Living beyond one’s means is a common issue many people face, often without realizing it until they are deep in debt or struggling financially. It’s essential to recognize the signs early and take steps to rectify the situation. Here, we present 11 practical tips to help you stop living beyond your means and get your finances back on track.

1. Understand Your Financial Inflow and Outflow

The first step to stop living beyond your means is thoroughly understanding your financial situation. This means knowing exactly how much money is coming in and where it’s going. Start by tracking your income and expenses meticulously for at least one month. Use budgeting apps or a simple spreadsheet to categorize your spending and identify areas where you might be overspending.

2. Create a Realistic Budget

Once you have a clear picture of your finances, create a budget that fits your actual income. Prioritize essential expenses such as rent, utilities, groceries, and debt payments. Ensure your budget includes a little wiggle room for savings and unexpected expenses. A realistic budget is a powerful tool to help you manage your finances and prevent overspending.

3. Cut Unnecessary Expenses

Look through your tracked expenses and highlight areas where you can cut back. Common culprits include dining out, subscription services, and impulse purchases. Be honest with yourself about what you truly need versus what you can live without. Cutting these unnecessary expenses will free up more of your income for savings or paying off debt.

4. Avoid Using Credit Cards for Non-Essentials

Credit cards can be useful for building credit and earning rewards but can also lead to overspending. To stop living beyond your means, use credit cards wisely. Avoid charging non-essential items or anything you can’t pay off in full at the end of the month. Consider using cash or a debit card for everyday purchases to keep your spending in check.

5. Pay Down High-Interest Debt

High-interest debt, like credit card balances, can trap you in a cycle of living beyond your means. Focus on paying off these debts as quickly as possible. You might use the debt avalanche or snowball method to tackle your debts strategically. Reducing your debt load will decrease your interest payments and increase your financial freedom.

6. Increase Your Income

If cutting expenses isn’t enough to balance your budget, look for ways to increase your income. This could involve asking for a raise, seeking a higher-paying job, or starting a side hustle. More income will give you more flexibility and ease the pressure on your financial situation.

7. Set Financial Goals

Setting short-term and long-term financial goals can provide motivation and direction for your financial decisions. Whether it’s saving for a vacation, buying a house, or preparing for retirement, having clear goals can help you prioritize your spending and focus on what’s truly important.

8. Say No to Impulse Purchases

Impulse purchases are a significant contributor to living beyond your means. These are often spur-of-the-moment decisions that do not align with your budget or financial goals. To combat this, develop a strategy for handling the temptation to buy on impulse. One effective method is implementing a waiting period before making any non-essential purchase, such as delaying for 24 to 48 hours. Additionally, unfollow or unsubscribe from marketing emails and social media accounts that frequently tempt you to make impulsive buys.

9. Use Savings Strategies

Adopting various savings strategies can make a significant difference in your financial health. Consider setting up automatic transfers to your savings account to ensure you’re consistently saving a portion of your income. Look into high-yield savings accounts or certificates of deposit to grow your savings faster.

10. Regularly Review and Adjust Your Budget

Your financial situation can change over time, so reviewing and adjusting your budget is essential. This could mean quarterly, semi-annually, or annually, depending on your circumstances. Regular reviews will help you stay on track and adjust to continue living within your means.

11. Educate Yourself About Personal Finance

The more you know about personal finance, the better equipped you’ll be to manage your money effectively. Invest time in educating yourself about budgeting, saving, investing, and other financial topics. Many resources are available online, including blogs, podcasts, and courses that can expand your knowledge and help you make informed financial decisions.

Use These Practical Tips to Stop Living Beyond Your Means

Ultimately, learning to stop living beyond your means requires discipline, planning, and a willingness to make changes to your financial habits. By following these 11 practical tips, you can seize control of your finances, eliminate financial stress, and work your way toward a more secure future.

Read More:

The Harsh Truths: 15 Hard Lessons Learned from Being Perpetually Broke

12 Foods You Should Stop Buying Now to Save Money at Any Grocery Store

 

Grow bags are an excellent container option for the frugal gardener. They’re extremely versatile and work for a variety of plants. Did you know that you can reuse them from year to year, too? Here’s how to reuse grow bags and save money down the line.

What is a grow bag?

A grow bag is a flexible container for growing plants. It’s usually made out of a breathable fabric. The breathable material lets air and water through but keeps all your earth neatly contained.

Benefits of using grow bags

Grow bags have a ton of wonderful advantages and are especially useful for frugal gardeners. They are great for:

People on a budget. If you don’t have a lot of money to spend on fancy containers, grow bags are an excellent choice. They’re fairly durable, so you can reuse them for several years.

People without a lot of room. If you have a small space or are gardening on a patio or balcony, grow bags are an excellent option. They’re available in multiple sizes, and when they’re empty, they fold down flat. You can also drag them around in spaces where the light moves around quite a bit, which can help you keep your plants happy.

Temporary gardening spaces. Not sure if you’ll be gardening in the same location next year? Use grow bags! When you’re done, they can come with you. They’re easy to store and transport when empty.

Certain plants. Grow bags are great for growing certain kinds of plants. I’m particularly fond of growing potatoes inside large grow bags. It keeps the potato plants contained, and at the end of the season, I just dump out the earth making it easier to spot ready-to-eat tubers.

Beginner gardeners. If you’re new to gardening, building raised beds or creating an in-ground plot can seem like daunting tasks. Grow bags are easy and convenient growing vessels that require not an ounce of physical labor.

How to reuse grow bags

You’ll get more life out of your grow bags if you empty them and store them in a dry place over the winter. Dump out the earth in your compost bin (or in a raised garden bed, if available) and then rinse, dry, and store your bags for the season.

You can also leave them full of dirt and reuse them next year. You’ll need to mix in fresh compost next season.

However, if any of your plants were diseased or experienced severe pest infestations, you’re better off safe than sorry. Toss out all the dirt and start fresh.

Some grow bags are also safe to toss in the washing machine, which is great if you need to sterilize them once the growing season is done. Never put grow bags in the dryer, though. The heat can cause shrinkage or weaken the fabric.

By reusing your grow bags, you can save money and avoid waste.

If your grow bags rip, don’t throw them away! You can use the pieces as a weed barrier in pots or raised beds.

 

Before you discount the idea of free funeral plants, bear with me on this one. Getting free plants from a funeral home is possible. However, you may have to step out of your comfort zone for this trick. Even those of you who consider yourselves outgoing might feel a bit odd about using a funeral home as a free plant source (This is one of the main reasons I left it out of Ways To Get Plants For Free).

Funeral homes are an excellent place to get free plants because almost everyone has the same initial reaction as you did. Ultimately, this means that in a nation where there is competition for virtually everything, this is one area where hardly a single person is taking advantage.

Almost every town has at least one funeral home and most funerals involve flowers and plants. Years ago, I became aware that many families leave plants and flowers at the funeral home for various reasons. Often, it’s because many people just don’t have the space for all of them at home.

How to Get Free Funeral Plants

Here’s how to set up a local funeral home connection.

The first step is to call the funeral home, introduce yourself, and explain your offer to them. You can solve their problem of what to do with the plants—at no cost to them. If they express any interest at all, leave your name, phone number, and email. You should promise to pick up any plants within 24 hours of a phone call.

If you don’t sense a positive reaction to your offer, ask to speak to a supervisor or owner, and repeat the offer. If that call doesn’t garner some interest, thank them and move on to the next name on your list.

You might be surprised when you get your first return phone call. At this point, ask for specific directions as to when and where to pick up the plants. Follow them to the letter. After the first pick up, follow up with a note to the funeral home, thanking them and giving them your contact information again.

What to do With Your Haul

Once the plants are at home, do some sorting and decide which plants can go outdoors and which are going to become houseplants. Depending on the time of year and the weather in your zone, you can either get your new plants in the ground or treat the whole batch as house plants until you can safely plant them outside.

There may be a few plants in the bunch that has seen better days by the time you get them home. This is nothing to fret about. You can add the plant to your compost pile, put the soil in your container of potting mix and clean up the pot so you can put it to good use.

All in all, you stand to gain many plants for very little effort. It’s all a matter of getting over that first hurdle most people have about dealing with a funeral home.