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What To Do When You’re Living Beyond Your Means?

So, yesterday’s post may have highlighted that you’re living beyond your means. Now what do you do??









Don’t get down and deflated

Living below your means isn’t just about cutting costs and saving money. It’s about taking control of your money, so it doesn’t control you.


Create a Budget

The age old answer, create a budget an assign your money to certain areas. It’s not as daunting as it seems – trust us.


Choose a Debt Payoff Approach

If you currently have debt (including mortgages, credit cards and any money that doesn’t belong you), the top priority should be to pay this off.


Automate Your Transactions

No more ‘I forgot to save’.

When you automate your savings or expenditures you ensure money is automatically transferred from your checking account to your savings account before you’re tempted to spend it.


Ensure less than 28% of Income Goes to any one aspect of your finances

Calculate what percentage of your monthly income goes towards all of your outgoings and ensure no more than 28% goes to any of them.


Cut down expenses

Are you eating out too frequently? Subscribing to a gym that you don’t go to?


Write down what you value in life. Then look closely at your last few financial statements. Do your purchases match your values?


Pay less interest

Interest is one of our main annoyances in life. If you carry balances on high-interest credit cards, consider consolidating your debt to save on interest. Whilst this is a great way to cut costs in the long run, watch out for the transfer fees!


Fempire Finance

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