Living with in your means, to you?

I see a lot of articles that we should learn to live with in our means. And get off this kick of living the high life.

I know some of you are unemployed right now , but I think it would be good to hear from everyone. Just what is it to you? What does it take? money wise?

If I can't pay for it in cash...I don't need it...or can't afford it.

That's the truth. The only exception I would give would be something like medical bills, car repairs, etc. But if it's simply a thing, an object, another possession, chances are I don't REALLY need it and if I wait until I can afford it, I won't want it anymore.

I think that's another thing many people don't get, the difference between needs and desires. You need basic food, clothing, shelter and probably transportation. Anything else is a desire. If you can legitimately afford to indulge your desires, more power to you. But if you can't, you can't.

I agree with SuzinVA. Living within your means implies that you live on the money you have. You use your money to buy what you need and, if you can afford to pay cash, you buy what you want. If you want a luxury item, you should save for it and buy it with cash instead of charging it.

I've known people who would run out and charge $1000's for their kids' Christmas presents. I never charged my son's gifts, nor did I do layaway. These are luxury items and not necessary items. He may not have had as big a Christmas as some of his friends, but I didn't have my car repossessed because I didn't know my spending limits.

To live within your means requires responsible spending. And these days, in the ME ME ME generation, responsibility is becoming a rare trait.

Here are prime examples of what people do that are not living within their means:

Their mortgage or rent payment is more than 40% of their monthly income.
They buy a new car.
Anything (other than a car) that is purchased on credit that cannot be paid off within six months.

The housepoor, carpoor, who dress in new designer clothes, have brand new cells, computers, all the latest games, all brand name, pricey, etc....


It is a wants and appearances lifstyle versus needs.

I have a saying... wants, needs, must haves.

If I want something I ask myself do I need it or is it just a want? and if I need it ? is it a must have? must haves are your basics of housing, food on the table, paying your bills, the esstentials of life/ survival?. I am retired ( military) and I find that to many times people say that you need an income of over 50,000 dollars . I know where I stand with this and I say its bunk. But then again I have only myself to support. I know that in another year an half I will be taking my social security early at 62. And I was talking with a friend ( a nurse ) who said after that happens I would be making more then her ( after taxes)...

I can pay all my bills etc and still have money left over every week to basically waste if I so desire. Yet I am considered to be in the poverty level? so the question is what amount of actual money is considered necessary today just to live with in your means?

I do believe the actual phrase is just not to spend more than you have, regardless of the amount.

Wow, 40% is really high. Right now, the figure that is the guide-line for subsidized housing is that you should be paying 30%, including you basic utilities. TV, cable, internet are extra. I will admit that, unfortunately, I am getting a small amount of my housing subsidized. Hopefully, the second job will come through, and that will elominate the need for the subsidy. But living within your means, to me at least, means keeping yourself fed, housed and clothed without having to go into debt. If that means sewing or gardening to save money that can be better spent elsewhere, so be it. Sometimes it means accepting a small hand-out on occassion, just so long as you don't get too dependent on said hand-out.

In the area I live in, $50,000 is about right. Housing alone (rent, utilities, insurance) are about $1500 (and I live in a rent-controlled community), if I were to move, I could easily add anywhere from $300-$500/month. I have a VERY basic car and I am quite cheap when it comes to buying groceries. If it's not on sale and/or I don't have a coupon, it's rarely bought. But still, for my family of 3, it runs about $400 month. Clothing is bought as needed (not as wanted) and only if it's on sale for a very good price. I am a clearance shopper when it comes to clothes.

Yep

OKay so I will tell you this then. My living costs total, mortgage, lot rent ( mobile home) insurance, home and car, credit cards ..utilities phone, cable medical, food all come to just under 850 dollars a month. I guess I can count my blessings then. as for living with in my means? I have medical coverage and dental coverage. My income is a meager 1250 a month. that leaves me with 100 doallrs a week to spend as I see fit. This is why I asked what is living with in your means. I was wondering if I can do it for this amount what do other people do? Yes I know every state or area is different.

It really does depend on where you live, housing/utility costs swing wildly from place to place. I'd take a huge pay cut, though, if I moved someplace cheaper, not to mention the loss of benefits. So, I'm staying put, at least until my son is through school.

$100/week? Damn, I'm lucky to have $20/week

I hear that.... if I had $100 a week I'd be thinking I was loaded....

When my husband passed away 2 yrs ago he left me 2 credit cards to pay off. I have since pd off 3 credit cards, only use one cc for when I travel or emergencies, have a gas card that I pay in full every mo. I pay cash for everything else.. My utilities are included in my rent(except cable and phone).. I did inherit some money recently and purchased another vehicle(old one was 10 yr old). Pd cash for my newer vehicle and will pay cash for my motorcycle..Plan to be totally debt free in 18 mo..feels good...My kids have already received their inheritance so I am free to do what I want...

My son should consider himself lucky that I'm able to support him now. An inheritance is highly unlikely

To me living within my means is paying for things as you go. That means no credit cards at all if you can't pay for it with what you have in the bank then it is best left where it is. Now to me as far as credit on a car or house is different those things most have to pay out. Anything else it is cash or for get it till you have the money.

ya know... i her. really.

you can live the high life all you want as long as you can afford it without the stress later.

those of us who are jobless.. have no means. so we ... dont' live.

Aw, ya don't have to not live. That's not good. You just have to find interesting things to do that don't cost money. I sometimes use myparents computer to get on mingle2 forums. Or go for a walk, or bake bread, or garden. Just not living expensive.

The added benefit of baking or gardening is that you get less expensive groceries out of the deal, in the long run.

Try living in southern california and "living within your means". I would say most people pay 50% of their monthly income on rent alone! I'm lucky I do very well for myself and can afford a really nice place, all my bills and fun money too. I do have some debt but 80% of it is my car.