Do you live beneath your means? I know many people are struggling to make ends meet. This results in both financial and often marital stress for couples.
Changing the way that we looked at money was not easy. It was absolutely a challenge. It also did not happen overnight.
When we were digging out from under our debt, we had one income (until I started bringing in a little from this website). This taught us that we had to change the way we were spending our money and really evaluate what was important and what was not.
Part of our process was learning how to live on less than we made. Doing this has allowed us to get out from under that mountain of debt and build our emergency fund to a level which makes us both comfortable. Here are reasons you should always leave beneath your means:
1. Teaching your children.
Kids learn by example. When they see Mom and Dad being wise with money, they pick up on that. In fact, my kids all know about how we use cash and not plastic at the store. They are learning to watch prices and know that we always shop with a budget in mind.
They also know that we save money out of each paycheck. While they do not know the amount, they know the importance of saving money.
Read More: The Money Lessons We Must Teach our Children
2. Reach your goals.
Perhaps you want to go on a dream vacation. Maybe you want to get a newer car. Whatever your dream, you can use the money you save towards reaching them.
Read More: How to Set and Reach Your Financial Goals
3. Being content with what you have.
Learning that more is just more and does not lead to happiness is a lesson all of us need to follow. Knowing that you can be happy with what you have allows you to feel content and happy.
Read More: Determining Your Wants vs. Your Needs
4. To give generously.
I am believer in the prophecy that you reap what you sew. That is true with the way we give unto others. We can help those in need and find that when we do, we are rewarded ten-fold through other blessings.
I well remember the days of dreading looking at the finances. Fortunately, those days are well behind me. I actually feel good about our budget and seeing us working to reach our goals.
6. To build your emergency fund.
If you don’t have one yet, you need one. What happens when the air conditioner decides to stop running. Or, how will you pay the deductible for your vehicle when you get rear ended at the stop light?
This is why you need an emergency fund.
7. To save for your future.
It is important to get started on both your own retirement savings account and also your children’s college funds. Those events will be here before you realize it.
8. Reduces stress.
Without financial burdens weighing you down, you instantly reduce the stress in your life. If something comes up, there are funds available to cover your expenses. No lying awake at night wondering how you will have to put food on the table.