Smart Reasons to Live Below Your Means Right Now

Having things and buying items is great, but life can still be amazing even when it’s simple. Cooking meals at home more often will definitely help you save money, and many are probably realizing that due to the recent pandemic. When was the last time you used your credit card just to shop? You are most likely not doing it as often as you used to. Living a modest lifestyle can actually be very satisfying. Even if you haven’t missed a single day of work due to COVID-19, here are a few reasons to live below your means anyway.

You’ll pay off debt faster: Debt is not cheap, which you probably know. If you’ve ever had to swipe your credit card for an unexpected bill you know it can sometimes take years to pay it back. If you’re living paycheck to paycheck, it’s probably even worse. These days during the COVID-19 pandemic, you’re spending has probably slowed down – but if you focus on cutting back even more, it will provide you with an opportunity to pay down your debt even faster.

You can still have amazing experiences: Sometimes we remember the items we spent our money on years ago, and may regret those purchases thinking that we actually wasted our hard earned dollars on them. However if you really think about it, what most individuals remember are the people and experiences in our lives. Once things start to return to normal, most will want to have those experiences with the people that they’re unable to spend time with right now.

You’ll teach your children: Don’t let your kids see you trying to “keep up with the Joneses,” it only teaches them that material things and spending money are important. You want your children to learn to appreciate the little things in life. Recently staying at home and spending time together as a family and playing outside has probably shown them exactly that. Plus, this may also teach them to be a lot more frugal when they’re spending their own money one day.

Article Source: John Pettit for CUInsight.com

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