Living within someone’s means is perhaps an argument that can only be resolved as soon as the term “means” is afforded a definition. “Means” may mean “income” to one person but can mean “income inclusive of savings” to another person.”
For the purposes of discussion, we will be taking the second definition as our definition of means.
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Some people might argue that actually is living BELOW someone’s means. I will have to concede that they are also correct. But at some point or another, someone would have to take a stand. So in this case, we stick to our definition.
Besides, the point here is not the proper or improper use of a preposition but the concept of living a financially responsible life.
So then, why is it important to live within someone’s means?
Because, like it or not, the party is over, folks. That period in our lives when we spend all that we earn and then rely on credit card debt or other forms of indebtedness for emergency is a habit that should be looked at closely, and pronto.
Other than what we normally need – food, clothing, shelter, etc. – we also NEED to save.
What for, someone had asked me. The answer I think is pretty simplistic.
- It is imperative that we all save for an emergency fund for expenses our regular salaries won’t be able to cover.
- Save for our children’s education, or for starting a business.
- Save for a house or a car.
- Save for a potential job loss, or an illness that would render the family breadwinner incapable of work.
- And most important of all, save for retirement. One day will come when we can no longer work. If all we can hope for when that time comes is pension from the SSS or the GSIS, that wouldn’t be much of a cushion, especially considering inflation. Relying on our children or relatives for help when we grow old is also not a sound retirement plan.
Conclusion
Living within someone’s means is not a walk in the park. It entails discipline, hard work and dedication. It also means to stop impressing other people. Chances are these people are so busy trying to impress us themselves that they don’t even notice our efforts.
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I love this post mommy gel, I’ve learned a lot! We often neglect the importance of discipline, especially, on paydays, I’m guilty of that, hehehe! =)
Thanks, JM! That is why I would suggest for you not to visit the mall ever too often hehe. Joke!