There is no better time to live below your means than now as the cost of living is now at an all time high.

To live below your means doesn’t mean that you have to compromise on your needs and wants.

Living below your means is more about living your present in a way that your future is well taken care of.

It’s largely about making your future financially secure by taking control of your finances today.

It also means that you can still spend money on things and activities you enjoy doing but you should refrain from splurging at the cost of your financial wellness.

Here are few things you can do to help you live below your means.

♦️Make A Budget

Budget is the most important tool if you are serious about saving money by living below your means.

A budget is something that tracks your income and expenditure thereby keeping you from being broke.

It helps you allocate your monthly income to the many expenses that you have to incur during the month.

♦️Control Your Spending Habits –

Take it as a must to cut down on mindless spending as much as possible while also tracking where your money is going.

If you are an impulse buyer, consider sleeping on the idea of buying things before actually buying them.

You might realize that you don’t need that piece of clothing you gave your heart to in the shopping mall.

Besides that, there are many things that are an outright waste of money and you will be able to save a lot if you can switch to the cheaper alternatives.

♦️Save, Save And Save!

Make savings your ultimate goal if you wish to start living below your means.

As a first step, automate your savings so you can’t spend money on things you don’t need.

♦️Invest

Don't just save to save, ensure you invest your savings in safe and reliable Investment options like real estate.

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© Olubusayo Akin-Akinbode
Real Estate and Investment Consultant