5 Signs You are Living Beyond Your Means

Living beyond your meansIf you find that you can’t meet your savings goals or that you have fallen behind on that ever-mounting credit card debt, you might be living beyond your means. Your spending habits really can impact your financial future. Let’s take a look at some signs that indicate you are living beyond your means.

No, or Little Savings

It’s time to curb your spending when you notice that your savings aren’t increasing over time. Sure, you probably have a heap of bills to pay, but you should still be able to dedicate some money from each paycheck to your savings or investments. Before you spend your paycheck, consider that spending it today will reduce your ability to clear debts and enjoy financial freedom.

A Seemingly Insurmountable Debt

If you have built up credit card or school loan debt that just seems to keep on growing due to high- interest rates, you might be living beyond your means. Instead of reaching for the plastic for each purchase, use cash. Also, mind your spending. Think about how nice it would be to pay down your debt instead of buying coffee each morning, splurging on video games or running up a tab at the bar.

A Reliance on Cash Advances

If you use your credit card for cash advances, you are undoubtedly living beyond your means. Cash advances through your credit card company come with exorbitant interest rates that make the loan incredibly difficult to pay off in full and in a reasonable amount of time.

You Don’t Shop Smart

If you aren’t taking advantage of the great deals found at discount stores and thrift stores, you are likely overspending. By planning out your grocery shopping carefully, you can still eat healthily while saving money. Buying gently used items can also help you save on other basic necessities.

You Can’t Control Your Spending

People get into financial trouble when they can’t control their urge to spend. If you constantly feel as though you have to be out and about, spending money at the mall or restaurants, you might be addicted to spending money. Make an effort to stay home to eat and find free entertainment options so you can live comfortably within your means.

 

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