Americans are faced with having to cut expenses at home as well as in their businesses. If people are living above their means, they need to discover ways of living on less money. The world’s millionaires live below their means and this is how they are able to accumulate so much money. If you are living below your means, you have more money to save.
When parents learn to master the art of living on a lower budget, then they can teach it to their children. When children learn this concept at an early age, then they will remember it at the time when they need this knowledge most. Managing the household budget well will help children to seek other ways of living below their means.
For example, instead of living in a house with a room which is not used very often, opt for a smaller house with rooms that will be lived in and utilized. The rent or mortgage will be lower. If a person is single, try living in a studio apartment even though you can afford a two or three bedroom house or apartment or room with a friend. The money you save on rent can be deposited into a savings account or invested wisely.
Instead of buying brand new clothing or vehicles, opt for well maintained second hand items. There are countless thrift and consignment shops available in your area. If you go to the shops in the affluent areas, you will find better quality clothing. If you already have your own vehicle, try car pooling with others in your neighborhood.
If you know how to sew, go back to making your own clothing with fabric purchased from fabric warehouses or outlets. Sometimes you can find fabric at thrift or antique shops at bargain prices. Visiting places like e-Bay or other places on the Internet will help you find other bargains as well.
© Gail Cavanaugh and Cavanaugh Business Solutions Blog, 2008. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Gail Cavanaugh and Cavanaugh Business Solutions Blog with appropriate and specific direction to the original content.
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