The 5 Best Ways To Live Below Your Means

Living below your means is the best way to achieve financial freedom and live a happy life.

Many successful investors attribute their wealth to living below their means. Some investors pursue this lifestyle very early and continue to live below their means for the rest of their lives.

Other investors live below their means for a long time and then splurge a little once they have built up enough wealth.

If you want to live below your means and do it well, it’s better to act as if you’ll live below your means for your entire life. You can do the occasional and slight lifestyle upgrade, but you don’t want to fall into the trap of always upgrading your lifestyle when you make more money.

For example, just because you get a raise doesn’t mean you should spend more money each month. Living below your means requires financial discipline and a vital understanding of what’s important to you versus what society wants you to think is important.

Let’s jump into 5 of the best ways you can live below your means and start building your wealth.

#1: Buy A Used Car

The two biggest expenses for most people are the car and home, so we’ll tackle those expenses first.