Living within your means is a well worn advice given to adults who are perpetually struggling to get a handle on their finances. It is a greater challenge when you are a parent supporting a family.
Living within your means is actually easier said than done. It entails adjusting your lifestyle and being contented with what you have. There are times however when I feel tired of having to watch my spending and feeling guilty whenever I purchase something on impulse.
Being human also means once in awhile, I do give in to feeling envious of others who are more well off than me. Thoughts of “If only I had more money”, tend to pop up now and again whenever I stick to living within my means. So, it is a constant personal battle.
To overcome the above, I practice feeling gratitude. I am grateful for everything in my life especially my loved ones and my good health. I also give thanks everyday for not having to worry about paying off debts or putting food on the table.
Set your own level of satisfaction
I have learned to be happy with what I have. There is also nothing wrong with wishing for better things (more material things) and being envious of other people who are richer. I allow myself to do that. I have set my own target for different stages of personal satisfaction, 10 being the highest. For example,
Combine Net worth with Spouse…………………………Level of Satisfaction
RM500,000……………………………………………………………………………. 4
RM750,000……………………………………………………………………………..5
RM1,000,000……………………………………………………………………………6
RM1,500,000……………………………………………………………………………7
RM2,000,000……………………………………………………………………………8
RM2,500,000……………………………………………………………………………9
>RM2,500,000…………………………………………………………………………10
The above is only an example and doing it means I know where I stand and not to worry when I see someone more wealthy. I only focus on my own goal and living within my means is one way to achieve my target.
As a parent, the added benefit is being a good role model to my children. So far, they have shown restrain when using their pocket money and do not simply spend unnecessarily or thoughtlessly. I want my children to learn that living within their means is an important part of managing their money successfully.
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