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Living Within One’s Means

by James Stage, Jr.

To live within one’s means sounds simple enough, but how many of us actually do? The idea that one must have the finest house, automobile, etc. is nonsense. If you can afford such things then I say, go for it, but most of us cannot. This is where our problems begin. We purchase a large home with a large mortgage attached. We purchase an expensive automobile with a large car payment attached. We have credit cards with which to furnish our homes etc. We feel that we have our part of the “American Dream” which turns out all to often to be a nightmare. Both husband and wife are working full time, much of the time in a job they don’t like. They have little or no time for one another or their family. They are constantly on edge because of their financial situation. They are unable to get a good night’s sleep because of this anxiety. The drug companies are having a “heyday.” People need a pill to sleep at night, a pill so that they can be intimate and so on. There has got to be a better way!

Let me suggest something right here which is almost a “novel” idea and that is to “live within one’s means,” to be able to live on less, to learn to be happy with the simple things in life. We need money to live. How much money we need directly correlates with our lifestyle. Television ads make you think all the latest gadgets and gizmos are necessary. In addition to having the most expensive automobiles and homes and they want to lend you the money to do so. Let’s cut through all this nonsense and bring this down to the lowest common denominator. What is necessary to live, as we know, is the following:

Food, Clothing, Shelter, and Transportation.

The income required for these things is in direct correlation to the individual’s lifestyle. Now let us examine these things one at a time.

Shelter:

I chose this first because it is the thing in which most people spend way too much money. A cozy, simple little house, paid for or with a small “short term” mortgage is more preferable to a large more elaborate house with a large “long term” mortgage. People would be well advised to go with the first choice, which has so many advantages over the latter. There is such satisfaction in a house that is paid for. Why take out a 30-year mortgage on a place? This means for many people 30 years of anxiety as many people have at least one financial setback if not many in a 30-year period. The employment situation alone is so volatile. Why would you want to owe on a house for 30 years? Just think of how good it would feel to own your own home while you are still young enough to enjoy it.

Transportation:

This is an automobile for most of us. As in purchasing a home, it is much better to purchase a good used vehicle, which is much less expensive than a new vehicle. If you are financing the vehicle, which many of us must do, put as much cash down as possible and also finance it for the shortest possible term according to your budget. It is much more preferable to own a car outright for a few years as apposed to a perpetual car payment.

Food:

When purchasing food, be health conscious and prepare a garden whenever possible. This will save money and ensure good vegetables.

Note: When you are eating a meal, eat until you are satisfied. Don’t overeat or eat until you are “stuffed.”

I am not a nutritionist so I will not elaborate further on this subject.

Clothing:

Here is another place where a good deal of money is wasted. Don’t purchase too many clothes. I know instances of closets and dressers filled to overflowing and most outfits are seldom, if ever, worn. Purchase good, durable clothes that fit, that you like, but purchase just a few outfits that are interchangeable. Buy new clothes only as the old ones wear out.

These are just a few suggestions for those who wish to attain a good and simple life. Work to live, don’t live to work. Try to get to the point where you can cut back on the hours spent on livelihood and take the time to relax. Go for a walk or just sit in nature and take in the beauty that is around you. Life is short. Don’t waste your best years in going after the wrong objectives. Start shedding unnecessary things now. It may be necessary, as it was in my case, to consider filing for bankruptcy. Bankruptcy is not, contrary to public opinion, the end of the world. It forced me not to get into further debt, which is the best thing that has ever happened to me. Credit is not all that it’s cracked up to be. Being debt / credit free is much more rewarding.

I hope the previous observations / suggestions might be helpful to those who are “drowning in debt” and longing, as I was, for a return to a simple, more rewarding, more enjoyable lifestyle.

Thank You.

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