By Kibet Tobias
Has it ever occurred to you that you don’t have to earn a six figure salary to live a good life? Better still, have you ever wondered how that someone you know who earns less than 20K is able to live well, pay school fees for their kids and even invest while you are still struggling to make ends meet?
Well, the difference between you two is that this person has mastered the art of making their salary work for them.
How do they do it, you may ask? Well, in this article I am going to touch base on how you can live within your means and make your salary work for you.
1. Master the art of saving
You may not earn 100K but that 20K you are currently making can still work for you. If you are going to live within your means, then it is important that you start saving every month.
Deduct a few thousands every end month for a rainy day. Assume that tomorrow you wake up without a job, will you starve or will you have something saved up to push you till you can get back on your feet?
2. Avoid impulse buying like the plague
When buying things, prioritize on what you need rather than what you want. Wants change but basic needs remain the same.
Instead of buying things just because you have seen them, think about what you really need. Impulse buying will only rob you off your hard earned money.
3. Always work with a budget
Most of the time we lie to ourselves that we can plan our money without budgeting but ask any successful person al around and they will tell you of the importance of budgeting.
Make it a point of buying things that are strictly within your budget to avoid overspending.
Make a budget for your monthly household shopping, transport and even small things that you would assume do not take up much cash.
4. Live within your means
We all want to create an illusion that our lives are so much better to keep up with our friends.
You don’t have to punish yourself by buying that expensive shoe because you saw a friend of yours with.
You don’t have to order food at expensive restaurants if you can’t afford it.
In the long run, you will realize that living within your means is the only thing you have if you want to be successful financially in ten years.
Supplement your salary by investing in a small business. This could be your side hustle.
Save up some money at the end of the month and start a small business that you can manage while still working full time.
It could be a blog, an M-pesa shop, an online boutique among others.
This will always ensure that you do not run out of cash at any given time as you wait for end month.
It doesn’t matter how much you earn per month. You can still live a good life if you live within your means and learn how to manage your money.
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