Human wants are unlimited and the means of acquiring them are quite limited. This brings into clarity the difference between needs and wants; creating means to satisfy the most urgent needs. Then the question arises, how does one live within one’s limited resources? Here are strategies for living within your limited resources.
Positive Mindset: To live comfortably within your limited resources you have to have a positive mental attitude (PMA) towards your financial life and a positive mindset to handle life situations and challenges. Face reality and don’t dream to fail. Human wants will always be limitless so be prepared to maximize your resources if you want to survive in life. A positive mindset means you know what is right and you do what is right. PMA is vital if you really want learn how to live within your resources…possess one!
Good Saving Culture: Check a wretched life; it was due to the inability to save. A saving habit is one of man’s precious possessions. As a working class man or woman, you have to imbibe the saving culture. Learn to save at least one percent of your total income, save more if possible. If you are a regular and dedicated saver, you’ll live within your remaining income with ease. Savers eventually become great men. One who possesses a good saving habit can never drown in the sea of debts. If you are debt-free then it’s possible to live within your resources
Be Debt-Free: Debtors rarely have peace of mind, the more they have, the more they owe. This habit won’t make it possible for them to live within their resources. Their limited resources become zero resources in no time. Then if you have a zero resources, what will you live on? You must not buy, get or try to acquire everything. Consider your budget before acquiring…it’s safer to live a debt-free life. Debt itself is a gradual life killer. Be debt-free and you’ll be able to live within your resources.
Good Spending Culture: Spend wisely; don’t bite than you can chew. Draw a scale of preference, let first things come first. Be realistic and visualize. Draft a budget of the necessities and basic needs such as family, food, shelter and clothing. Then you can draw for other petty needs when you have saved at least one percent of your income. Don’t spend till you go totally broke. If you manage a business (organization) be careful in your expenses lest you go bankrupt. In spending, use your right instinct. And imbibe a good spending culture.
Good Investing Culture: Plan how to multiply resources and create wealth. Yes! Human needs can never be totally met but you can learn to survive within the limited resources. If plan A fails, there should be a plan B. Invest for the rainy day. Having a line of investment is good. Don’t reduce the limited resources, invest to increase or maintain the same level resources (at least). It’s not a bad idea to live a more comfortable life by creating “a plus one” to one’s resources. Invest wisely.
Moral Discipline: There are some expenses that are uncalled for but due to peer influence and other influential factors one may be tempted to build on them. Drinking, clubbing, partying, smoking, gambling, just to mention a few, have a way of smuggling cash out of one’s pocket. When any of these become an addiction, then there’s an urgent need to call one’s self to order. You can’t live within your limited resources when you have already created and built ways to squander them. It’s good to have a nice time out, but do it responsibly. Let it be resource-friendly. Try to build a well structured financial life plan and don’t live out of it…live within your limited resources.
photo credit; motherearthnews.com