The Falsehood of "Living Within Your Means"

[lrjohnson]

Re: The Falsehood of "Living Within Your Means"

With the Challenge, I'm living on less than half my net right now.

[The Budget Man]

Re: The Falsehood of "Living Within Your Means"

I find it a frustrating thought. Hard times hit us at various periods in our life. We live simply, so that there's nothing left to cut, and no money left for savings. Maybe if we had told our daughter who was renting our apartment to pay rent when her checks would bounce anyway and wouldn't put our other daughter thru higher education with no financial aid available it would be relevant. Until then, I can just dream - or know that if we keep this standard of living it will be below my means someday.

Here's some good news. We all go through times when there are huge calls on our income like getting the family through their education.

At my son's 25th birthday today I was able to see it clearly. Both our older childern are through and our little one is yet to hit those expensive years. Let me encourage you to try to save a little even in the high expense years but when those easy years come along to grab them as opportunities and save.

Enjoy your money
The Budget Man

[funnyvalentine]

Re: The Falsehood of "Living Within Your Means"

I just opened an account at Bank of America, which has a "rounding up" program that goes into your savings account. It's cool.

C

With the Challenge, I'm living on less than half my net right now.

[seaar2000]

Re: The Falsehood of "Living Within Your Means"

I have them automatically take out 14% of my take home pay. Make only around $18,000 a year and no matter how tight I get before my next paycheck I refuse to touch that money unless it is an absolute Emergency.

[ummabdullah]

Re: The Falsehood of "Living Within Your Means"

I live just outside affluent Bergen County, NJ, where my business is located. I live in the smallest house in my neighborhood (if not the state) and when I drive by these 5000 (and up) square monsters, I really wonder what the motivation is for anyone to live there. Does your average family need a family room, great room, eat in kitchen, living room, library, and a four car garage? Especially when most of the families here spend an inordinate amount of time shuffling their kids to soccer and other activities that would make the "family" room an embarrassing testament to how little tiime those families are actually together....

The temptation to have that new car every two years, to have each latest gadget, for every kid to have a cell phone, to eat out four times a week, for every room to have a plasma tv; this is the stuff that drives us out of the realm of 'living within our means'. I doubt whether most of my neighbors have any idea what their means are.

Lest you think I'm a sandle wearing, plastic bag recycling, aesetic nut; no. But this relentless pursuit of status ownership at the expense of personal fiscal comfort just strikes me as crazy and anxiety producing.

I really like what you said.. I am going to send my kids to privates school and someone suggested I don't because I don't have a large estate While I like the idea of having 2 seperate receptions (one for the women and one for the men).. I find that people with more than you (or appears to be more) like to stick their noses up... Yet they are up to their noses in debt..

[getforfree]

Re: The Falsehood of "Living Within Your Means"

I would say we live beyound our means, but we have some things like

cars(bought with cash),
nice clothes (for going out of the house only, inside we wear even those that have holls in them),
nice house (kinda small, but with tons of upgrades)
have no debt (except for mortgage) and never had
eat good food (cook at home)

Some people make twice more than we do and don't have all that and have debt. How do they manage to get in there?

[The Budget Man]

Re: The Falsehood of "Living Within Your Means"

Living within my means is a very interesting concept because until I can live on the income I have it won't make any difference if Iget more money. The problem will be the same. All that happens is that my expectations rise and the cycle continues.

When I can live on less than I earn I have the potential to benefit from more income.

Enjoy Your Money
The Budget Man

https://www.PersonalityBudgeting.com

for when you need a budget