Beyond Our Means

Author Matthew Amster-Burton has an interesting perspective about living within your means:

“Your lifestyle can easily creep beyond your means to pay for it. Even if you’re not spending more money than you have, it’s all too easy to spend money today that should be set aside for retirement.” (https://www.mint.com/blog/how-to/living-beyond-your-means/)

Most professionals get paid once a month and usually develop the discipline to save some money for their end-of-the-month expenses. A person who fails to budget for the last week of the month would be considered irresponsible. We all know that we are likely to live past our earning years, yet we fail to plan for the last few decades of our life. We not only spend money that should be set aside for tomorrow, we get into debt to subsidize today’s lifestyle choices. Yesterday’s luxury becomes today’s entitlement and tomorrow’s necessity. As our needs go up, so does our cost of living. Consumption and contentment seem inversely proportional.

We live as if our bodies and minds will always stay at maximum efficiency, even though we see how aging changes those around us. When we neglect our bodies, minds, and souls—this too is living beyond our means. We live in denial, failing to plan for the final stages. 

Living within your means involves understanding the full expanse of your life. A maxed-out lifestyle depletes our reserves early, while a minimalist lifestyle is more likely to cultivate contentment.