LANSING, Mich. (WLNS) – In this week’s Money Monday, 6 News is here for you with local money expert Stephen Schiestel with some tips on how to live below your means financially.
For those living in a paycheck-to-paycheck setting, it may be difficult or impossible to spend less than their total income.
“That is kind of determining what your means are, right? Because it’s not just your salary. It’s how much is your overhead, how much is your mortgage? What you have to pay every month,” said Schiestel. “It might be a situation for some families that maybe [income] is part that needs to be adjusted. Whether it’s finding another job, finding a way to get a promotion… any way of increasing that income level.”
Another way to live below your means would be to pay yourself in some way, whether that is setting up a 401K or some kind of recurring investment into a retirement or savings account.
“The first thing that comes out of [your] checking account is some money that goes into an investment account,” said Schiestel.