As tempting as living above ones means might seem pleasurable, it is serious error because of its severe consequences in the near or distant future. It either makes you a perpetual debtor or leaves you with no extra savings for your retirement.
The steps to maintaining a budgeted lifestyle has to be first decided. As a person you have to first see the need to live within your means, having reached this decision, then you have to employ practical steps in actualising your decision.
Experts say the joy of having a budget is only complete when it is adhered to and not by mere planning, equally a frugal lifestyle is only meaningful when a budget is stuck to in practical terms.
Aside sticking to your budget, you must caution against unnecessary expenses in your daily routine especially when you shop or leisure, so that you don’t spend what is expected to be saved.
However, be always free to tweak your budget, because as the days go by there are tendencies that you might subtract or add new utilities to your budget feel free to do this anytime as far as your income accommodates such “luxury.”
Equally, if you discover an extra source of income or get a pay raise from your employer, certainly you will need to rework your budget, so feel free to do all these after a frugal lifestyle isn’t a punishment after all.
Living within your means also implies avoiding every extra-cost that is not budgeted for such as penalties for late payment of bills should be avoided. If for any reason you can not keep up with any of the utilities at home or in the office then terminate such service early enough to avoid incidences of pilled bills.
A major attribute of any frugal person is a strong bargaining power. You must be a good bargainer because this does not only allow you get value for your pay but an indirect way of saving those extra-cash a seller let’s go when you bargain effectively.
By: ODINAKA MBONU
