Are You Living Beyond Your Means?
Are You Living Beyond Your Means? The Warning Signs to Watch For
Post From Invested Wallet
Posted in Dinar Recaps Archives on 7/9/2019
In our consumer and debt-heavy society, living beyond your means is all-too-common. And unfortunately for us, it can put us in tricky financial situations.
Considering how easy it is to impulse buy online and use credit cards we end up spending more than we make.
This process has become so normalized, that we overlook the financial dangers and live a lifestyle that can be too expensive for our own good.
While it may seem okay because so many are living beyond their means, it shouldn’t mean you need to endanger your own financial well-being.
Below are a few warning signs you should watch to ensure you are not living beyond your means.
You Notice You are Living Paycheck to Paycheck
78% of full-time workers said they live paycheck to paycheck (CNBC)
Now, this might not signal right away that you are living beyond your means. You might be underpaid, living in an expensive area, or have some other financial circumstances putting you in this situation.
However, a lot of times you may be upgrading your lifestyle or just overspending that causes you to barely squeak by every pay period.
Take a step back, look at your paycheck and see where your money is going every week. You may discover that there are some cutbacks you can do to help you get out of the paycheck to paycheck slump.
I’ve been there before and it’s not fun. Even though I was only making $36,000/year at the time, had I not been overspending on my lifestyle that situation would have been different.
You Have Little Saved or No Emergency Fund
One thing I roll my eyes to in most personal finance articles is when they talk about having an emergency fund. We all should know it’s important to have one and we all do typically want to save money.
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