3 reasons to live WAY below your means

Having “stuff” is awesome, but life can be amazing even when it’s simple. Eating at home more will definitely help you save a wad of cash, and I’m sure we’re all realizing that right now. When was the last time you used your credit card? I’m sure you’re not doing it quite as often as you used to. Living an easy life can be quite satisfying, especially if you’re watching your net worth increase. Even if you haven’t missed a single day of work due to COVID-19, here are three reasons you should live way below your means…

To pay off debt faster: Debt is not cheap, my friends. Anyone who’s ever had to swipe their credit card for an unexpected bill knows it’s true. It can sometimes feel like it takes years to pay it back. If you’re living paycheck to paycheck, it’s even worse. These days, you’re spending has probably plummeted, but if you focus on cutting back even more, it will provide you with a great opportunity to pay down that debt even faster.

To have amazing experiences: Sometimes, we remember that “stuff” we spent our money on years ago, and it seems ridiculous that we actually wasted our cash on it. The things I remember most are people and experiences. Once things start to return to “normal”, we’re all going to want to have those experiences with the people that we’re missing right now.

To teach your children: If your kids never see you trying to keep up with the Jones family, not only will they not base their self-worth on objects, but they might grow up to appreciate the little things in life. They also may be a lot more frugal when they’re spending their own money one day.

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. Through news, community, press, jobs and events, he keeps credit unions digitally informed throughout the day. Web: www.cuinsight.com Details