Hey! Don’t close out the tab!
I know, I know. You hear financial gurus talking about “living below your means” and you start to freak out. I mean some of these guys are extreme in their cost-cutting measures and you’re pretty sure they don’t have a life.
But in all honesty, the definition of the phrase means that you spend less money than you bring in. That doesn’t sound so bad, right? Extra money at the end of the month. It’s starting to sound better, yeah?
Now, I understand, Below Your Means doesn’t have the most sexy appearance and enticing reputation. BYM certainly isn’t raking in cash as an influencer.
But it really should.
First things first. Banish from your mind the mental image that I know you’re brewing in your head of wearing patchwork rags, sitting in the dark, and eating cold beans out of a can. I can’t be the only one who deals with that imagery, right?
(Going to pause right here to point out that if you are dead broke and you have to go to these extreme measures just to survive, there is no shame in that. Hold your head high because you’re fighting to better your life.)
Picture instead, you get an invitation to go out to dinner with some friends for a birthday. You say yes without hesitation because you’ve already earmarked $100 this month for eating out, and not only that, it’s money you stashed away six months ago. You have a fabulous time with your friends and not once do you ever fret about making your rent or keeping the power on. This is the beauty of living below your means.
There’s a cliche that “money can’t buy happiness.” What it can do, however, is provide you with choices, and with those choices, comes freedom. With freedom comes less stress and worry. This is what living below your means can do for your life. It can decrease the stress you experience in your daily life, as pertains to your finances. (Sorry but it can’t help with the stress of picking out a birthday gift for Great-Aunt Edith who has everything and likes absolutely nothing.) And believe me, I am all about reducing stress and making life as easy as is reasonably possible, in the most efficient and nap-allowing ways. Naps good.
So banish the mindset that living below your means entails extreme frugality and a life of deprivation. Instead, consider it a way of aligning your lifestyle with your financial goals and personal values. BYM isn’t a dirty word; it’s a way of living that feels authentic to what is important to you and what you’re trying to accomplish, while simultaneously moving towards reducing your worry for the future.
