Do you spend every raise you get? Do you spend a little bit more than you make on a monthly basis? About half of all families live at or above their means. The secret that every financially successful person knows is this: the key to turning family finances around is living below your means. Making this simple lifestyle choice is an essential step to controlling personal finances.
What exactly does that mean? Living below your means simply means living on less money than comes in each month and saving any extra money instead of spending it on an increased standard of living. The difference can be dramatic, especially if you are currently in debt. You don’t have to make a lot of money to do this, you just have to spend a little less than you make. Once you begin chipping away at your debt, you can begin to increase your ability to save money. You start to control your money instead of it controlling you.
It doesn’t have to be a well-kept secret. Live below your means, almost every financially successful person does.