We all have heard about that phrase at some point in our lives.
Living below your means is one of the most common advice you read when you start learning personal finance.
This financial philosophy suggests that you should spend less than you earn and avoid excessive or unnecessary expenses. It encourages individuals to adopt a sustainable lifestyle based on their income, prioritizing their savings over anything so they can have financial stability.
On paper, this sounds good. It will help you to save over everything, and those sacrifices will get you far in the long run.