One of the biggest financial traps you can easily find yourself in is the trap of keeping up with the Jones’. By trying to keep up with the perceived lifestyle of others, you’ll undoubtedly end up overspending. Living below your means is the basis for financial freedom.

Once you learn to live below your means, you can stop getting into debt, begin paying off any debt you currently have and start putting money aside for saving and investing. Not only is living below your means a cornerstone for financial freedom, but by living above your means you of course will have more debt and along with that comes having more stress and more worry.

“Stop buying things you don’t need to impress people you don’t even like.”

– Suze Orman

Whenever you live at or above your means, an unexpected bill or expense becomes an added stress that should and could have been avoided if you were more careful with your spending habits. Life happens and those unexpected expenses will show up. The best way to help you to prepare for them is to get control over your spending.

Living below your means will largely eliminate that worry by giving you control over your spending and allowing money to work for you instead of against you. By overspending you may have nice things, but when the nice things fade away, one thing is for sure…you won’t have any money when you need it most. So start focusing on your money habits and get yourself on the path to financial freedom.

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