do you live within your means?

Philippines
January 31, 2009 9:16pm CST
just last week, we have seen from several news program the massive lay-offs of employees and closure of different companies.this is quite alarming for everyone of us.what advice can you give to many of us here? lemme me share one experience,....live within your means.don't spend more than what you earn, always save. before, i was so engrossed in having the latest gadgets, buying the nicest clothes and i came to the point of being a brand slave. it is nice to experience luxury and the power of spending is addictive but this has resulted to problems.i got huge debts to pay and lil money to spend on food. slowly, i paid all of it and i promised to myself that i won't be in the same scenario again.it is hard to be in that situation, seeing your hard-earned money flying. and now, im doing good.saving 20 percent of our monthly income is proving to be a wise idea.it is better to have money in your bank and live in a simple and modest life.Spend for your needs and prepare for your wants!
5 people like this
14 responses
@cripfemme (7715)
• United States
2 Feb 09
I try to, but I admit to splurging on activism, donating, and high speed internet. Books and story inspirational materials (something to spark the muse) takes lots of money.
• Philippines
2 Feb 09
it is just a matter of sel- control.i know everyone likes to save but they just can't control themselves to buy stuff that they think are important.thanks for your response.
• Philippines
1 Feb 09
To help augment your income to live within your means, I think aside from being employed we should have to find a perfect partime job that would not eat most of our time , in order for us to be prepared I think we should learn how to be entrepreneur, just in case were unlucky to get laid off from our job, we have fallback, there have been a lot of entrepreneurial ideas we can start off , it maybe online and offline.
• Philippines
2 Feb 09
you are right.somehow it is important to have an entrepreneurial spirit on each one of us...anyone who is decided and willing to take risks into different business ventures may lead to success. just make sure that you know what kind of business you are getting into and you are equipped with the right knowledge. i read somewhere that money must not serve as the hindrance in putting up a business...it is your determination and capabilities that will set you apart rom the others.thanks for your response.
@forslahiri (1042)
• India
1 Feb 09
Hi, No.I could not... That's a lesson greatest learnt, specially during this recession/layoff era. I'm trying my best to curtail extra cost and be within budget. Quit smoking. =Lahiri,Kolkata,India.
• Philippines
1 Feb 09
try harder...hope this crisis will soon be resolve.the only lesson that this crisis is teaching us right now is how to value the worth of money down to the last cents.thanks for your response.
• India
1 Feb 09
yes like to live with in my means as i will not spend money unnecessarily
• Philippines
1 Feb 09
that's the right attitude.keep on goin...thanks for your response
• China
1 Feb 09
I think earning is a good custom for everyong.But every month i have no money at all,why? I pay for my family and my girlfriend.so it's difficult for earning to me.But i believe that one day i will be better .i agree with your opinion
• Philippines
1 Feb 09
that's right, stay positive.set your goals and work on it.remember, you need to do something in order to achieve your dreams.most of us got downfall experiences but never allow it to pull you down the sink. thanks for your response.
@tjades (3592)
• Jamaica
1 Feb 09
I do live with my means. I am not a big fan of owing money so I do my best to make the dollar in hand supply my needs. It is great to live in luxury but as you said it does lead to problems for many. I love both lives... the luxurious one and the one where I am financially challenged. One keeps me humble, debt free and happy and busy while the other helps me to kick back and enjoy life a little more.
• Philippines
1 Feb 09
well said...we can enjoy once in a while but it is better to be debt free and live a stress free kind of life.thanks for your response.
• Japan
1 Feb 09
Well before i moked to Asia, i couldn`t save a dime. Now, I save almost 50% of my salary. But then again I no longer pay for gas. I take the subway. I also cook my lunch as mich as possible. But I think the best way to do it is to prepare a budget and think about what you want and then go for it.
• Philippines
1 Feb 09
that's nice to hear.sometimes, we bring also food at the ofc to save money in order to avoid spending more at the cafeteria.keep on saving and thanks for your response.
@mikkymyde (184)
• Nigeria
1 Feb 09
I don't live within my means because my means are not enough to cover my way of living..most of the time i found out that i have spent over 300percent of my earnings and i run into alot of debts..i don't live an extravagant lifestyle but the spendings just keep on coming and i don't usually have much of an option but to get a loan..
• Philippines
1 Feb 09
that's tough.yes, its true that sometimes our paychecks are not sufficient enough to cover our monthly expenses and that's the harsh truth.the prices of the prime commodities and costs of living have been skyrocketing nowadays.most of the times, we can't help ourselves but to get a loan.but lives are harder for people who lives on "shark loans" as what we call in the philippines. hope to hear that you are doin well in the future.thanks for your response.
@missbdoll (1168)
• Australia
1 Feb 09
I guess I've lived on so little now for a long time. Even years ago when I had a buisinessm I still didn't take much out 'cause ypu"re always trying to build a buisiness, and putting money back into. I've known so many people live way beyond there means and the crazy things people do to impress other people.
• Philippines
1 Feb 09
you are right, sometimes people spend just to make an impression.this is tough and for sure it will bring a lot of people down.thanks for your response
@silverjam (969)
• United States
1 Feb 09
Yes I am........that's one thing am very sure of. Even before when I was still single I always bear in mind to live w/in my means; and that's not being into debts. I only spend for things I really need and I am very careful of my expenditures. But yes am pampering myself too; honestly am still enjoying a lot of things despite the quite hard life we're having at the moment and w/ the very tight budget we have at home. You wanna know how? Well basically am not buying things on regular prices (that's my secret w/c I find very effective). Am also fond of branded items; I seldom buy a non-branded stuff, I mean very rarely. But am getting them at sale prices. Am always looking for clearance sale so am getting those nice brands w/ very cheap prices. Another is that am saving the allowances my husband is giving me at times and buy those I like w/o burdening him to spend. I always spend w/ in my means and w/ limitations.
• Philippines
1 Feb 09
thanks for sharing.i know the feeling..we go for for the quality of the product rather than the quantity.it is really effective to have a lil patience with us which means waiting for the sale period.this saves you more and gives you the product on smaller amount.
@syeryn (574)
• United States
1 Feb 09
I keep it simple and have no need for fancy gadgets so I live well within my means. I know others who struggle to make it week to week just to keep food on the table though and I could never see myself living like that. I have to have money in the bank and the lowest monthly bills possible.
• Philippines
1 Feb 09
yes, i have been there and it was a struggle.right now, we are also trying to get the possible lowest bills on phone calls, electric and water bills.it is a matter of choice and discipline, really.thanks for your response.
@Barb42 (4216)
• United States
1 Feb 09
We've always tried to keep debt at a minimum. We saved enough to almost completely build our house years ago. We could not see having a 30 year mortgage on our hands! We always take the shortest number of months when we buy a car, which isn't very often! We bought one 2 years ago and only owe a few months. We buy as little as possible and always find sales when we do buy clothes. There are many things we need or could use, but we know now is not the time to buy them. So we are waiting patiently until we have the money in hand or times get better.
• Philippines
1 Feb 09
yes, saving is a wise move for our future.like you, we cannot stand having a 30 year mortgage..it is stressful to have a long term loan.it seems that people nowadays value more the importance of money.let's admit that we want to acquire many things but we don't have enough money to spend.we can settle for one or two cars, it means less spending of money for gas and maintenance.thanks for your response.
• United States
1 Feb 09
I could not not agree more!!! Many many years ago, even though almost everyone we knew was buying a lot on credit and making payments, my husband and I decided to pay cash for as much as we could, to save for bigger items when we wanted something. So we had auction sale, and yard sale furniture while our siblings we going into debt for nice matching new stuff with big payments. Funny thing is our old 'junk' lasted through child raising as well, or even better than the new stuff. We bought most of our clothes, kids toys, bedding ect. from yard sales also. Our children grew up just fine without all the name brand stuff. We recieved phone calls from two of our three children this week, saying how much they appriciate the frugal thinking we taught them as they grew up. The second phone call included a message from our other son, saying the same thing but he didn't call as he doesn't own a phone. Repair, recycle, renew, quit filling our landfills.
• Philippines
1 Feb 09
my wife is starting to buy some items that are second hand (she loves it by the way) and we also buy items by cash.though it is sometimes advisable to use our credit cards, we don't do it simply because we might spend beyond our financial limits.thanks for your response.
@snowy22315 (56136)
• United States
1 Feb 09
I basically live off my savings. i dont have any real appreicable income at this time so I just kind of watch what I spend and use the little bit I domake for gas and groceries and things liek that. I guess that I would like to be earinging more money but if i earned more I would probalby be spending more. Life is like that.
• Philippines
1 Feb 09
thanks for your response.guess, everyone would love to have bigger earnings.it is practical nowadays to spend our hard earned money to things that are basic and necessary.splurging can end in troubles.