Living Below Your Means – A Complete Guide

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living-below-your-means-1 **Living Below Your Means –  A Complete Guide**

Living below your means is a must in your overall financial health. It is key to every single aspect of your finances from managing your budget, saving for emergencies and retirement, getting or staying out of debt, and so much more.

Why You Need To Live Below Your Means

Living below your means is a way of life you need to adapt to truly live the life you want. It means being happy, healthy and stress free.  

Does this sound like the life you would like to have?  If it is, then living below your means is what you need to do to make it happen.

These days, everybody is “trying to keep up with the Joneses”.  Whether it is having the latest technology, the best vehicle or an outrageously over-sized home.  

Let me ask you. How happy are you are having that awesome new car that you are struggling to make the payments on?  

What about the extra sports cable packages that you only have to impress your friends. Or that new pair of really expensive shoes that you can’t wear to more than one event ever!

Is this how you want to live? Why are you risking your financial future for short-term satisfaction?

Living below your means is the ONLY way you will ever get out of debt, reach important personal goals and build a comfortable retirement for yourself.

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How To Live Below Your Means

So, how do you live below your means?  Well, simply put, spending less that you earn.  So if you are struggling to pay for all your expenses every month or are in debt, then you really need to adapt this way of life.

You need to create a budget that has some wiggle room.  If you don’t have a dime to spare after paying all your bills and expenses, then something needs to change.

Before you put pen to paper on creating or reworking your budget, you should really take a good look at your expenses. In my opinion, this is the first step in creating a workable budget.  So let me give you some examples of how to cut those money draining expenses to live below your means.

  • Cut out spending on items that you don’t get your money’s worth out of. Which would include things like…

    • Expensive trips to Starbucks two to three times a day.
      • Instead make your own flavored coffee at home to bring to work.
    • That pair of shoes that you could only wear once or twice.
      • Instead borrow a pair from a friend or by a classic style that you can get more use out of.
    • Memberships to gyms and other clubs that you don’t use enough.
      • Instead workout at home or take up a sport where you can get your workout and have fun with friends at the same time.
    • Cable packages and movie streaming services that you don’t have time to watch.
    • Downgrading your vehicle.
      • Instead trade in your over priced vehicle for a more sensibly priced, yet reliable version that fits your needs.
    • Stop dining out or at least cut down.
      • Instead invite friends over for a potluck dinners or find other less expensive activities.
    • Cancel subscriptions to magazine and other services.
      • Instead read magazines and news online.

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  • You should also look for ways to save on things that are a necessity but are spending way too much on, like…

    • Your weekly grocery budget.
      • Meal planning around sale items, couponing and buying certain items in bulk could save you a bunch of money
    • Car and homeowners Insurance.
      • Shop around for better prices, bundle your policies or raise your deductible.
    • Transportation and vehicle maintenance
      • Carpool to work with co workers, take public transportation or bike to work if possible.
    • Household utilities
      • Install programmable thermostats, reduce hot water usage and install power strips to cut your bills down.
    • Clothing
      • Buy items that can be matched with multiple outfits to reduce your spending. Buy gently worn clothing at thrift stores and online consignment shops like and
    • Housing
      • Move to a less expensive neighborhood and only buy or rent what you need to live comfortably.

I’m sure you get the picture, look at all aspects of your expenses, get creative and cut out all the wasteful spending wherever you can.  Once you have completed cutting out your wasteful spending, creating a budget you can live with will be super simple.  

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What You Will Gain By Living Within Your Means

You may be thinking, that you are being punished by living within your means.  You think you’ll be giving up all the finer things in life.  The truth is, you will have to give up some material things but you will be gaining so much more in the process.

You will be gaining Financial Freedom.  You will have the freedom to

  • You will be happier, healthier and stress free.
  • You will have the security of an emergency fund.
  • You will not be bothered or worried by debt collectors.
  • You can pursue a career that will make you really happy.
  • You will have the peace of mind in being able to save for retirement.
  • You will have better relationships because you will have less to worry about.
  • You can save up for things that will make you happy.
  • Never having to worry about getting the bills paid.
  • You’ll have the luxury of doing what you want because you are no longer financially strapped.
  • And Soooo much MORE!!!

Living below your means is the only way to be able to truly live the life you want and have an awesome financial future!!

Now is the time to do this, so make it happen! Don’t wait any longer, get to work now and create the worry free life you want!

Leave a comment and share with us some of the ways you have cut out frivolous spending.


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