Live within your means from "summary" of The Dumb Things Smart People Do with Their Money by Jill Schlesinger
Living within your means is a fundamental concept that many people struggle to grasp. It simply means spending less money than you earn. This basic principle is the cornerstone of financial stability and security. When you live within your means, you avoid accumulating debt and ensure that you have enough money to cover your expenses without relying on credit cards or loans.
To live within your means, you must first understand your income and expenses. This requires creating a budget and tracking your spending. By knowing exactly how much money is coming in and going out, you can make informed decisions about where to cut back and where to allocate your resources. It's important to differentiate between needs and wants, prioritizing essential expenses such as housing, food, and healthcare.
One common mistake that people make is trying to keep up with others who appear to have more wealth or possessions. This "keeping up with the Joneses" mentality can lead to overspending and financial strain. Instead of comparing yourself to others, focus on your own financia...
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