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Living Below Your Means

Watch your budget.

Make Memories

So, what does this mean? Living below your means, it can be a tricky statement. In America, it could be a tough statement to live by. Not to mention Black Friday is coming SOON. What stuff do you purchase on this day? I only went to the Black Friday occasion in two different years, and bought toys for my kids for Christmas, but I could have waited until 11 am instead of 2 and 3 am in the morning. Below, I would like to extend the advice about how I believe a family could live below their means.

1. Purchase a home that is below your loan amount.

Who wants to be house poor? House poor is purchasing a home that is way beyond your loan amount and savings account. Instead of using the monies to purchase a huge home with rooms that you may barely use anyway. Purchase a home below your means so that your family can take the vacation that you’ve always dreamed of. Travel to make memories with your love ones. Remember the memories of spending time with family is more important than having a massive house that you can not afford.

2. Clothes and shoes can rob your pockets.

I believe that people should purchase clothes that they need. If you work, then shop for the appropriate clothes for work. Mix and match pieces. Instead of going to the store purchasing 10 items that you may not wear because you thought the items were cute. The tags are still on the clothes by the way in your closet. In other words, have a purpose when you shop. Your budget will thank you later.

3. Stuff, Stuff, and more Stuff

Slow down! How many chairs and living room suits should one need? Do you even sit in those? My boys would rather set on the floor or lay on the table to hang-out in the living room. They want to chill-out on the floor or the hard table. I mean can they see the nice soft couch cushion? Anyway, purchase furniture that you need and have a purpose for it. A bed is something you sleep on, but do you need several beds or the one that is over your budget.

4. Toys, Toys, and more Toys!

I have three boys and I know that they have already written a list for “Santa." Well let’s just say “Santa” will not fulfill all those wishes. I mean would we love to have all our wishes granted. Wish for what you need instead. For kids, it is difficult. They want all the toys on their list. I narrowed it down for “Santa” to go to one store this year to give what he/she can. The kids would be happy anyway because their getting NEW toys. Have a toy budget and stick to it.

5. Cars! Cars! Cars!

Should I say anymore. I told my family that we would keep the same car for the next six years. If it breaks-down, then it is time to purchase a used car. One car per parent is fine, but why five cars? Sell some and save the money.

Spending lavishly could be a great feeling. Why does everyone want to be a millionaire? Where would the money go? I was told that half of the people who win the lottery go broke within the next year or two. Have a plan and if you win; try to spend wisely.

In all, I know that life brings us many advertising ads on what we need for our families. Figure out your family’s need and stick to that budget. Society will not pay your debts; spend wisely this holiday season.

Happy Budgeting! Live Your Own American Dream!

Tanzania S.

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