Live Within Your Means
In a world that has so many ways for us to pay without having the actual money in hand, it has caused so many couples to spend beyond what they are able to pay back. We want what we want when we want it. We’ve lost, in so many ways, the understanding and the integrity of saving for things and delaying gratification. It is important to be more conservative in this area versus liberal. When you enter into borrowing money, you are beholden to those to whom you owe.
When you have trouble paying people back, it can greatly distress your relationship with your spouse. This is where many marriages get into trouble; financial problems are the source of many divorces. You rarely ever want to buy beyond what you can pay back in a short period of time. This is especially true when using credit cards. While it is a good thing to establish and maintain a GOOD credit rating, you have to be careful with over-extending yourself through credit cards. They can give you a false sense of breathing room when you want to buy things, but if you don’t pay them off as soon as possible, you could be in for a big surprise on the amount over and above that you will pay on the interest.
Living within your means calls for us to take a hard look at things we need versus things we want. I often have to correct myself when telling my wife about something we need, because after much thought, I come to the realization that, I don’t really need it, but I really want it (which is different). Needs have to be acquired. Wants have to be assessed based on whether or not the money going toward it will significantly and negatively impact the fulfillment of our needs, divert or greatly impact the ability to meet our goals, or cause marital discord.
On the flip side, we also need to be careful that we don’t slip into never enjoying our money and getting some of our wants fulfilled now and then, but they have to be kept in check, agreed upon as a couple, and identified for what they are: WANTS! Living within your means calls for restraint and even sacrifice, but can be very beneficial to the wellbeing and health of your marriage and family life.
ACTION STEP: This week, look at ways you and your spouse may be spending money beyond your means and decide how to gain more control over that area of spending.