It is a challenge, but it is achievable

.

Introduction

I know it easier said than done but quite frankly, living above your means can happen to any of us, the haves and the haves not. You may ask how you know if you are living above your means. One of the signs of knowing if you are living above your means is if you are spending more than you are earning. You have little or no savings at all.

You can easily find yourself in this position if you have used up all your earnings for the week or month and then you must use a credit card or get a loan to survive on a day-to-day basis. Let me clear that there is nothing wrong with using a credit card or getting a loan but if you are using these types of methodologies to finance your personal life or business, then this means you have a financial problem.

Do not panic as most of us have been through this. Some of you were able to overcome it and start living within your means while others are struggling. Despite the struggles and challenges, you can achieve it.

The challenges

There are many challenges that are causing people to live above their means. Some of these challenges are unavoidable and some are not.

Some people are living from paycheck to paycheck due to unrelenting high inflation. As a result, their disposable income has decreased significantly.

The housing crisis is also a challenge forcing people to live above their means. Imagine, getting a month’s notice from your landlord advising you that your rent has doubled. How can you live within your means if your rent has doubled but your salary has not increased.

Some of us do not have a plan or a budget and we are just spending money without thinking about the consequences. This is a challenge that can be avoided.

Some of us are also spending money on things we do not need. This is a challenge that most of us face but can be controlled.

Some of us are living our lives based on the comparison of others and as a result we end up living our lives trying to please society and in so doing we face the challenge of living above our means.

How to live within your means?

It is a challenge to live within your means during these inflationary times. To achieve this objective, it will require control, sacrifices and effective planning.

Don’t spend money without a budget.  You simply should not just be spending money without having a plan. A budget will guide you and direct you. Make sure you stick to your budget. From time to time, there will be unexpected situations that may cause you to have a variation in your budget. If that is the case, then find something else to cut in your budget.

We may not recognize or agree with this point, but if we learn to control ourselves and stop trying to live a life to please people, we can live within our means.

I know the housing situation is totally out of control. I know do not know what people are paying for mortgages or what the landlord’s expenses are, but to increase the rent by 50 to 100% is an act of greed.  This is one challenge for tenants to overcome. You may have to get a roommate to help share the cost. You may also want to consider renting a room. I was going to suggest moving from one area to another area but based on what I have seen or heard, no matter what area you are in, the rent is high. This high rent will force employers to have employees working remotely outside of the Turks and Caicos. This is something we do not want but this may be the ultimate decision that may be made. Of course, there are some careers that require face to face and will not be able to work remotely effectively.

Lobby the Government to implement price control on certain things. Keep pressuring them. If you come together on this, you can be victorious in your desire for price control.

Another option is to get a second job or establish another business. This is probably something that all of us will have to consider as an option. This is one of the reasons why I personally have multiple companies because the income from one stream is inadequate to cover the cost.

Conclusion

I know that some of you are not intentionally living above your means, but it is an issue that is so common among many of us. Living above your means can result in a strain on your health because you may be up all night and day worrying. It can also impact your relationship with your partner. If you are not careful, it may cause you to steal from others.

I encourage you to try and secure another means of income and try your best to live within your means. Do not care about what people will think about you.