Tips on How to Live Within Your Means

Learning how to live within your means can make your life much less stressful. If you regularly dip into your overdraft and find yourself dipping into it earlier and earlier each month or have already had to get loans out just to cover your spending, you need to sort it out. With interest rates rising and debt at an all-time high, it has never been more essential to work with the real money you have. But how can you do this? The good news is that there are many methods you can adopt to learn how to live within your means. You never know; you may even be able to turn things around so that you can save money instead of losing it to debt interest.

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Awareness

Being aware of what, where, and when you spend your money is essential to living within your means. How many people mindlessly tap their cards with small purchases over and over?Generally speaking, it is the small things that add up that cause us to wonder where all our money went. If you want to have more money, then this habit needs to stop. One way to do this is to avoid going into convenience stores and picking up something for lunch, along with a chocolate bar or that other item you never wanted or needed. If you do this every day, then it won't take long for your money to dwindle away. 

Stop Tapping

Tapping your card is a big problem for some people. To stop this, it could be an idea to draw out cash and only use that. Physically seeing the money you are spending is a much better way of keeping an eye on it. Also, it means you cannot spend money you don't have, meaning it is hard to go into an overdraft with a purchase when you only have physical money. Once you run out, you will know that you are heading into the danger zone and can start tightening that proverbial belt. Another thing you could do is disable the tapping function on your card. Having to type in a pin every time makes it just that little bit more difficult.

Be Honest With Yourself

A lot of people fall into debt by trying to keep up with the Joneses. They go out to places they cannot afford or buy things that they shouldn't just to appear more affluent than they are. If you are someone who is more likely to say yes to a trip to some extravagant bar with friends, perhaps it is time to start saying no. Is the stress of debt really worth it ?Also, consider things too like your car. Are your repayments actually affordable? Do you have to make a lot of other sacrifices just to have that expensive car which is also a gas guzzler? Is your rent affordable too? Are you living somewhere that is really out of your price range? When you start being honest with yourself and begin to say no, and stop caring what others think, then you will feel a lot happier and less stressed. If your friend ditch you cause you no longer have that fab apartment, then they were never your friends to begin with. So [erhaos it is for the best. 

Delayed Gratification

One of the things you could learn is delayed gratification. Impulsive buying is a great way to get into debt. Next time you see that gorgeous handbag and get that feeling that you must have it now, stop and take a step back. Look at the price tag, check your account, and then save up for it. You may find that when you have the money, you no longer want the product, so that's a great saving. It doesn't matter what it is. If you break your watch, save up and go to one of the vintage watch repair shops to get it fixed.  

Don't Throw Things Away

We live in a throwaway society, and not only is this morally reprehensible in terms of pollution, but it is also a waste of money. When something breaks, why not try and fix it next time? If you have something that you no longer want, why not sell it or give it away? You may be amazed at what you can get for some things you own. Any old furniture you have, why not try a little reupholstering and then sell it? Or keep it if you like the job you did. You don't have to throw everything away. Try and make some money out of it.