DRJ blog header 10 2018

Budgeting Essentials Blog

Helping you master the practical essentials of Budgeting, Cash Flow, Accounting and Debt Relief.
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7 benefits of living on limited funds

We all know that it can be challenging to live on limited funds.  But did you know that living on limited funds has benefits also?  Learn more in this week’s blog.

 

Living on limited funds can really be a challenge.  We have to be more aware of what we are spending and cut out some things that we really enjoy doing for a while.  You may have to eliminate some things that you do so often they have become a habit.  You may even be tempted to wonder how you will ever get through the process.  But once you have achieved your debt reduction goal, you will be glad that you did!  Use these tips to help you get through the tough times.

1. Limited funds can boost creativity.  When you don’t have much money, you have to figure out unique and creative ways to get things done.  The things that you figure out become new ways of doing things that you look back on fondly once you are through your debt relief process.

2. Limited funds teach you to live without non-essentials.  While this may sound harsh and minimalistic, learning to live with only what is necessary can play in your favor in the long-run.  You learn which things are of value to you and which things you really don’t miss when you cut them out.  By eliminating the things you don’t miss, you free up funds for things that you truly value.  You often gain time in addition to money.  The thing that you are not paying for is also not taking up your time!

3. Limited funds can be a great motivator.  You don’t want to stay in this position very long.  So it will keep you motivated to stick to your budget and apply everything you can to your debt reduction.  You are eager to be done.  As an ancient proverb explains, “The appetite of labors works for them; their hunger drives them on.”

4. Working with less builds character.  Having limited funds builds character traits like: humility, perseverance, endurance, self-discipline, contentment and gratitude.  Limited funds can be the catalyst for building toughness into your life that will carry you through other difficult times ahead.  This kind of toughness is never born out of an easy existence.

5. Limited funds can help you form critical alliances.  Lack of funds generally prompts us to seek the help of others – not necessarily asking for money, but our lack magnifies the importance of these strategic relationships.  Establishing these relationships, especially in times of need, helps us put down deep roots with people.  The result is long-lasting, meaningful and strategic alliances that benefit all mutually.

6. Limited funds open your eyes to other streams of income.  When funds are meager, it’s not uncommon to start out focusing on one stream of income, only to discover that a different stream is not only more prosperous, but more enjoyable as well.  But without the benefit of those limited funds, we might never have considered changing our focus.

7. Limited funds give you a story to tell.  There is nothing more encouraging than hearing how someone overcame a difficult situation.  You will be able to tell others that you were able to overcome living with limited funds and getting yourself out of debt at the same time!  By working with limited funds now, you are building your story.  And your story will put you in great shape for years to come.  As you share your story, others will be able to identify with you.  You will encourage them and show them that they can do things that they didn’t think that they could.

As you work through your debt reduction process, remember to focus on all the benefits that you are getting from working with limited funds.  Don’t think about what you are missing.  Craft your story and squeeze all the benefits you can out of your journey.  Time will go quickly.  Remember, this won’t last forever!

Anything you tolerate becomes normal to you. When you stop tolerating debt, you increase your ability to function without it.  You can get yourself debt free. It will take you some time, but the end is worth it!- Dan Heiland

Scroll down to the comments and tell me if this post has helped you and how it did!

If you know someone this post will help, please share it with them!  If you aren’t already a subscriber, SIGN UP to receive notification emails and information on promotions we run periodically!  You can also learn more about personal debt reduction by taking my free online “Debt Relief Workshop” by clicking HERE.

God Bless your week!

Copyright

© 2019 Dan Heiland 2019 Kat Heil, LLC

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