October 29, 2020

A Guide on How to Live Within Your Means

Living within your means: How do you live within your means? The answer to this question is simple,

  1. Buy only what you need
  2. Generate less waste
  3. Spend prudently
  4. Don’t copy the lifestyle of others

Living within your means

Buy only what you need

Using my life as an example, I buy only the things I need, and not just buy because my friends are buying.

They buy things that suite their needs and wants. Note: all fingers can never be equal.

They may be richer or I am richer, it doesn’t mean I should follow the train.

Generate less waste

How do you generate less waste? It is simple, using my life also as example; I make use of what I have, and not living to please any one.

Some people always go after trending things, such as phones, computers, Television, Cars, and many more.

The phone I bought 2 years ago is the same phone I am using today. I didn’t dump my working phone at home simply because there is a new or latest version of any other big phones in the market.

Why buy another phone just to look big in the eyes of friends or colleges?

Buying a new phone while you have a good and working phone is waste of money that should be used to support other aspect of your living.

I am using phone as example in this article, because I know you can relate with that.

You may also see this:

  1. Profitable Business Ideas You Should Consider In 2020
  2. Ways You Can Make Money As A Student in Nigeria While On Campus

Spend Prudently – living within your means

How can a one spend or live prudently? Prudent living is one big lesson I have learnt from my parents while growing up. I grew up understanding that in life and in everything we do, we must always count the cost.

We should have a plan on what we will need throughout a period time, let’s say like a month, and fix our spending into our income.

If you are earning 40,000 naira monthly, you should plan ( i.e, make a draft or list of what you need, your rent and also savings).

Make a list that will fall within 70 percent of your monthly income. This will lead us back to buying only what you need.

Avoid going to beer parlours which can take all your little income in one sitting. Do not please friends or impress them by showing off what you don’t have.

If you must buy anything, make sure it is of quality but of the lowest market price.

Do not go to superstores to buy ordinary magi seasoning which you can get in mama Bimpe’s shop in your area.

The clothes, the shoes, bags, jewelries etc, you buy at Oshodi market is the same as what you will see in 95 percent of the boutiques around, so why waste money simply because you want your friends to see you buying clothes from that big boutique or buying things from that big superstore?

Class is not really what you put on as clothes, but how you appear as a person.

Don’t copy the lifestyle of others

This is the big one causing people to be broke. Simply because Ayo is using the latest car, phone, fashion outfit etc. you want to use same; you will end up becoming broke.

Using my life as example, I don’t go with the flow, I move when I want to move, and not moved by what I see around me.

The bottom line of living within your means is simply SELF_CONTROL. If you are able to control yourself, you will be able to decide what you want and when you want them.

Thank you for reading my post on living within your means. If you learnt anything new from this post or you have a question that you will want me to treat, Please use the comment box below.

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