HOW TO LIVE WITHIN YOUR MEANS
It is important that you live within your means. If you are living beyond or above your means, you need to first identify the fact, with reasons.
1. If 40% of your monthly income is used to service the loans you have taken in the past, it means you are living way beyond your means.
2. If you don’t have a reserve or an emergency fund and have to borrow every time you have an emergency, then you are living above your means. This simply means you spend all of your income and do not save at all.
3. If you think your money disappears after you have just been paid or received money, it simply means you do not have a budget and just spend as it comes.
Ask yourself what you need to do, once you have already diagnosed the situation.
1. You need to save. Do not wait till you have a lot of money before you start saving. If you cannot do it yourself, get an accountability partner or means. It helps you to become better and more disciplined.
2. You need to have a budget. There are a lot of apps you can use now to track your budget. Prioritize your needs. The things that are most important are clothing (not asoebi), shelter, food and insurance policy. Take good note of that. There some things that are good to have but you do not need them. Why Armani though? There are hundreds of cheaper brands that are equally good quality. Control your wants. Just simply cut down on everything that you do not need. Be more financially responsible.
3. You need to build your character and do things differently. If you will have to cut out the Joneses, please do. To succeed in this, you have to hang around people of like minds. Keep friends that have financial goals and will not let anything stop them from achieving them.
4. Increase your income. Stretching yourself is going to make you better. Get additional skills, knowledge and so forth. There are quite a number of things you can do to be a better version of yourself.
5. Change your company and build a solid network with serious minded people.
6. Start learning. Learning is essential to our existence. Do not be a walking dead. Expand your mind, it can take it.
7. Give and keep giving. The act of giving cannot be overemphasized. Give your time, your resources, your effort, your love and care. Give as much as you can.
We would like to know how you are doing. Have you been living above your income or have you been good? Let us know.
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