What does it mean to you to live within your means?
photo credit: Refracted Moments™
To me it means that if I don’t have the money to buy something, I don’t buy it. I am not one of those people who struggle, like I understand that some do, with having everything right now. It’s something that I have trouble understanding when people talk about it.
I’m sure that people will think I’m all high and mighty for saying this, but I don’t have much money and I could easily get into debt buying all the things I see in shop windows. But I don’t. It’s not even a mindful spending thing for me, I just really loathe shopping centres and shopping in general.
Part of me would love to be fashionable, but in truth, I haven’t bought any new clothes in 18 months. I will buy something that I like if I can afford it, or I will save up. When I do buy clothes, they do cost a lot of money, but I buy clothes that will hopefully last years and years, because you bet I will be getting every cent worth out of them.
That’s not to say that I’m on a crusade or that I’m going without, it’s just the way I am. I would rather buy something that will help build my business than to buy the latest fashions. I don’t have a credit card and I’m aiming to never need a loan for my business. I’m sure that’s crazy to some people, but I believe that just because everybody else does it, doesn’t make it right for me.
Sometimes I see people with all the latest stuff and they are so busy buying the latest thing that they never have any time to enjoy what they have bought. A house full of stuff that you never get to play with can’t make you happy, can it?!
Obviously not being in debt is not an option for some people, and for me education loans and mortgages are not included within this, as we need education and we need a roof over our heads, but will the world fall apart if your TV isn’t a flat screen? Will your friends really stop speaking to you if you are wearing last season’s jeans?
This is not about using money to stay alive but using money you don’t have to impress people you don’t like. And honestly, I couldn’t be bothered.
If it’s the life you choose to live, that is your choice, but it’s not for me.
Is living within your means a goal for you? Do you like to do things differently to others? Tell me in the comments.
UPDATE: If you are interested on more about this topic, have a look at my ebook
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we’re definitely a living within your means sort of people in my house. yes, we have student loans we’re still paying off, and we’re currently renting instead of owning (maybe one day). but we don’t have a credit card and we don’t have a car payment, so we’re far ahead of so many others in our age/professional bracket (masters’ degree’d young families). i’m not complaining, either.
i’m not out to impress anyone. i’d rather be living sustainably and tucking a bit away into savings when i can than living extravagantly like there’s no future. especially with a baby in our lives now. it’ll be great to teach him and any of our additional future kids how to be responsible with their money—that’s something i had to learn the hard way on my own. my parents weren’t able to share such a lifestyle with me.
thanks for the encouraging post!
You’re welcome! I’m glad that it resonated with you!
What an inspiring post! I do struggle with this a bit as I’m not very patient. It’s a good thing I’m a minimalist at heart so I don’t actually buy much and don’t get into too much trouble. But when that seed of wanting a certain thing is planted, I find it hard to wait until I’ve saved for it. However, I’m making some progress. With our upcoming move to a new home (downsizing so we can make significant progress towards our goal of living within our means and spending mindfully), I’m determined not to get a new washer/dryer until we actually have the money saved for it. There is a laundry mat down the road and I’ll make use of it!
Thanks Lisa and good luck with the moving and saving! I hope this gives you some encouragement to take your time. :)
I definitely see the benefit in some of what you said; ie the difference between want vs need. I also haven’t learnt how to drive until now because I didn’t *need* to – I always lived close to public transport, and worked in the CBD, thus public transport was fine. I also didn’t want to buy a car, and have loans, or bills to pay so early when I didn’t need to. I also didn’t get a credit card because I knew that when I get stressed, or blue I ‘stress shop’. Now, I have a Visa debit card (so its my own money but at least I can shop overseas) ;) And now I’m learning how to drive.. Yikes.
If you have any budgeting/saving tips.. that’d be great! ;)
Thanks Kimberley! I’m not perfect and I have ‘stress shopped’ too. I think that it’s partly letting yourself be ok with not spending and the discipline that comes with that.
Thanks for the idea about doing a budget/savings tip post, I will do one next week! :)
Well said! I think in the crafty community we are constantly bombarded with new products, materials, vintage products to buy, trends etc etc. It can be easy to get caught up in this, especially at the expensive of actually developing and creating our own creations. A couple of years ago I embarked on a month of crafting with out spending…quite a challenge. You can read more about it here http://rabbitwithpolkadots.blogspot.com/2008/05/no-spend-craft-month-results.html
Thanks Cate! You make an interesting point. That would be quite a challenge!
A very inspiring post and it’s nice to know I’m not alone with my thought.
I like to stay within my means. I am very business minded and I only spend money on things I am in need of, not what I want.
But for some reason, these people who do want it all bother me. Because as I said in our chat, they paint a pretty picture and add pressure to the rest of us to be like them.
Thank you so much for the chat on Twitter. I found it really interesting not to mention enjoyable! =)
- Ree
Thanks Ree! Don’t let the other people get you down! We don’t need to follow the crowd, we can just make our lives the way we want.
Thank you, as well, for the twitter chat! Let’s do it again some time :)