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10 Good Changes During My One-Year Experiment Of “Living Below My Means”

10 Good Changes During My One-Year Experiment Of “Living Below My Means”

Living above your means is something that people do all the time. The enjoyment of getting things when you can’t afford them is what drives the credit card and loan industry. Unfortunately, there is also the absolutely infuriating side effect of being in serious debt all the time and that means you may have to live below your means for a while. I experienced this recently and actually some positive things happened. Here are some good changes I experienced by living below my means.

1. I started eating better

The first thing I gave up when I decided to live below my means is fast food and restaurants. It sucked at first because that food is undeniably delicious but after a while I got used to cooking all of my meals at home. Truth be told, I started eating better. My local grocer has 2.5lb bags of frozen vegetables for $2 each. A few bags of those and now I have veggies with every meal.

You wouldn’t think it but you can actually eat pretty well on a serious budget. Rice, noodles, pasta sauce, veggies, and other assorted items come pretty cheap and when you load up on everything, you can have very cheap meals that are pretty decent. I went from eating $200 worth of Taco Bell, Subway, and Chipotle every month along with groceries to spending $150 on only groceries and eating fresh cooked meat, veggies, and noodles that I make and season myself. That also allows me to control my sodium, fat, and calorie intake better!

2. I have become an eBay expert

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live below your means

    I am a technology buff which gets really expensive after a while. I like having a nice laptop, nice desktop, a nice phone, and a tablet. Unfortunately those things go for hundreds and sometimes thousands of dollars. Thus, I have learned the ancient art of bargain shopping. I don’t get the very latest in technology but I built a desktop computer for $900 that can render a 10 minute video in 5 minutes and play pretty much any game on decent settings. There are always anxious sellers out there who are willing to get rid of good stuff for cheaper than it is worth. It’s just a matter of biding your time and being patient. Which brings me to…

    3. I have learned to be patient

    Getting exactly what you want exactly when you want it is expensive. Pre-ordering games is expensive. Buying the very latest technology and fashion is also expensive. I have learned to wait several months after new stuff comes out because then I can buy it used for a huge discount. This has easily saved me thousands of dollars over the course of the last year. If I don’t have a lot of money and I have a hankering for something specific, I can wait until my next payday to go get it. What used to be a “I must have it now” mentality has now evolved into a “I have to get that eventually.” That switch alone is worth thousands in savings.

    4. I have more disposable income

    live below your means

      This came as quite a shock to me. I used to think I was living right up to the very edge of my paycheck and I always considered getting a second job. Living below your means also means that you’re not spending money frivolously and that means your paychecks stretch longer. I went from having nothing at the end of a pay period to having at least a couple hundred dollars. That’s money in my savings account and it feels so good having a safety net which actually grows every month. Of course, it was good for other things too, like…

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      5. I have paid off a significant amount of my debt

      With the extra money, I was able to take control of my finances and a lot of my debt has been paid off. It took some time and some painful payments, but I went from forking out $350/month in debt repayment to a paltry $70/month. By saving money, I was able to pay off debts and now I have even more money. That’s an extra couple hundred dollars every month and all of a sudden I don’t feel like I’m under the squeeze so bad.

      5. I have become an expert in coupons and sales

      When you’re living below your means, you try to stretch every dollar. Things like $0.20 off coupons become a lot more valuable than they used to. Catching coupons online or in the local newspaper becomes a sort of hobby. Also, I started reading the morning newspaper. I was buying them for the coupons anyway so I might as well get my money’s worth right? Not only have I saved some extra money with coupons, but I’ve also become a lot more intimate with my community happenings. Which brings me to…

      6. I’ve become more active in my community

      live below your means

        Living below your means can get boring. You’re not going out to the bar. You’re not seeing as many movies at the theater. And things like concerts and amusement parks are a no go. However, many communities have plenty of events that are either free or really cheap to get into. In my community there was a community potluck organized and a bunch of people showed up to eat food and clean up the local park. It fills an afternoon, you get to meet people who live nearby, and it costs however much it costs to make a dozen servings of your favorite side dish.

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        7. I quit smoking

        Cigarettes are expensive. And bad for you.

        8. My goals have become more clear

        When I was spending money on useless nonsense, my goals were clouded. I knew there were some things I wanted but it always felt like there were other things I had to do first. Yes, I wanted to buy a better car but first I had to take care of this other issue. It was a zigzag labyrinth of self sabotage. Since I’ve begun living below my means, things that aren’t important actually seem unimportant while the important stuff remains important. My focus is trained on what it needs to be trained on.

        9. My apartment has never looked this good

        I’ve been spending a lot more time at home since I started living below my means. What I had before was functional but it wasn’t really enjoyable. I have spent more time keeping my house clean. The furniture all over the house has been reorganized. I have begun having more guests over to hang out rather than going to their place. There’s more pride in what I have instead of feeling the need to constantly augment it with more things that I want.

        10. My friends and family mean more to me

        Living below your means changes how you view things. You stop coveting things so much and you start coveting people more. This may sound bad but friendship is free. Spending time with your friends and family doesn’t cost you anything. You also have the added benefit of strengthening relationships and forging new ones. Some readers may think I’m saying that I didn’t appreciate people before I started living below my means and that’s simply not true. You just become more acutely aware of how much they mean to you.

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        There are a lot of things that suck when you live below your means. You don’t get to do what you want to do all the time and you may not get to be a part of the latest trends in fashion, technology, or anything else. However, it is something many of us have to do when faced with financial challenges. If you have to do it, you might as well make the best of it. Here is a great article to help you get started.

        Featured photo credit: DIY Lol via treasure.diylol.com

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        Joseph Hindy

        A writer, editor, and YouTuber who likes to share about technology and lifestyle tips.

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        Last Updated on March 29, 2021

        Life Insurance: A Secure Way To Protect Your Future.

        Life Insurance: A Secure Way To Protect Your Future.

        Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

        Importance of getting a life insurance

        No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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        On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

        Choosing the right insurance plan

        If you’re about to select an insurance plan, you should consider some important factors:

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        • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
        • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
        • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

        Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

        Differences between life insurance plans

        Here’s a short brief of some plan categories you can choose according to your needs:

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        • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
        • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
        • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
        • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
        • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

        Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

        So what are you waiting for? Plan for your future and live a happier and carefree life today.

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        Featured photo credit: aryehsampson.com via aryehsampson.com

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