometimes people get confused with the phrase “live below your means.” Does that mean you put yourself on a strict budget and coupon like the people on Extreme Couponing? Or do you have to go to the extreme to save money like the people on the show Ultimate Cheapskates?
It’s nothing that drastic, and there are many benefits to living below your means. You don’t have to stress when an unexpected home or car repair turns up because you can save the money you need to live comfortably.
Just the reduced stress of being able to afford the things you need is worth it to make a plan to spend less money. So, here are some helpful financial tips to help you learn to live below your means easily.
1. Save First
One of the best ways to save money is to have part of your paycheck transferred into an emergency fund, savings, or investment account before you get it. This deduction comes out of your pay automatically, so you never even see it.One of the biggest money mistakes you can make is not saving money at all! But if you save money out of your paycheck before you even get it, you won’t notice it’s missing.
Most employers and banks allow you to set automated transfers, so you put your savings on autopilot. An automatic transfer helps save time as well. You can essentially set this up once, and it’s done.
Learning how to live below your means and saving money for the future is one of the biggest secrets to long-term wealth.
