Live Within Your Means!

A fundamental principle of financial management.

BY BLESSING RHODA NJENGE

Many people are complaining about being broke, because of lack of financial literacy and not being able to live within their means.

Being broke becomes a habit if you don’t know how to manage your finances. Many people receive a salary every month or profits from their businesses, but they are broke every month. They never stop to wonder how they can change their lifestyle and strive to live within their means. If you do not take time to track your spending, it can result in you drowning in debt and you may possibly lose what you have worked for.

A lot of people keep spending in the same way every month and when they run out of money, they blame their salary and at times they think they are bewitched.

If we cannot manage the little, we are currently earning, we will not be able to manage when we have more. Therefore, we should learn to be good stewards of our finances.

Good management of finances is one of the secrets to becoming successful. If you mismanage your finances, you will lose them. At times it is not that God has not blessed you, but the problem is that you are failing to manage the resources that He has entrusted you with. You must learn to live within your means and to control how you spend your money.

Living within your means is an essential skill for financial stability and success. Here are some points that can help you manage your finances:

1. Create a budget: A budget is a plan for how you will spend your money. It is essential to create a budget that reflects your income and expenses and to be disciplined enough to stick to it.

2. Don’t spend money you don’t have. Be realistic. Do not get into debt to keep up with people on social media.

3. Avoid impulse buying: Impulse buying can be a significant source of overspending. Try to avoid making unplanned purchases by sticking to your budget and shopping with a list.

4. Cut unnecessary expenses: Evaluate your expenses and cut out any that are not essential. This can include subscriptions, eating out, and entertainment expenses.

5. Avoid debt: Avoid taking on debt whenever possible.

6. Save for emergencies: Set aside money for emergencies, so you don’t have to rely on credit cards or loans when unexpected expenses arise.

7. Increase your income: Consider finding ways to increase your income, such as getting a side job or asking for a raise at work.

8. Track your spending: Keep track of your spending to ensure that you are sticking to your budget and making progress towards your financial goals.

9. Don’t compare yourself to other people. Just because someone bought something doesn’t mean that you must buy it too. Don’t get loans to finance a fake lifestyle. Be content with your progress and run your own race.

10. Above all, lay up yourselves treasures in heaven, by following God’s principles about finances and giving. Always pray and ask God to give you wisdom to manage your finances, for he gives power to make wealth. Deuteronomy 8:18

Living within your means requires discipline and planning, but it can lead to financial stability and peace of mind.