Let’s face it! Every time you get some extra money, you get the urge to spend it. You get a pay raise, so you go and finance a new car! You get a bonus and you go on that exotic vacation! If you get an extra $5 in your pocket….you always find something you “want” to spend it on.

There’s nothing wrong with treating yourself once in a while, but it’s when “once in a while” becomes a constant habit that it can become trouble. It’s common and only natural to satisfy the desire of your wants. It’s fun and it feels good for the moment, but when the moment is gone, you’re still left holding the bag of debts you owe, with the creditors knocking on your door every month.

“You must gain control over your money or the lack of it will forever control you.”

– Lydia Sweatt

If you’re going to give yourself a fighting chance at not having to worry about money and ultimately achieving financial freedom, this is where you have to separate your needs from your wants. A close and honest look at what are truly needs, verses what are just wants is crucial. Living below your means obviously doesn’t come without sacrifice and effort, but it is a necessary financial principle.

There are also two key factors needed to help you to live below your means. One will be discipline, which is doing something you know you should do even when you don’t want to do it. And the other is patience, by not giving into the feeling of instantaneous gratification when it comes to having some extra spending cash. Developing your discipline and patients will put you on track for living below your means and set you up for financial success.

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