Living Beneath Your Means: Practical Tips and Advice

💰Trim your expenses by analyzing your bank statements and tracking your spending. Identify areas where you can cut back and save money.

💡Prioritize your needs over wants. Start with the basics like food, shelter, and transportation. Then focus on maintaining your home and taking care of your health.

💵Pay yourself first by setting up a separate savings account. Automate your savings or move money to the account on payday. Treat savings as a bill and prioritize it.

💳Spend cash on discretionary expenses. Withdraw a weekly amount and use it for coffee, food, and other non-essential purchases. This helps you stick to your budget.

🔑Take action now. Start implementing money-saving strategies immediately. This could include meal planning, stock checking, or setting up a budget. Small steps can lead to big savings.

How often should I track my expenses?

—It is recommended to track your expenses weekly, not just monthly. This helps you stay aware of your spending and identify areas where you can cut back.

Should I prioritize my needs over my wants?

—Yes, prioritizing your needs over your wants is essential for living beneath your means. Focus on essentials like food, shelter, and transportation before indulging in non-essential purchases.

What does it mean to pay yourself first?

—Paying yourself first means setting aside a portion of your income for savings before spending on other expenses. Treat savings as a bill that must be paid.

Why should I spend cash on discretionary expenses?

—Spending cash on discretionary expenses helps you stick to your budget. When you have a physical limit on your spending, it's easier to keep track and avoid overspending.

What should I do if I'm not living beneath my means?

—Start by taking the first step. Do one thing that will save you money, whether it's meal planning, budgeting, or tracking your expenses. Small actions can lead to big changes.

00:00[Music] Introduction: Meet the British retirees who live a thrifty and frugal life in France.

07:30Advice: Trim your expenses and track your spending to save money.

09:58Tip: Spend cash on discretionary expenses to stick to your budget.

10:21Action: Take the first step towards a frugal lifestyle and start saving money.