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Being financially responsible is important for your health and your financial life. To "live within your means" means that what you spend each month is less than or at least equal to the amount of money you bring in each month. For many people, it’s a lot easier said than done.📌
Credit cards, loans, savings, and even emergency funds allow you to buy more things than your income would ordinarily allow. Unfortunately, that kind of lifestyle isn’t sustainable and, at some point, your reckless spending will catch up to you. #financialliteracy
Your savings and access to credit will run out and when that happens, you’ll be forced to make some important changes or face financial ruin. #financialliteracy
How to Successfully Live Within Your Means;
1. Know how much you make.
If you want to live within your means, you have to know what your means are. You need to know the net income that appears on your paychecks. #financialliteracy
2. Spend less money than you bring in.
Once you know how much you make, you focus on reducing your spending to fit your income. If you don’t have one already, create a budget to plan your expenses and use it to keep your spending on track. #financialliteracy
3. Boost your income
If your expenses are minimum & you’re still spending more money than you make, then you make need to boost your income. You may need to get a higher paying job 2nd job to make ends meet. 🔑 is to make enough money to pay all your necessary expenses. ✍️📌
4. Stop relying on credit cards.
Using credit cards to pay bills or expenses is not living within your means. When you plan your budget, completely rule out credit cards as a way to make ends meet. Credit cards are unreliable, company can decrease credit limit without warning.
5. Don't try to keep up with the the Hiltons.
Resist the pressure to have the same things as the people around you and even on Social media. You may use credit/loans to fake wealth for a short period of time, but you’ll pay for it later, and you’ll end up paying with interest.📌
6. Save up for purchases instead of putting them on credit.
People often use credit cards for large purchases they can’t afford to pay for , like a new TV. Instead of paying for these purchases on credit, put aside some money each month until you’ve saved up enough to buy it.📌
7. Get an emergency fund.
Have savings that’s dedicated to emergencies will keep you from resorting to credit, a fund of 3 to 6 months. Use your budget to figure out what you can afford to save each month, set up an automatic transfer to make it easier to reach your savings goal.
8. Investment

Start a small scale business , buy assets such as stocks, bonds, mutual funds or real estate with the expectation that your investment will make money for you. Investments usually are selected to achieve long-term goals. #financialliteracy 🔑
9. Retirement Plans and Insurance
Retirement benefits/Insurance are so important that they should be a top priority when you’re looking for a new job. To ensure financial security on retirement, it’s wise to create a plan early in life. #financialliteracy ✍️✍️✍️
Retirement Plan Part 2 ; By diverting a portion of your paycheck into a tax advantaged retirement savings plan and your wealth can grow exponentially to help you achieve peace of mind for those so called golden years and live a stress free life.🔑#financialliteracy
We are all educated people but essentially still illiterate when it comes to money management we are all learning. Sisi wote ni wasomi ila kwenye swala la matumizi ya fedha sote tunaendelea kujifunza na kuboresha kwa wale tuloanza✍️✍️✍️ #financialliteracy
NOTE TO SELF✍️”Health is Wealth” The value of money, the connection between a person’s goals & physical status or illness can negatively affect work & income. Decrease your spending on illness & focus of taking care of yourself.#HealthIsWealth #financialliteracy #healthinsurance
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