Living beyond your means is a trap many people fall into. While many times it can be caused by multiple factors, here are 7 signs you’re living beyond your means with tips to correct each of them.<\/p>\n\n\n\n
If you have a high credit card balance and you\u2019re paying just the minimum each month, you can end up carrying this balance for years while paying a lot in interest. You might also be tempted to make more purchases on this card since it already has a balance.<\/p>\n\n\n\n
The Fix:<\/strong> Try to make double payments and stop using the card until the debt is paid off.<\/p>\n\n\n\n Monthly bills should be fixed into your budget. You should be able to pay them easily without any stress.<\/p>\n\n\n\n The Fix: <\/strong>Take a look at your monthly budget and find ways to cut back.<\/p>\n\n\n\n If you can\u2019t put away at least 5% of your monthly income into savings, you\u2019re living beyond your means.<\/p>\n\n\n\n The Fix: <\/strong>Again, trim your expenses and restructure your budget to include at least 5% for savings.<\/p>\n\n\n\n Ideally, you should have an emergency fund to cover major unexpected expenses, and a rainy-day fund for small expenses you can anticipate.<\/p>\n\n\n\n The Fix: <\/strong>Start building your funds now by putting away as much as you possibly can each month.<\/p>\n\n\n\n Most financial experts agree that your monthly mortgage payment should not exceed 30% of your take-home pay.<\/p>\n\n\n\n The Fix:<\/strong> You have two choices here:<\/p>\n\n\n\n Find ways to boost income. Seek a raise at your current job, freelance for hire or find another side hustle for extra cash. Can you afford to pay for or finance your car? If the answer is no, you\u2019re in financial trouble.<\/p>\n\n\n\n The Fix:<\/strong> Downgrade your vehicle to one you can actually afford.<\/p>\n\n\n\n Thanks to the hyper-sharing culture of social media, the pressure to keep up with the Joneses is stronger than ever. If you find yourself making financial decisions based on your friends\u2019 choices, you\u2019re likely spending more than you can afford.<\/p>\n\n\n\n The Fix:<\/strong> Stop looking over your shoulder and keep your eyes on your own life and your own wallet.<\/p>\n\n\n\n If you\u2019re in over your head, help is available. Contact St. Paul Federal and see what we can do for you!<\/p>\n","protected":false},"excerpt":{"rendered":" Living beyond your means is a trap many people fall into. While many times it can be caused by multiple factors, here are 7 signs you’re living beyond your means with tips to correct each of them. 1. You’re Carrying A Credit Card Balance From Month-to-Month If you have a high credit card balance and […]<\/p>\n","protected":false},"featured_media":6515,"template":"","education-category":[194],"class_list":["post-6512","education","type-education","status-publish","has-post-thumbnail","hentry","education-category-tips-resources"],"yoast_head":"\n2. You Stress About Your Bills<\/h2>\n\n\n\n
3. You Can’t Save 5% of Your Monthly Income<\/h2>\n\n\n\n
4. You Don’t Have Emergency and Rainy Day Funds<\/h2>\n\n\n\n
5. Your Mortgage Payment Eats Up More Than 30% Of Your Monthly Income<\/h2>\n\n\n\n
Scale back your mortgage payments. Consider a refinance. Speak to a us at St. Paul Federal to see if this is right for you. If your mortgage is crippling your budget, consider downsizing to a smaller and cheaper place.<\/p>\n\n\n\n6. You Lease A Car You Can’t Afford to Buy or License<\/h2>\n\n\n\n
7. Your Financial Decisions Are Influenced by Your Friends’ Spending Habits<\/h2>\n\n\n\n