Tuesday, April 6, 2010
Yesterday while with my youngest son Brandon,I asked him,"What do you think it means to live below your means,what are the steps to insure you are doing so?" His answer was very good! He said " you don't go into debt,no loans and no credit cards. I mean it's stupid to get a car loan and it loses value as soon as you drive it off the lot." He said " it's best to save up and buy things straight out then you own it and are not paying more than it's worth buy getting a loan, the same is right about credit cards they make no sense,when you charge things and they are used up and you are still paying on them. How stupid is that! "
Yes he is a very smart boy. He also mention putting God first forever and always. And saving a portion of your income without fail.
What he didn't mention and it's probably because I haven't talked about it as often or gone into any sort of detail about it. That is taking care of all you have to make it last as long as it can.
1. give to God
2. save a portion of your income
3.no debt unless it's a mortgage
4.use up what you have before buying new
5. buy things used or on sale or clearance always try your hardest to get the best price on all things
6. use cash or debit,tracking every penny that comes in and out of your home
7. take care of what you have and make it last as long as you can saving you even more money
my seven rules of living below your means
*Photo provided by dsleonard on photobucket.com*