Breaking News coming to you from One Foot in the Save HQ tonight!! Our income, whether it’s weekly, bi-weekly or monthly, needs to be greater than our expenses for that period. This is the most obvious thing in the world, but if we think about it – there is likely very few of us that have fully lived by that philosophy. If we did, we would not have car loans, credit cards, personal loans etc.
If you are buying things now and paying for them later….it’s likely that your income is not greater than your expenses.
If you say that you have no time to budget and you’re not too sure of the exact amounts of what’s coming in versus what’s going out….it’s likely that your income is not greater than your expenses.
If you say to yourself “Sure I’m on a high salary, of course I can afford X/Y/Z”, without actually doing the math to see if you can….it’s likely that your income is not greater than your expenses.
If you are buying or doing things because everyone else is….it’s likely that your income is not greater than your expenses.
If you continually keep a rolling balance owing on your credit card from month to month, without acting on a plan to clear it off….it’s likely that your income is not greater than your expenses.
If you find that pay day often signifies the time when you pay people back for money borrowed to simply ‘get by’ the previous month….it’s likely that your income is not greater than your expenses.
So the biggest change we can make for ourselves and our financial future is to start living by this rule. I’ll say it again in mantra-esque style… “My income should be greater than my expenses”. Repeat it. Maybe again just for fun. Ask yourself are you living by this. If not, try to identify the reasons that you are not. Make it your goal.
I second this😁