The water heater bites the dust, your car needs new tires, the electric bill was more than your budget planned for, and the list can go on and on. And in the process you get more discouraged as each pay check and month goes by. How do I know this? Because we have been there!
Now I am not saying we are perfect at living within our means but we certainly have come a long way in defining the difference between wants and needs. Everyone’s situation is different but here are a few of our secrets that we use to live within our means.
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- First and foremost give back to the Lord. Be thankful for what you have and how the Lord provides for you each day. Tithe what you can to your local church or charitable organization. You give back to the Lord and he will take care of you.
- Set up an emergency fund. Tax season is right around the corner and you may be tempted to use your tax refund to pay off a bill, but before you start working on your debt you need to prepare for those unexpected emergencies. There is a real comfort in knowing you have a little bit setback for those unexpected mishaps that set you back.
- Give up on credit cards. Using credit cards is not living within your means and is an easy method of letting wants overpower your needs. Don’t carry your cards in your wallet; store them at home so you are not tempted for those impulse buys.
- Make a project list. We have a list of projects that we are constantly working on. After each payday we sit down and determine how much we can put toward one of our projects. Some weeks it may be only $50 others it may be more but what we are doing is not over extending ourselves by relying on credit cards to work on projects. The projects get worked on a little at a time and as money allows.
- Use it up, wear it out, make do. This is one of my favorite sayings and we live by it. There is little we really need these days. Think about it…look around your house and other than maybe some projects you need to take care of what do you really need? How can you make do with what you have?
- Go on a spending freeze! I do this every couple months where I just stop buying and use up what I have. If you organize your pantry, closet and garage you will be surprised at what you have and how much you really don’t need.
- And our most important little secret is…we live on one income. I know this may not be possible for everyone but it works for us. We are a two income family, but we only live on one income, my husbands. Being completely out of debt is a big dream for us and we are determined to see it through in four more years. We moved to the country four years ago and with it came a large land payment and then two years later came a new house. So as you can see we are like most other Americans working to pay off debt. Is it a challenge? You bet! But by living on just one income and using the other to pay off debt we are working to stop our debt cycle.
Do you want to see how we do it? Read my next post, how to be debt free…one chain at a time, as I give you a peek into our budget and how we are now only living on one income and doing so by living within our means.
Good advice!
Wise words! Thanks for linking up with Sunday Social – hope to see you back again next week!
You’re right, living within your means can be a challenge in the real world. Like you we bought a piece of property and a few years later built a home here, but as you stated by being mindful of wants vs needs much money can be saved. We also live by the mantra Use It Up, Wear It Out, Make It Do, Or Do Without. I can’t wrap my brain around throwing one thing away to replace it with the exact same thing (new dishes, different colored towels, etc) Thanks so much for sharing this post – love it! (visiting from Homestead Barn Hop)
~Taylor-Made Ranch~
Wolfe City, Texas
Someday you think you are never going to get to the end of the pile of debt but before you know it you only have a few years left and the time goes by quick! Thanks for stopping by and sharing!
Great post! We’re working hard to be debt free too, it’s always helpful to hear how other people people are cutting costs!
Jody,
I know it really helped me when we started on this journey to hear how others made it happen so I wanted to share how we are working thorugh it. Good luck to you!
We made a concerted effort a few years ago to pay off all debt but the house. It was the most amazing feeling not to have any more credit card payments! There are trade-offs, though. The biggest thorn for me is driving older vehicles. We pay cash for our cars, which limits what we’re able to buy. The newest vehicle we’ve bought in the last 12 years has 115,000 miles. They end up in the shop a lot more than a newer car, but WE HAVE NO PAYMENTS! While the inconvenience of being down a vehicle is annoying, the repair payments have always added up to a small fraction of what monthly car payments would be.
I agree there are always sacrifices we have to make but the joy of being debt free is so wonderful!