One way to keep track of whether or not you live within your
means is to do a personal income statement. Take what you make each payday or
time period such as a month and subtract what you spend. If the number is
positive, then you are spending less than you earn. If that number is negative
you are either leaning on savings or credit to prop you up. If it is negative,
you need to figure out a way to earn more and/or spend less. It’s preferable to
make more and spend less.
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