Provident Pocketbook: How to Live Within Your Means and Save Money

For most people, trying to live within their means is tough enough. But trying to live within your means and leave enough money left over for savings is next to impossible. Or is it? Here are some simple ways to live within your means and save money, too.

Avoid Debt

To live within your means and save money, you need to try to avoid taking on debt. When you carry debt, you pay extra money in the form of interest costs every month. 

Some debt is unavoidable and makes sense, such as a mortgage for a house or a student loan. However, you should avoid other debt, especially credit card debt. The easiest way to do this is to pay for everything in cash. 

That's not always practical, though, so if you need to use a credit card, use it only for necessities and pay the balance in full each month.

Make Savings Automatic

When you automate your savings, you not only guarantee you save money but you also have an easier time living within your means. 

Money that automatically goes into savings is money that you won't even figure into your budget, so you won't even consider spending it. 

The easiest way to automate your savings is to have a portion of your weekly or monthly pay direct deposited straight into your savings account. 

If that isn't an option, open a savings account at your bank and have an automatic transfer set up so a certain amount of money goes from checking to savings each month.

Save Money on Household Services

Your house or apartment may seem like a money pit that does nothing but suck money, but it offers an opportunity to save. 

Professionals, like those at Moon Valley Plumbing, realize that doing some simple plumbing tasks yourself can help you learn how to care for your home better. You can install more efficient light bulbs or a smart thermostat to save on electricity. 

Bundling your cable, phone, and internet services can reduce your rates and provide more money for savings.

Living within your means isn't really that hard to do if you put some effort into it. And there are chances all around you to save more money. 

Can you raise insurance deductibles? Are you using that gym membership? Do you eat out too much? Are you carrying debt on credit cards? All of these areas offer potential cutbacks that will put more money in your pocket that you can put toward savings.